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Midday movers: Regeneron, Abbott, Sprint & more

Take a look at some of Wednesday's midday movers:

Regeneron moved higher after biotechnology company and Sanofi announced promising Phase 3 trials for their injectable cholesterol drug, Alirocumab. When used by itself, it cut levels of bad LDL cholesterol almost in half.

Abbott Labs gained after the pharmaceutical company reported better-than-expected quarterly earnings, helped by cost cutting and lower taxes. Revenue rose 2 percent to $5.37 billion, a bit less than what the Street was expecting

Sprint climbed after Macquarie upgraded the stock to "outperform" from "neutral" on valuation. The company is also a favorite of hedge fund billionaire Leon Cooperman.

Advance Auto Parts surged to a record high on news it will buy privately-held General Parts for $2 billion, making it the largest North American retailer of auto parts.

Veeva nearly doubled in its market debut, valuing the company at nearly $5 billion. Veeva is a provider of cloud-bases software to drugmakers.

Arch Coal moved lower after Morgan Stanley downgraded the stock to "underweight" from "equal weight" with a price target of $2.

Morgan Stanley also downgraded Exelon to "underweight" from "overweight" with a price target of $21.

Tesla moved higher despite S&P Capital IQ initiating coverage with a "sell" rating and a price target of $150 million, based on valuation.

St Jude Medical reporting a 49 percent increase in third-quarter earnings but the stock slipped, possibly due to lower than expected gross profit margins.

Cisco Systems moved to the downside after MKM Partners downgraded the stock to "neutral" from "buy" as it now longer expects year-over-year product orders to accelerate in the company's fiscal year first quarter.

MKM Partners upgraded Juniper Networks to "buy" from "neutral" as it sees a return to cored spending at service providers.

—By CNBC's Rich Fisherman.

Questions? Comments? Email us at marketinsider@cnbc.com

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • CNBC's Senior Personal Finance Correspondent

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.