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Eli Lilly & Co.’s stock rose 1.6% Wednesday, after the drug company announced plans to expand its U.S. manufacturing sites by adding four more locations this year, along with 13,000 high-wage jobs.

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That negative investor reaction was directed at companies involved in the white-hot weight loss drug segment of the market (Eli Lilly is the pharmaceutical giant behind a popular one, Zepbound).

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Earlier this week, Eli Lilly partnered up with telehealth providers LifeMD and Teladoc Health to offer its lower cost, single-vial Zepbound (tirzepatide) to patients in the virtual care companies ...