Check out the companies making headlines in midday trading. Paramount Global — The media and entertainment company shed 2% after it agreed to merge with Skydance Media . Skydance and its financial backers will invest more than $8 billion into Paramount and to acquire National Amusements, Paramount’s controlling shareholder. Morphic Holding — Shares rallied 75% on news that Eli Lilly will acquire the biopharmaceutical company in a $3.2 billion deal . The deal will give Eli Lilly access to Morphic’s portfolio of treatments in development, such as those for ulcerative colitis and Crohn’s disease. Shares of Eli Lilly advanced 1.3% on the news. Ideaya Biosciences — The stock surged 19% after the precision medicine oncology company announced it had received positive results from the phase 2 trial of its cancer treatment. The monotherapy expansion dose is being developed to treat patients with urothelial and non-small cell lung cancers. SolarEdge — The energy company rose 12% after Bank of America upgraded the stock to neutral from underperform. While the firm cited an attractive entry point, BofA said it is waiting for a “more tangible path for margin and cash flow recovery.” Corning — Shares popped 12% after the company boosted guidance for its second-quarter core sales to $3.6 billion from $3.4 billion. Corning also said its core earnings per share are expected at the high end of or “slightly above” guidance of 42 cents to 46 cents. ServiceNow — The cloud computing company dropped more than 4% after Guggenheim downgraded shares to a sell rating, citing doubts over expectations for an uptick in its artificial intelligence business in the second half. Columbia Sportswear — The stock gained 3.7% after receiving an upgrade to buy from hold at Stifel. The firm sees positive revenue inflection potential as trends such as outdoor participation and a focus on health and wellness grow. Boeing — Shares fell slightly after the airplane maker agreed to plead guilty to criminal fraud related to the fatal 737 Max crashes, sparing Boeing from a trial. If the plea deal is accepted, Boeing would be branded as a felon, which could complicate its ability to sell products to the U.S. government, CNBC reported . Devon Energy — The stock fell 2% after the company announced it is set to acquire Grayson Mill Energy’s Williston basin business. The cash-and-stock deal, which is worth $5 billion, is expected to close by the end of the third quarter and add 307,000 net acres to its position in the Williston Basin, the company said. Gilead Sciences — The pharmaceutical stock rose 1.6% after Raymond James upgraded Gilead Sciences to outperform from market perform, saying the biotech company is poised for multiyear growth on the strength of its drug pipeline. — CNBC’s Samantha Subin, Pia Singh, Hakyung Kim, Sarah Min and Michelle Fox contributed reporting.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
