Check out the companies that are making headlines in midday trading.
Intellia Therapeutics – Intellia shares rose 50% after the company announced positive results from a Phase 1 study with partner Regeneron on a gene-editing treatment. The treatment marks the first time the CRISPR gene editing technique has been administered systemically as a drug to the human body. Other companies involved in CRISPR also rallied, with CRISPR Therapeutics stock rising 6.4% and Editas Medicine stock rising 5%.
Boeing – Shares fell 3.4% after the Federal Aviation Administration wrote in a letter to the aircraft maker that its 777X long-haul aircraft are unlikely to be certified to fly until mid-late 2023 at the earliest. The FAA letter to Boeing received from CNBC stated that numerous technical problems had to be resolved.
Cruise stocks – Cruises may be back, but cruise ship stocks are falling after two teenage guests tested positive for Covid-19 on one of Royal Caribbean’s ships. Royal Caribbean was down 6.4% on Monday, while Carnival was down 7% and Norwegian Cruise was down 6%.
Oil stocks – Oil stocks fell as West Texas Intermediate crude oil futures fell Monday after rising more than 10% in June. Occidental Petroleum was down 5%, Marathon Oil was down 4.8%, Devon Energy was down 4.5%, and Chevron was down 3%.
Tesla – Shares rose 2.5% after Wedbush said the company faced a “moment of truth” following a recall of autopilot software in China. The company maintained its outperformance rating for the electric vehicle maker despite the negative headlines.
Nvidia – The semiconductor maker saw its equity jump 5% after receiving support for its proposed $ 40 billion acquisition of British chip designer Arm, according to a report in the Sunday Times in London. Public support comes from Broadcom, Marvell, and MediaTek, all of Arm’s customers.
NRG Energy – Utility stock rose more than 6% after Goldman Sachs added NRG Energy to its condemnation list. The company said in a release to its customers that NRG’s strong cash flow profile could allow the company to buy back nearly a quarter of its shares.
Perion Network – Shares rose 17% after the Israel-based ad tech company reported better-than-expected preliminary results for the second quarter. The company reported preliminary revenue of $ 105 million for the second quarter, compared to analysts’ forecast of $ 95.9 million, FactSet said.
Bed Bath & Beyond – The retailer’s stock traded more than 5.9% after CFRA Research upgraded it from Hold to Buy. CFRA said it was maintaining a target price of $ 40, implying an upside of nearly 40%.
– CNBC’s Jesse Pound, Tom Franck and Tanaya Macheel contributed to the coverage
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