Several companies made headlines in midday trading. Novavax’s shares plunged over 17% after the FDA put a clinical hold on its application for a Covid and influenza combination shot, as well as a stand-alone flu vaccine. On the other hand, United Airlines saw its stock soar 11% after posting an earnings and revenue beat for the third quarter and announcing a $1.5 billion share buyback. Morgan Stanley’s shares jumped 7% following better-than-expected quarterly results driven by higher profits from its wealth management, trading, and investment banking divisions. Cisco Systems also experienced a 3.3% increase in its stock price to a 52-week high after receiving a buy rating upgrade from Citi. Novocure’s stock rose 2.1% after the FDA approved its wearable treatment for metastatic non-small cell lung cancer called Optune Lua.
Meanwhile, ASML’s shares dropped 5.8% following a 16% loss from the previous day’s trading due to the company mistakenly releasing its third-quarter earnings early. The semiconductor equipment maker also lowered its sales outlook for 2025 citing a slower-than-expected recovery in segments beyond artificial intelligence. J.B. Hunt Transport Services saw a 3.4% increase in its stock price after beating top and bottom-line expectations with earnings per share of $1.49 on revenue of $3.07 billion in the third quarter. Aspen Aerogels gained 11% after receiving a conditional commitment for a proposed Department of Energy loan of up to $670.6 million, with preliminary results for the third quarter exceeding analyst expectations. Prologis rose over 4% after reporting better-than-expected quarterly results including core funds from operations of $1.43 per diluted share. U.S. Bancorp’s stock also rose more than 4% following its third-quarter earnings beat, posting $1.03 per share versus analyst estimates.
General Motors saw its shares increase over 2% after announcing an agreement with Lithium Americas Corp. to establish a joint venture, with General Motors providing $625 million in cash and credit to the Canadian mining business. Overall, these companies experienced a mix of positive and negative movements in their stock prices based on various factors such as earnings reports, FDA approvals, partnership agreements, and market outlooks. Investors will be closely watching how these companies continue to perform in the coming days and weeks as they navigate through changing market conditions and external developments.
