Check out the companies that are in the headlines for midday trades.
Merck – Shares rose more than 9% after announcing their new antiviral pill reduced risk of death or hospitalization by 50% for Covid patients. The drug company plans to apply for an emergency use authorization.
Modern, Regeneron – Companies with other Covid-19 drugs fell after Merck’s oral pill showed positive data in a clinical trial. Moderna shares fell nearly 13%, while Regeneron shares fell more than 5%.
United airlines, Delta airlines, american airlines, Southwest Airlines – Airline stocks rebounded as Merck’s oral Covid drug showed promising results. United Airlines was up nearly 6%, Delta Air Lines gained more than 5%, and American Airlines rallied about 4%. Southwest Airlines also jumped more than 4% after a update in stock by JPMorgan.
Penn National Gaming, Hilton Worldwide, Norwegian Cruise Line – Travel and entertainment stocks increased following positive results from Merck’s Covid pill. Penn National Gaming recovered more than 6%, Live Nation Entertainment added about 5%, Hilton Worldwide gained more than 4% and Norwegian Cruise Line increased almost 4.8%.
Lordstown Motors – Lordstown Motors saw its stock plunge more than 15% after it announced a deal to sell its Ohio assembly plant to iPhone maker Foxconn for $ 230 million. Shares of Lordstown Motors had recovered by as much as 21% on Thursday, as reports indicated that the deal was in the works.
Zoom Video Communications – Zoom and Five9 terminated what would have been a $ 14.7 billion settlement. Five9 shareholders rejected Zoom’s proposed acquisition. Zoom shares gained 2.2% and Five9 shares were up 3.2%.
Walt disney – Shares of the media giant rose 3% on news that Disney and Scarlett Johansson settled a lawsuit related to the movie “Black Widow.” Johansson had sued Disney over the release of the film on the Disney + streaming service at the same time it was making its theatrical debut.
Exxon Mobil – The oil giant advanced more than 2% after the company updated Wall Street on its expected results for the third quarter. In a filing with the Securities and Exchange Commission, Exxon said higher oil and gas prices could boost profits by as much as $ 1.5 billion. Bank of America analysts said the company is on track to achieve its highest earnings per share since the third quarter of 2014.
International flavors and fragrances – International Flavors shares rose more than 6% after the company announced that 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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