Boeing, Norfolk Southern, Nvidia & more
Check out the companies making headlines in midday trading. BlackBerry — BlackBerry popped more than 9% after announcing a partnership with Advanced Micro Devices on robotics systems. Moderna — The vaccine maker gained 6%. Reuters reported that Moderna’s cancer drug its working on with Merck showed promising results in an early-stage study in individuals with a certain form of neck and head cancer. Boeing — The airplane maker was down more than 2% after a New York Times report said regulators were investigating claims from a whistleblower about flaws in the company’s 787 Dreamliner. Alphabet — Alphabet rose 1.1% as Wall Street readied for its Google Cloud Next event keynote. The company also unveiled new custom Arm-based chips. Tilray Brands — The cannabis firm saw plunged nearly 20% after reporting a wider-than-expected quarterly loss. Tilray posted a loss of 12 cents for the latest quarter. Analysts polled by FactSet expected a loss of of 5 cents. The company also reported a miss on revenue. American Eagle Outfitters — The retail stock added as much as 4.4% on the back of an upgrade by JPMorgan to overweight from neutral. The bank cited American Eagle Outfitters’ merchandising initiatives and operational changes for the call. Shares were down slightly in midday trading, however. Ally Financial — Shares gained 1% following an upgrade to buy from neutral at Bank of America . The bank said Ally Financial may see higher earnings than anticipated and believes Ally’s potential credit leverage may be underestimated. ChargePoint — Shares dropped 4.6% after Goldman Sachs downgraded the EV charging station operator to sell from neutral, saying slower growth in U.S. EV sales and rising competition in EV charging could be headwinds to ChargePoint’s revenue and demand for its services. Molson Coors — The stock advanced 0.7% after Goldman Sachs upgraded the brewing company to buy, saying Molson Coors can benefit as it claims more shelf space in retailers. Pfizer — Pfizer rose slightly after announcing that its respiratory syncytial virus vaccine showed promise in shielding adults under age 60. At its highs of the day, the stock was up 3.2%. Neogen Corp — The food safety stock shed 9% after the company reported a surprise loss of 1 cent per share. The company also trimmed its previous guidance, saying it now expects revenue to range between $920 million and $910 million for the full year. Norfolk Southern — The railroad stock gained 1%. Norfolk Southern announced that it reached a $600 million settlement related to its derailment in East Palestine. The company also posted preliminary first-quarter earnings of $2.49 per share for the first quarter, below a StreetAccount forecast of $2.60 per share. Nvidia — Shares fell more than 2%, putting the chipmaker on track for its fifth losing session in six. It wasn’t clear what drove the move lower. Netflix, another 2024 stalwart, was also lower on the day. — CNBC’s Michelle Fox, Sarah Min, Pia Singh and Yun Li contributed reporting
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