An Eli Lilly and Company pharmaceutical manufacturing facility is pictured on March 5, 2021 at 50 ImClone Drive in Branchburg, New Jersey.
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Check out the companies that are making headlines in midday trading.
AMC Entertainment – Meme stock rose another 17% in heavy trading after rallying 83% 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 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 Monday, reflecting AMC’s rally. BlackBerry grew by 13%, Bed Bath & Beyond by almost 8%, GameStop by around 9% and Koss by 10%.
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 1.7% while Norwegian and Royal Caribbean rose 3.5% and 1.5%, respectively.
Eli Lilly and Company – Biopharmaceutical stocks rose nearly 10% after the FDA approved rival Biogen’s Alzheimer’s drug, the first new drug for the disease in nearly two decades. Eli Lilly is developing her own drug to treat Alzheimer’s.
Tesla – The electric vehicle maker’s shares trade roughly 1% lower 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 from North America automakers struggling with a shortage of computer chips and other problems in the supply chain.
Peloton – Shares in the stationary bike maker rose more than 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, although stocks have since rebounded from the sell-off.
Progressive – The insurance giant’s stock fell about 4% in midday trading 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 its acquisition 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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