An Eli Lilly and Company pharmaceutical manufacturing facility is pictured on March 5, 2021 at 50 ImClone Drive in Branchburg, New Jersey.
Mike Segar | Reuters
Check out the companies that are making the headlines in midday trading.
AMC entertainment – Meme stock rose in heavy trading after a 83% rally last week. Avid retail investors encouraged one another to get into the stock on social media platforms like Twitter and Reddit’s WallStreetBets forum. The Securities and Exchange Commission said On Monday, wild trading will be closely monitored to see if there has been any “market disruption, manipulative action, or other misconduct”.
carnival, Norwegian and royal caribbean – Cruise stocks rose on the Monday after Mardi Gras confirmed plans for a restart in July. The trips will only be open to fully vaccinated passengers, the company said. Carnival stocks rose 1.7% while Norwegian and Royal Caribbean rose 3.5% and 1.5%, respectively.
Eli Lilly and Company – The biopharmaceutical stock rose after the FDA approved Rival BiogenAlzheimer’s drug, the first new drug for the disease in nearly two decades. Eli is Lilly Development of your own drug Treat Alzheimer’s.
Tesla – The electric vehicle maker’s shares trade roughly 1% lower after the company announced it would canceled production of the planned Model S Plaid +, which was designed as a high-end version of the Model S. This development comes as North American automakers grapple with computer chip shortages and other supply chain issues.
Peloton – The stationary bike manufacturer’s shares rose more than 6% after Loop Capital Markets gave Peloton a share Buy valuation, said the stock’s recent weakness was exaggerated. The stock made a big drop in May after the company recalled his treadmill products, although stocks have since bounced back from the sell-off.
Progressive The insurance giant’s stock fell to Morgan Stanley in midday trading. by about 4% downgraded to underweight the stock by equal weight. With the return of car trips to the US, the analyst said, the cost of additional car damage and disaster relief will rise. The company cut its price target on Progressive by $ 5 to $ 85 per share.
US concrete – The concrete supplier’s shares rose 29% after the company announced it would acquired from building material manufacturers Volcanic materials. Vulcan will buy U.S. concrete for $ 74.00 per share, a premium of nearly 30% on Friday’s closing price of U.S. concrete of $ 57.14.
– CNBC’s Maggie Fitzgerald, Tanaya Macheel, Jesse Pound and Yun Li contributed to the coverage
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