Check out the companies that are making headlines in mid-day trading.
Snap – The social media company’s share price rose 4.7% after Atlantic Equities revalued the stock from neutral to overweight. The Wall Street firm said Snap has turned into a broad content platform and currently sees an “attractive” entry point.
Illumina – The biotech company’s stocks rose more than 9% after Illumina announced better-than-expected results in the first quarter. The company expects revenue of approximately $ 1.085 billion for the period, up from the $ 924.6 million forecast by analysts, according to FactSet. Illumina also raised its full year revenue guidance.
Southwest Airlines – The airline’s inventory rose 2% after the company recalled 209 pilots from a voluntary extended vacation program to aid its summer flight schedule. Southwest announced Monday that the pilots will return to active status on June 1 due to a return of travel requirement in the wake of the vaccine roll out.
Paychex – Paychex stocks were down more than 5% despite beating analysts’ earnings estimates for the third fiscal quarter. Paychex earned 97 cents per share and, according to Refinitiv, exceeded the forecast 92 cents per share. Sales were in line with estimates.
Signet Jewelers – Jewelry inventory declined more than 1% after Signet announced it would acquire the Rocksbox rental platform. The company said the move was part of its strategy to expand its services business.
Moderna – The drug maker’s shares rose more than 4% after Moderna announced an expanded partnership with manufacturer Catalent. Through the collaboration, Catalent Moderna will dedicate a high-speed filling line until June 2023. “This additional filling capacity will be important not only for our COVID-19 vaccine, but potentially for other programs in our clinical development pipeline,” Moderna said in a statement.
Cara Therapeutics – The biopharmaceutical company’s share price rose more than 17% after it was announced that Cara Therapeutics will be included in the S&P SmallCap 600 Index. The company becomes MTS Systems Corp. and the change will take effect before the opening bell on Thursday.
Apple – The tech giant’s shares rose 0.5% after Morgan Stanley’s top-rated Apple analyst Katy Huberty raised her 2021 and 2022 service revenue estimates. However, Huberty cut their 12-month price target from $ 164 to $ 156 due to peer multiple compression. or the likelihood that ratings will fall across the industry.
BP – Oil titanium BP rose 2.7% in midday trading after getting off to a good start into 2021, amid higher energy prices and signs that the industry is poised to recover from pandemic losses in 2020. The company announced on Tuesday that the company is poised to cut its net debt to $ 35 billion in the first quarter. This could lead to share buybacks.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Yun Li contributed to the coverage.