Check out the companies making headlines on Monday lunchtime:
Moderna – The drugmaker’s shares rose more than 7% after preliminary data was released from the third phase of the study showing it was a coronavirus vaccine more than 94% effective in preventing Covid-19. Moderna is the second US company in a week to publish positive results from its coronavirus study.
Simon property, Taubman Centers – Simon and Taubman’s shares rose 8.4% and 8.2% respectively after both companies announced that they had revised the terms of their merger. Simon pays $ 43 per share for Taubman Centers under the new agreementfrom an original price of $ 52.50 per share. Both companies also said they had previously resolved legal disputes.
HD supply, Home Depot – HD Supply stocks rose more than 24% after Home Depot agreed to buy back the industrial goods wholesaler for approximately $ 8 billion, or $ 56 per share in cash. The deal values HD Supply at a premium of nearly 25% compared to Friday’s close of trading of $ 44.81 per share. Home Depot shares traded 0.7% higher.
Tough The pet store gained 1% after Needham launched coverage of the company with a buy recommendation. “CHWY is well positioned to attract new customers, build customer loyalty through subscriptions, and gain wallet shares as newer cohorts mature and spend more,” the company said. Needham’s $ 75 target is 19% above where the stock closed on Friday.
Tilray – Cannabis stock fell 5.8% after Jefferies downgraded Tilray to underperform the hold. The company said in a note that the “The share price has risen on the US retail FOMO market“and that assessment has been stretched too far.
tapestry – The parent company of Coach, Kate Spade and Stuart Weitzman saw their shares rise 3.6% after JPMorgan revalued the stock from neutral to overweight. The Wall Street company said the luxury fashion company is poised for multi-year acceleration in business results.
BBVA, PNC Financial – BBVA shares fell more than 14% after PNC Financial agreed to buy the shares US business of the Spanish bank for 11.6 billion US dollars. Carlos Torres Vila, Executive Chairman of BBVA Group, said the deal was a “very positive deal for all parties” and strengthens the Spanish group’s “already strong financial position”. PNC shares were up 2.5%.
Virgo Galactic – The space tourism company’s shares fell nearly 10% afterwards Virgin Galactic announced that it has indefinitely postponed its next spaceflight test. The company operates out of Spaceport America in New Mexico, where economic restrictions have been tightened to slow the spread of Covid-19.
Palo Alto Networks – The share gained 4.8% after the first quarter results were published. The cybersecurity firm earned $ 1.62 per share on an adjusted basis, which was higher than the earnings analyst surveyed by Refinitiv of $ 1.33 per share. The company also exceeded sales expectations and increased its profit and sales guidance for the full year.
JD.com – The Chinese online retailer shares fell more than 8% despite the company posting better-than-expected earnings and sales in the previous quarter. JD.com earned 3.42 yen per share on sales of 174.2 billion yen. Analysts polled by Refinitiv expected earnings of 2.65 yen per share on sales of 170.2 billion yen.
Casper sleep – Casper Sleep posted a higher than expected loss and disappointing sales in the third quarter, causing the stock to fall 18%. The company posted a loss of 40 cents per share on sales of $ 124 million. Analysts had expected a loss of 33 cents per share on sales of 146 million US dollars.
Chevron, Exxon Mobil – The integrated oil giants each rose by more than 5% after an oil price jump. Separately, research firm Truist raised its price target on Exxon stock from $ 36 to $ 39 while maintaining the hold rating.
– CNBC’s Pippa Stevens, Jesse Pound and Maggie Fitzgerald contributed to this report.