Markets

Stocks making the biggest moves midday: Boeing, Gilead, Apple & more

A Boeing logo sits on the fuselage of a Boeing 787-9 Dreamliner aircraft, produced by Boeing Co., as it stands on display prior to the opening of the Farnborough International Airshow in Farnborough, U.K., on Sunday, July 13, 2014.
Simon Dawson / Bloomberg

Check out the companies making headlines in midday trading on Friday:

Boeing — Shares of the aerospace company jumped more than 12% after Boeing said it would resume commercial aircraft production at its Seattle-area plant as early as Monday, with social distancing policies in place. Shares of the plane manufacturer have shed 54% this year.

Apple — The iPhone maker slid more than 2% after Goldman Sachs downgraded the stock to a sell rating. The firm cut its forecast for Apple for the third time since February, saying it's "now modeling a deeper reduction in unit demand through mid-2020 and then a shallower recovery into early 2021." Goldman also cut its price target from $250 to $233, which is roughly 16% below where the stock currently trades.

Gilead Sciences — Shares of Gilead Sciences jumped 8% after a report said the biotech's antiviral drug showed encouraging early results in treating the coronavirus. STAT news reported Thursday evening that a Chicago hospital treating coronavirus patients with remdesivir in a trial were recovering rapidly from severe symptoms. The stock popped as much as 12% on Friday.

Gap, L Brands, Kohl's — Shares of some of the largest apparel retailers in the U.S. popped on Friday amid optimism about the U.S. economy possibly reopening sooner than expected. L Brands, owner of Victoria's Secret and Bath & Body Works, rose more than 11%; Gap rallied 9.8%; and Kohl's rose 6.1% in midday trading. The SPDR S&P Retail ETF, which tracks the performance of scores of U.S. retail stocks, rose 2.5%.

Simon Property Group — Shares of the largest mall owner in the U.S. gained more than 12% on hopes of a coronavirus treatment and a reopening of the economy. Shares of Simon Property Group have been beaten down due to the coronavirus shutdown, as retail struggles.

Moderna — Shares of the drugmaker soared more than 16% after the company announced up to $483 million in federal funding for vaccine development. The company launched a phase 1 trial of its potential Covid-19 vaccine in mid-March. CEO Stephane Bancel said the company could potentially begin phase 2 trials in the fall, if the first phase goes well.

KeyCorp, Citizens Financial, Comerica — Regional bank stocks soared in midday trading Friday after the White House announced that it will recommend to states to slowly start reopening their economies. Regional bank stocks, which took a thrashing amid the springtime sell-off and lending stress, rose 7.8% as tracked by the SPDR S&P Regional Banking ETF. KeyCorp rose 10.11%, Citizens Financial jumped 14.1% and Comerica gained 11.2%.

Chewy — The pet e-commerce store fell 5% after Morgan Stanley downgraded the stock to equal-weight from overweight. The stock, which has strongly outperformed the market this year like other stay-at-home names, had surpassed the bank's $41 per share price target. After a strong first quarter, "incremental data points from here could be less bullish," the bank said in a note.

—CNBC's Michael Bloom, Pippa Stevens, Maggie Fitzgerald, Michael Sheetz, Yun Li and Jesse Pound contributed reporting. 

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