The Apple iPhone 12 Pro Max will be presented during a virtual product launch.
Daniel Acker | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Apple – Apple shares rose more than 3% after Nikkei reported that the tech giant will increase its iPhone production by around 30% in the first half of 2021. According to the report, the tech giant has shared a tentative plan with suppliers calling for 20% more iPhones for the full year than 2019 before the pandemic. Apple did not immediately respond to CNBC’s request for comment.
Eli Lilly – The drugmaker’s shares rose 3% after the company announced a deal to acquire Prevail Therapeutics valued at approximately $ 1 billion. Ely Lilly also announced a 15% increase in the dividend. Prevail’s shares rose more than 80%.
Bristol-Myers Squibb – The drugmaker’s shares rose more than 2.5% after Goldman Sachs put Bristol-Myers on its “condemnation list”. Goldman analysts said the company’s pipeline data is driving “upward estimates and multiple expansions upward”.
Baidu – Shares of Baidu rose more than 10% after Reuters reported the company was considering manufacturing its own electric vehicles. The Chinese search engine giant already operates a unit that develops autonomous driving and internet connection technologies.
RealReal – RealReal’s shares rose more than 9% after Piper Sandler initiated coverage of the luxury broadcast platform with an overweight rating. The Wall Street company said it was optimistic that broadcast activity would rebound once the economy reopens with the launch of the vaccine. The stock is down more than 10% this year.
Chewy – Chewy’s shares rose more than 5% after CFO Mario Marte told the Wall Street Journal that the pet dealer plans to expand its online catalog to boost orders. Marte also said the company is working to expand its telehealth service and start monetizing soon. Chewy’s shares are up more than 200% in 2020.
Zynga – Video game inventory increased 1.6% after Wells Fargo Zynga switched from equal weight to overweight. The firm said in a note that the November sell-off was “excessive” according to Zynga’s third quarter earnings report.
Deere – The agricultural machinery manufacturer’s shares rose more than 2% after Oppenheimer initiated the share with an outperform rating. The Wall Street company sees an improvement in agricultural fundamentals.
Marriott International, Hilton – Marriott and Hilton were up 1.3% and 0.5% respectively after a Citi analyst switched hotel operators to neutral and found the industry “is on the verge of multi-year recovery.”
– with reports from CNBC’s Fred Imbert, Jesse Pound and Yun Li.