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.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.