Stocks making the biggest moves midday: Moderna, Pepsi, Lyft and more
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Check out the companies making the biggest moves midday Wednesday:
Moderna — Shares of Moderna surged 10% after the drug maker announced it will partner with Merck to jointly develop and sell a cancer vaccine. Moderna's vaccine is being studied in combination with Merck's Keytruda to treat patients with high-risk melanoma in a Phase 2 trial.
Norwegian Cruise Line Holdings — Shares of Norwegian rose nearly 8% after UBS upgraded the cruise operator to a buy and said its shares can rally 30% given the significant improvement in bookings in its third-quarter preview. Competing stocks Royal Caribbean and Carnival each added more than 6%.
T. Rowe Price — Shares of T. Rowe Price tumbled 5% after the financial firm said preliminary net outflows for the third quarter were $24.6 billion, bringing preliminary year-to-date net outflows to $44.6 billion. It reported preliminary month-end assets under management of $1.23 trillion as of Sept. 30.
American International Group — AIG's stock rallied 3% after Jeffries upgraded it to buy from hold. Jefferies said it sees «unappreciated core growth» for the global insurance company.
PepsiCo — Shares of the snack and beverage maker jumped 4.3% after the company reported profits and revenue that topped analyst expectations. Pepsi also raised its guidance for the year as it was able to successfully raise prices on its products.
Lyft — Lyft shares gained 5.8% following an upgrade from Gordon Haskett to buy from hold. The firm said the stock is trading at attractive levels and should benefit as driver supply improves. The upgrade came after shares fell Tuesday as the Labor Department proposed a change to how gig workers are classified.
Philips — Netherlands-based Philips fell more
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