Market Insider

Stocks making the biggest moves midday: Boeing, Micron Technology, Western Digital, WW International

Share
Boeing 737 MAX airplanes are stored on employee parking lots near Boeing Field, on June 27, 2019 in Seattle, Washington. After a pair of crashes, the 737 MAX has been grounded by the FAA and other aviation agencies since March, 13, 2019.
Stephen Brashear | Getty Images

Check out the companies making headlines midday Monday:

Boeing — The aerospace giant's stock dropped 4.3% amid expectations Boeing will decide whether to further cut or halt production of its beleaguered 737 Max jet. "We will continue to assess production decisions based on the timing and conditions of return to service," Boeing told CNBC in a statement.

PG&E — The electric utility company dropped 14% after California governor Gavin Newsom rejected the embattled company's bankruptcy reorganization plan.

Amarin — Shares of the biopharma company fell 5.1%, after previously spiking more than 11% in premarket trading. On Friday, the company received FDA approval for its drug aimed at reducing heart attacks and strokes in high-risk patients, leading the company to raise its 2020 financial outlook.

International Flavors and Fragrances — IFF shares dropped 10.4% on news the company will merge with DuPont's nutrition and bio-sciences division. DuPont will own 55.4% of the new company once the deal is completed, while IFF shareholders will own 44.6%, IFF said. The deal would create a consumer giant worth more than $45 billion.

Goldman Sachs — The bank rose 1.4% following an upgrade to buy from neutral from Citigroup. The bank said Goldman Sachs and other brokers are in a better position than other banks with the Federal Reserve committed to keeping short-term interest rates low. Citigroup hiked its price target from $220 per share to $255 per share.

Western Digital — Shares of Western Digital jumped 4.1% on Monday after Susquehanna upgraded the semiconductor company to positive from neutral. The analyst cited increased demand from 5G capable devices and new gaming consoles as positive catalysts for Western Digital next year. Susquehanna raised its price target on the stock to $90 per share from $55.

British American Tobacco — An analyst at Bank of America upgraded British American Tobacco to buy from underperform, citing lessening regulatory risks in the near term. The company's stock climbed 3.8% on the double upgrade.

Apple — Shares of Apple rose 1.7% after Cleveland Research increased its revenue and earnings per share projections for the tech giant. The investment company now expects $280 billion in revenue and $13.30 in earnings per share in Apple's 2020 fiscal year, up from projections $273 billion in revenue and $13.02 in earnings per share. The analysts cited strong demand for Apple's wearables category and increased its revenue projections for iPhone sales.

Tesla — Tesla shares rose 6.5% after a Credit Suisse analyst conceded the car maker has an advantage over its competitors in the realm of electric vehicle battery production and development. "While we hold an Underperform rating on Tesla, we nevertheless believe it's important to give Tesla its credit where due," the analyst said.

WW International — Shares of the diet and health company, formerly known as Weight Watchers, jumped 3.1% on news that Oprah Winfrey is extending her partnership with the company through 2025. Winfrey first partnered with Weight Watchers in October of 2015 and the stock has rallied nearly 450% since then. Winfrey holds about 5.4 million shares of WW, about 8% of the health company, according to Factset.

Micron Technology — Micron gained 3.4% and hit a 52-week high after Susquehanna International Group upgraded the chip maker to positive from neutral as it sees an "attractive risk/reward" for the chip maker in the next 12 months.

Spark Therapeutics — Spark Therapeutics gained 2.6% after a $4.3 billion buyout plan from Swiss drugmaker Roche received regulatory approval in the U.K. to proceed.

—CNBC's Jesse Pound, Pippa Stevens, Yun Li, Maggie Fitzgerald and Michael Bloom contributed to this report.