NUVL, AA, SFM and more
Check out the companies making headlines in midday trading. Nuvalent – Shares soared more than 22%, hitting an all-time high, after the biopharmaceutical company highlighted positive data on two experimental cancer treatments over the weekend. Nuvalent said the two drugs show “favorable tolerability.” Bausch + Lomb – The contact lens provider rallied 13.9% after The Financial Times reported it was considering a sale. Bausch + Lomb is working with Goldman Sachs advisers and is expected to catch the eye of private equity, according to the FT. Alcoa – The aluminum stock jumped more than 7% after the company agreed to sell its stake in the Ma’aden joint venture. Alcoa said it will sell its full 25.1% ownership for about $1.1 billion. Intel – Shares of the semiconductor maker jumped 2.6% after Bloomberg, citing people familiar with the matter, reported late Friday that Intel has qualified for as much as $3.5 billion in grants to make chips for the Pentagon. Upstart Holdings – Shares of the personal finance firm fell 5% after the announcement of a new debt offering. Upstart is selling $300 million of convertible notes due in 2029 for several uses, including repurchasing some other bonds and general corporate purposes. Micron Technology – The chip stock dropped more than 5% after Morgan Stanley cut its price target . The Wall Street firm, which reiterated its equal weight rating, said Micron’s growth is falling increasingly into question. Sprouts Farmers Market – Shares of the supermarket chain rose nearly 5% following an upgrade to outperform from in line at Evercore ISI. The investment firm wrote that Sprouts, which specializes in organic products, could be a beneficiary of a trend towards healthier eating. Trump Media & Technology – Shares fell more than 3%, giving back some of Friday’s 11%. The stock jumped by as much as 25% in the previous session after Republican presidential candidate and majority owner Donald Trump said he isn’t going to sell his shares at a press conference at his California golf club Friday afternoon. Apple – Shares slumped 3% following reports of sluggish demand for some of the company’s latest iPhone models. TF Securities analyst Ming-Chi Kuo, a widely followed analyst on Apple, said that demand for the iPhone 16 is down 12% from first-weekend sales for the iPhone 15. JPMorgan and Bank of America also noted that shipping times data could indicate light Pro demand. Zillow – Shares rose more than 4%, reaching a new 52-week high. The real estate stock was upgraded to outperform from neutral at Wedbush, which said that falling mortgage rates as well as a growing software and services business could trigger a rally. Yelp – Shares dropped 4% after Bank of America initiated coverage of Yelp with an underperform rating. The bank said declining usage and disruption from alternate review platforms will continue to pressure Yelp’s growth outlook. — CNBC’s Alex Harring, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh and Jesse Pound contributed reporting.
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