Several companies were making headlines in midday trading. BlackBerry shares rose more than 9% after announcing a partnership with Advanced Micro Devices on robotics systems. Moderna gained 6% as news broke that its cancer drug, developed with Merck, showed promising results in an early stage study for neck and head cancer. Boeing, on the other hand, was down over 2% following reports of regulators investigating claims of flaws in their 787 Dreamliner from a whistleblower. Alphabet saw a 1.1% increase as investors prepared for its Google Cloud Next event keynote, and the company also unveiled new custom Arm-based chips. Tilray Brands, a cannabis firm, saw its shares drop almost 20% after reporting a wider-than-expected quarterly loss and missing revenue expectations.
American Eagle Outfitters experienced a boost of up to 4.4% due to an upgrade by JPMorgan to overweight from neutral, attributing the increase to the retailer’s merchandising initiatives and operational changes. Ally Financial shares rose by 1% following an upgrade to buy from neutral at Bank of America, who believe that Ally’s potential credit leverage may be underestimated. ChargePoint shares dropped by 4.6% after Goldman Sachs downgraded the EV charging station operator to sell from neutral, citing slower growth in U.S. EV sales and rising competition as potential headwinds. Molson Coors received an upgrade to buy from Goldman Sachs, causing its stock to rise by 0.7%, as the brewing company is expected to benefit from claiming more shelf space in retailers.
Pfizer stock saw a slight rise after announcing promising results for its respiratory syncytial virus vaccine protecting adults under age 60. Neogen Corp faced a 9% drop in its stock after reporting a surprise loss of 1 cent per share and trimming its revenue guidance for the year. Norfolk Southern saw a 1% gain after reaching a $600 million settlement for a derailment in East Palestine and posting first-quarter earnings below expectations. Nvidia shares fell more than 2%, marking its fifth losing session in six, with no clear reason for the downward trend. Netflix, another strong performer in 2024, was also trading lower on the day.
Overall, the midday trading session saw a mix of positive and negative movements in various industries. While some companies like BlackBerry, Moderna, and American Eagle Outfitters saw increases in their stock prices due to positive news or analyst upgrades, others like Tilray Brands and ChargePoint faced declines after reporting disappointing quarterly results or facing competition concerns. The market remains dynamic, with companies like Pfizer and Molson Coors benefiting from promising developments in their products and strategies, while others like Neogen Corp and Norfolk Southern experienced setbacks. The fluctuations in stock prices emphasize the importance of staying informed and conducting thorough research before making investment decisions.
