A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Portal
Check out the companies making headlines in midday trading.
Apple – Apple shares fell 3.4% on Wednesday after it was announced the company was scrapping plans to ramp up production of new iPhones. Instead of aiming for an increase in production of 6 million units in the second half of the year, as planned, according to Bloomberg the target will be 90 million units, unchanged from the previous year.
Biogen — Shares of the biopharmaceutical company rose 37% on upbeat results of its experimental Alzheimer’s drug trial and a series of analyst upgrades. Biogen and its Japanese partner Eisai said the drug reduced cognitive decline by 27% and slowed disease progression.
Broadridge – Spruce Point Capital Management has released a report that includes a strong sell view and says it sees downside risk of up to 75%.
Illumina — Shares of the biotech rose 8% after Evercore ISI upgraded the stock from the line to outperform, and said it was bullish on Illumina’s new products as it emerged from “multi-year underperformance.” -Period coming.
Netflix — Shares of the streaming giant soared more than 6% after Atlantic Equities upgraded the stock to overweight and said Netflix’s lower-cost, ad-supported subscriber tier, which is set to roll out in the coming months, will lift the stock price by 26 % could increase. .
Thor Industries — Shares rose 3.4% after the recreational vehicle maker beat earnings and sales expectations in its most recent quarter. Thor said its motorhome segment was up 24.5% year over year.
Ocugen — Shares of the drugmaker rose about 8% after it reached a licensing agreement with Washington University in St. Louis to develop, commercialize and manufacture its intranasal Covid-19 vaccine.
Canopy Growth — The cannabis company’s shares rose 2.6% on plans to exit its retail operations in Canada. Ontario-based Canopy announced earlier this year that it was extending its timeline to profitability.
DocuSign — Shares of the e-signature service rose about 5.4% after announcing on Wednesday that it would lay off about 9% of its workforce as part of a restructuring. The company expects costs of up to $40 million under the plan.
Paychex – Shares of the payroll company are up more than 2% on earnings and revenue before beating expectations. The earnings outlook for the year was also raised.
– CNBC’s Alex Harring, Samantha Subin, Michelle Fox and Sarah Min contributed coverage.