Stocks making the biggest moves midday: Merck, Moderna and more
Take a look at the top mid-day traders.
Merck — Shares surged more than 9% after it announced its new antiviral pill cut the risk of death or hospitalization by 50% for Covid patientsThe pharmaceutical company plans to file for emergency use authorization. A pharmaceutical company intends to apply for an emergency use authorization.
Moderna Regeneron — Companies with other Covid-19 drugs fell after Merck’s oral pill showed positive data in a clinical trial. Moderna shares dropped by nearly 13% and Regeneron shares plummeted more than 5 percent.
United Airlines Delta Air Lines American Airlines Southwest Airlines — Airline stocks rallied as Merck’s oral Covid drug showed promising results. United Airlines grew nearly 6 percent, Delta Air Lines climbed more than 55%, and American Airlines jumped roughly 44%. Southwest Airlines also saw a jump of more than 4 percent following the announcement. upgrade on the stock by JPMorgan
Penn National Gaming Hilton Worldwide Norwegian Cruise Line — Travel and entertainment stocks jumped following the positive results from Merck’s Covid pill. Penn National Gaming rose more than 6 percent, Live Nation Entertainment gained about 5% and Hilton Worldwide gained nearly 4%.
Lordstown Motors — Lordstown Motors saw its stock sink more than 15% after it announced an agreement to sell its Ohio assembly plant to iPhone maker Foxconn for $230 million. Lordstown Motors’ shares had risen as high as 21% Thursday after reports said the deal was close.
Walt Disney — Shares of the media giant popped 3% on news that Disney and Scarlett Johansson settled a lawsuit involving the “Black Widow” movie. Johansson sued Disney for the release of “Black Widow” on Disney+ at the same moment it premiered in theaters.
Exxon Mobil – The oil giant advanced more than 2% after the company updated Wall Street on its expected third-quarter results. Exxon indicated that higher oil and natural gas prices could boost earnings by up to $1.5billion in filings with the Securities and Exchange Commission. Bank of America analyst said Exxon is on track to record its highest earnings per shareholder since the third quarter of 2014.
International Flavors & Fragrances – Shares of International Flavors popped more than 6% after the company announced its chief executive Andreas Fibig plans to retire. Fibig, according to the company, will continue at the helm until the search for a replacement.
— CNBC’s Jesse Pound and Maggie Fitzgerald contributed reporting
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