The exterior of the headquarters of biotechnology company Biogen in Cambridge, MA is pictured on March 21, 2019.
John Tlumacki | Boston Globe | Getty Images
Check out the companies that are making headlines in midday trading.
Biogen – Biogen’s shares rose 38.3% after the FDA approved the company’s Alzheimer’s drug, the first new drug for the disease in nearly two decades. Trading in Biogen ceased earlier on Friday when the Food and Drug Administration announced the news and was again suspended in the afternoon due to volatility.
Eli Lilly and Company – Biopharmaceutical stocks rose 10% following FDA approval of Biogen’s Alzheimer’s drug. Eli Lilly is developing her own drug to treat Alzheimer’s.
AMC Entertainment – Meme stock rose another 14.8% in heavy trading after rallying 83% last week. Enthusiastic private investors encouraged one another to invest in the stock on social media platforms such as Twitter and Reddit’s WallStreetBets forum. The Securities and Exchange Commission said Monday it is keeping a close eye on the wild trade to see if there has been “market disruption, manipulative trading or other wrongdoing.”
Meme stocks – Other meme stocks also rose on Monday, reflecting AMC’s rally. BlackBerry was up 13.8%, Bed Bath & Beyond was up 7.2%, GameStop was up 12.7%, and Koss was up 2.4%.
Carnival, Norwegian and Royal Caribbean – Cruise stocks rose Monday after Carnival confirmed plans for a restart in July. The trips will only be open to fully vaccinated passengers, the company said. Carnival stocks rose 1.2% while Norwegian and Royal Caribbean rose 3.1% and 0.5%, respectively.
Tesla – The electric vehicle maker’s shares traded 1% higher at lunchtime as the company closed 1% higher after the company halted production of the proposed Model S Plaid +, which was conceived 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 problems.
Peloton – Shares in the stationary bike maker rose 6.6% after Loop Capital Markets gave Peloton a buy rating and said the stock’s recent weakness was exaggerated. The stock fell sharply in May after the company recalled its treadmill products, though stocks have since rebounded from the sell-off.
Progressive – The insurance giant’s stock fell about 4% after Morgan Stanley downgraded the stock from equal weight to underweight. With the return of auto traffic in the US, the analyst said, the cost of additional auto 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 was being acquired by building materials maker Vulcan Materials. Vulcan will buy US Concrete for $ 74.00 per share, a premium of nearly 30% on US Concrete’s closing price of $ 57.14 on Friday.
– CNBC’s Maggie Fitzgerald, Tanaya Macheel, Jesse Pound and Yun Li contributed to the coverage
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