Latest News

Stocks making the biggest moves midday: Illumina, BP, Snap & more


S3 Studio | Getty Images

Check out the companies making headlines in midday trading.

Snap — The social media company’s stock price jumped about 4.7% after Atlantic Equities upgraded the stock to overweight from neutral. The Wall Street firm said that Snap has transformed into a broad content platform and that it sees an “attractive” entry point right now.

Illumina — Shares of the biotech company jumped more than 9% after Illumina pre-announced better than expected results for its first quarter. The company said it expects about $1.085 billion of revenue for the period, above the $924.6 million projected by analysts, according to FactSet. Illumina also raised its full-year revenue guidance.

Southwest Airlines — The airline stock climbed 2% after the company recalled 209 pilots from a voluntary extended leave program to support its summer schedule. Southwest said on Monday the pilots will return to active status on June 1 on the back of a return in travel demand amid the vaccine rollout.

Paychex — Shares of Paychex dipped more than 5%, despite beating analysts’ earnings estimates for the fiscal third quarter. Paychex earned 97 cents per share, topping the forecasted 92 cents per share, according to Refinitiv. Revenue came in in-line with estimates.

Signet Jewelers — The jewelry stock dipped more than 1% after Signet announced that it was acquiring rental platform Rocksbox. The company said the move is part of its strategy to expand its services business.

Moderna — Shares of the drugmaker jumped more than 4% after Moderna announced an expanded partnership with manufacturer Catalent. Through the collaboration, Catalent will dedicate a high-speed filling line to Moderna through June 2023. “This additional fill-finish capacity will be important for not only our COVID-19 vaccine, but also potentially for other programs in our clinical development pipeline,” Moderna said in a statement.

Cara Therapeutics — The biopharmaceutical company’s stock price jumped more than 17% following news that Cara Therapeutics will be added to the S&P SmallCap 600 index. The company will replace MTS Systems Corp., and the change will go into effect prior to the opening bell on Thursday.

Apple — Shares of the technology giant rose 0.5% after Morgan Stanley’s top rated Apple analyst Katy Huberty upped her services revenue estimates for 2021 and 2022. Huberty did, however, lower her 12-month price target to $156 from $164 on peer multiple compression, or the likelihood that valuations would start to fall across the industry.

BP — Oil titan BP rose 2.7% in midday trading after it said it’s seeing a healthy start to 2021 thanks to higher energy prices and signs that the industry is set for a rebound after pandemic-induced losses in 2020. The company said Tuesday it was poised to lower its net debt to $35 billion in the first quarter, a level it has said could instigate share buybacks.

CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens, and Yun Li contributed reporting.

California plans to lift most Covid restrictions June 15, keep mask mandate

Previous article

GM confirms electric Chevrolet Silverado pickup to follow Hummer EV

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News