Stocks making the biggest moves midday: Merck, Moderna, United Airlines and more
Check out the companies making headlines in midday trading.
Merck — Shares surged 8.4% after it announced its new antiviral pill cut the risk of death or hospitalization by 50% for Covid patients. The pharmaceutical company plans to file for emergency use authorization.
United Airlines, Delta Air Lines, American Airlines, Southwest Airlines — Airline stocks rallied as Merck’s oral Covid drug showed promising results. United Airlines rose 7.9%, Delta Air Lines gained 6.5% and American Airlines rallied 5.5%. Southwest Airlines jumped 5.7 following an upgrade on the stock by JPMorgan.
Penn National Gaming, Hilton Worldwide, Norwegian Cruise Line — Travel and entertainment stocks jumped following the positive results from Merck’s Covid pill. Penn National Gaming rallied 8.5%, Live Nation Entertainment added 8.5%, Hilton Worldwide gained 4.5% and Norwegian Cruise Line rose 5.9%.
Lordstown Motors — Lordstown Motors saw its stock sink 18.3% after it announced an agreement to sell its Ohio assembly plant to iPhone maker Foxconn for $230 million. Shares of Lordstown Motors had rallied by as much as 21% by Thursday as reports indicated the deal was in the works.
Zoom Video Communications — Zoom and Five9 terminated what would have been a $14.7 billion deal. Five9 shareholders rejected the proposed acquisition by Zoom. Zoom shares gained 2.3% and Five9 shares rose 4.7%.
Walt Disney — Shares of the media giant popped 4% on news that Disney and Scarlett Johansson settled a lawsuit involving the “Black Widow” movie. Johansson had sued Disney over the release of the movie on the Disney+ streaming service at the same time it was debuting in theaters.
Exxon Mobil – The oil giant advanced 3.6% after the company updated Wall Street on its expected third-quarter results. In a filing with the Securities and Exchange Commission, Exxon said that higher oil and gas prices could lift earnings by as much as $1.5 billion. Analysts at Bank of America said the company is on track for its highest earnings per share since the third quarter of 2014.
International Flavors & Fragrances – Shares of International Flavors popped 5.5% after the company announced its chief executive Andreas Fibig plans to retire. The company said Fibig will remain at the helm of the company until a successor is found.
— CNBC’s Jesse Pound and Maggie Fitzgerald contributed reporting
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