Market Insider

In this article

An ASL Airlines Boeing 737-400 freighter landing at Milan Malpensa airport.
Fabrizio Gandolfo | LightRocket | Getty Images

Check out the companies making headlines in midday trading.

Intellia Therapeutics – Intellia shares surged 56% after the company announced positive results from a phase one study, along with partner Regeneron, of a gene-editing treatment. The treatment is the first time gene-editing technique CRISPR has been delivered systemically as a medicine to the human body. Other companies involved with CRISPR also saw their shares rally, with CRISPR Therapeutics‘ stock soaring 7.5% and Editas Medicine‘s stock jumping 8.8%.

Boeing — Shares fell 3.5% after the Federal Aviation Administration said in a letter to the aircraft maker that its 777X long-range aircraft likely won’t be approved to fly until mid- to late-2023 at the earliest. The FAA’s letter to Boeing, which was obtained by CNBC, said there were numerous technical issues that needed to be resolved.

Cruise stocks — Cruises may be back, but cruise line stocks are falling after two teenage guests on one of Royal Caribbean’s ships tested positive for Covid-19. Royal Caribbean traded 6.2% lower Monday, while Carnival fell 6.6% and Norwegian Cruise dropped 5.3%.

Oil stocks — Oil names fell as West Texas Intermediate crude oil futures dipped Monday after gaining more than 10% in June. Occidental Petroleum erased 5.5%, Marathon Oil dropped 4.6%, Devon Energy shed 3.9% and Chevron fell 2.9% lower.

Tesla — Shares gained 2.5% after Wedbush said the company faces a “moment of truth” following an autopilot software recall in China. The firm maintained its outperform rating on the electric vehicle maker despite the negative headlines.

Nvidia — The semiconductor maker saw its equity jump 4.9% after it received support for its planned $40 billion takeover of U.K.-based chip designer Arm, according to a report in the Sunday Times of London. The public display of support comes from Broadcom, Marvell and MediaTek, all of which are customers of Arm.

NRG Energy — The utility stock jumped 5% after Goldman Sachs added NRG Energy to its conviction list. The firm said in a note to clients that NRG’s strong cash flow profile could enable the company to buy back nearly a quarter of its shares.

Perion Network — Shares jumped 18% after the Israel-based ad-tech company reported better-than-expected preliminary second-quarter results. The company reported preliminary second-quarter revenue of $105 million, compared with analysts’ projection of $95.9 million, according to FactSet.

Bed Bath & Beyond — The retailer’s stock traded more than 8.7% higher after CFRA Research upgraded it to a buy rating from hold. CFRA said it’s maintaining a $40 price target, implying almost 40% upside.

— CNBC’s Jesse Pound, Tom Franck and Tanaya Macheel contributed reporting

Become a smarter investor with CNBC Pro
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. 
Sign up to start a free trial today

Articles You May Like

7 Unstoppable Growth Stocks to Buy and Hold for the Long Haul
Tesla Stock Price Predictions: What It Will Take for TSLA to Retake $300
An Upcoming Stock Split Doesn’t Make Broadcom Stock a Buy
The 3 Most Undervalued Auto Stocks to Buy in July 2024
3 Stocks Poised for a Dramatic Plunge