Stocks making the biggest moves midday: Paramount Global, Morphic Holding, Ideaya Biosciences and more

by | Jul 8, 2024 | Financial

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 a …

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[mwai_chat context=”Let’s have a discussion about this article:nnCheck 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 a …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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