Check out the companies making headlines in midday trading.
Moderna — Moderna shares jumped 10% after the data released by the New England Journal of Medicine showed the company's coronavirus vaccine candidate, produced neutralizing antibodies in all 45 patients in its early stage human trial. The data shows the vaccine "elicits a robust immune response across all dose levels," Moderna Chief Medical Officer Tal Zaks said in a statement.
Carnival, Norwegian Cruise Line, Royal Caribbean Cruises — Shares of cruise lines rose on Wednesday after data showed Moderna's coronavirus vaccine produced a "robust" immune response. Shares of Norwegian Cruise Line soared 11% and shares of Carnival Corp. surged 9%. Royal Caribbean gained more than 14%.
United, American, Delta, Southwest — Airline stocks rallied on Wednesday as positive vaccine news gave investors confidence about a return in air travel demand. American Airlines jumped 7.7% and United Airlines rose more than 6%. Southwest and Delta gained 5% and 4%, respectively. Alaska Air Group gained 5.2%.
Gap — Shares of the retailer jumped 8.9% after RBC Capital Markets upgraded the stock to outperform from sector perform. The firm said in a note that the company will benefit from "secular tailwinds" and a decrease in fixed costs after the pandemic.
Bank of New York Mellon — Shares of the mid-sized bank dropped 7% after its CEO warned of "downside risks" due to the struggling economy and low interest rates. The bank did beat Wall Street expectations for the second quarter, reporting earnings of $1.01 per share on $4.01 billion of revenue. Analysts estimed 91 cents in earnings per share on $3.89 billion of revenue, according to Refinitiv.
PVH Corp – Shares of PVH jumped more than 5% after the apparel maker said it is shutting down 162 retail stores and cutting 450 jobs in North America, due to the impact of Covid-19 on apparel sales. The move affects 12% of its workforce and will save about $80 million annually, the company said.
Fortinet — Shares of Fortinet dropped 6% after Goldman Sachs downgraded the cybersecurity company to neutral from buy. The Wall Street firm said it sees meaningful revenue deceleration, citing a negative trend in a survey.
U.S. Bankcorp — Shares of U.S. Bankcorp gained nearly 3% after the bank reported second-quarter earnings that beat estimates. The Minneapolis bank said it earned 41 cents per share in the quarter, compared to analysts' estimate of 32 cents, according to FactSet.
Amazon – Shares of the tech giant slipped more than 2% and were on track to post their third straight down day as enthusiasm around Big Tech cools. Netflix dipped more than 1%, while Microsoft and Alphabet also traded in the red. Investors rotated out of tech companies in favor of sectors that have been hardest hit by the pandemic, including cruise line operators.
— CNBC's Jesse Pound, Maggie Fitzgerald and Pippa Stevens contributed reporting.
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