A multiple sclerosis medication is manufactured at the Biogen Idec plant in Cambridge, Massachusetts.
Essdras M Suarez | The Boston Globe | fake pictures
Check out the companies making headlines at noon on Monday
Biogen: A Morgan Stanley analyst upgraded the biopharmaceutical company to overweight from underweight and forecast a 30% recovery in stocks in the next 12 months. The analyst expects Wall Street “to be priced more likely to succeed for biogen’s investigational drug aducanumab, which is the first potential disease-modifying therapy for Alzheimer’s disease.” Biogen’s shares rose more than 3%.
Amazon: E-commerce giant shares rose 0.5% after several Wall Street firms raised their target price on the shares, including Bank of America and Wells Fargo. The company plans to report its second quarter results on Thursday.
Walgreens Boots Alliance: Walgreens shares fell more than 2% after the company announced that Stefano Pessina is stepping down as CEO. Instead, he will become the company’s next CEO, replacing Jim Skinner. Walgreens said Skinner will remain on the company’s board after Pessina becomes president. There was no set timeline for finding the next Walgreens CEO.
Moderna – Moderna rose 7% after the company said it received an additional $ 472 million in government assistance as the biotech company continues to work on developing a possible Covid-19 vaccine. On Monday, the company’s phase three study of the possible vaccine began, which will include at least 30,000 participants.
Tapestry – Tapestry gained 1.5% after Goldman Sachs upgraded the luxury retailer to buy from neutral. The Wall Street firm said it sees an “attractive valuation opportunity” as the stock lagged despite positive company and industry trends in the near term. Goldman also cited Tapestry’s “strong balance sheet, controlled promotionality, and advantageous direct-consumer distribution.”
Hasbro – The toy maker’s shares fell more than 7% after its quarterly quarterly earnings report. Hasbro reported earnings of 2 cents a share on revenue of $ 860 million. Wall Street expected earnings of 23 cents a share on revenue of $ 992 million, according to Refinitiv.
Albertsons – Albertsons shares fell more than 5% after the company reported mixed results in the first fiscal quarter. The supermarket chain posted a profit of $ 1.35 per share, beating Refinitiv’s estimate of $ 1.30 per share. The company’s revenue, however, reached $ 22.75 billion. That’s just below a forecast of $ 22.78 billion.
DraftKings: Online gambling stocks fell 9% after some Major League Baseball games were postponed amid reports that the Miami Marlins suffered a Covid-19 outbreak. The MLB was the first of the four largest sports leagues in North America to start playing since the pandemic caused the shutdown in March.
Apple: Apple was up more than 1% and was among the best-performing stocks despite a JPMorgan analyst saying the tech giant could lose steam after reporting gains later this week. “We believe that investors looking for higher bullish potential should focus on the longer-term earnings trajectory rather than expecting short-term bullish potential, as the likelihood of a profit surge in the F3Q (June), as well as the strong early volumes of the 5G cycle (which are leading up to 2H20 calendar estimates) seem to be priced, “the analyst said.
– With reports from Pippa Stevens, Maggie Fitzgerald, Jesse Pound and Yun Li.
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