Check out the companies that are making the headlines in midday trading.
Merck – Shares rose more than 9% after it was revealed that its new antiviral pill will reduce the risk of death or hospitalization for Covid patients by 50%. The pharmaceutical company plans to apply for an emergency permit.
Moderna, Regeneron – Companies with other Covid-19 drugs fell after Merck’s oral pill showed positive data in a clinical trial. Moderna shares fell nearly 13% while Regeneron shares fell more than 5%.
United Airlines, Delta Air Lines, American Airlines, Southwest Airlines – Airlines’ stocks rebounded as Merck’s oral Covid drug showed promising results. United Airlines grew by almost 6%, Delta Air Lines by more than 5% and American Airlines by around 4%. Southwest Airlines also rose more than 4% after JPMorgan’s stock upgrade.
Penn National Gaming, Hilton Worldwide, Norwegian Cruise Line – Travel and entertainment stocks rose after positive results from Merck’s Covid pill. Penn National Gaming was up more than 6%, Live Nation Entertainment was up about 5%, Hilton Worldwide was up more than 4% and Norwegian Cruise Line was up nearly 4.8%.
Lordstown Motors – Lordstown Motors saw its shares fall more than 15% after announcing an agreement to sell its Ohio assembly plant to iPhone maker Foxconn for $ 230 million. Lordstown Motors shares had risen as much as 21% through Thursday as the deal was reportedly in the works.
Zoom Video Communications – Zoom and Five9 closed a $ 14.7 billion deal. Five9 shareholders rejected the proposed acquisition by Zoom. Zoom shares rose 2.2% and Five9 shares rose 3.2%.
Walt Disney – Shares in the media giant rose 3% after it was revealed that Disney and Scarlett Johansson had settled a lawsuit related to the movie “Black Widow”. Johansson had sued Disney for releasing the film on the Disney + streaming service when it was simultaneously appearing in theaters.
Exxon Mobil – The oil giant rose more than 2% after the company announced its expected third quarter results to Wall Street. In a filing with the Securities and Exchange Commission, Exxon said higher oil and gas prices could add up to $ 1.5 billion to profits. Bank of America analysts said the company is well on its way to achieving its highest earnings per share since the third quarter of 2014.
International Flavors & Fragrances – International Flavors shares rose more than 6% after the company announced that its CEO, Andreas Fibig, was planning to retire. Fibig will remain at the head of the company until a successor is found.
– CNBC’s Jesse Pound and Maggie Fitzgerald contributed to the coverage
Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign in to start one Try it for free today