A look at companies making waves in midday trading: Paramount Global — Shares of the media and entertainment company fell 2% after it agreed to a merger with Skydance Media. Skydance and its financiers plan to invest more than $8 billion in Paramount and acquire Paramount’s controlling shareholder, National Amusements. Morphic Holding — Shares rose 75% on news that Eli Lilly will acquire the biopharmaceutical company for $3.2 billion. The deal will give Lilly access to Morphic’s portfolio of therapies in development, including treatments for ulcerative colitis and Crohn’s disease. Eli Lilly shares rose 1.3% on the news. Idea Biosciences — Shares surged 19% after the precision medicine oncology company announced positive results from a Phase 2 trial of its cancer drug. The monotherapy’s expanded dose is being developed to treat patients with urothelial carcinoma and non-small cell lung cancer. SolarEdge — The energy company’s shares rose 12% after Bank of America upgraded the company’s shares to neutral from underperform. The company cited an attractive entry point, but Bank of America said it is waiting for “a more concrete path to margin and cash flow recovery.” Corning — Shares rose 12% after the company raised its second-quarter core sales outlook to $3.6 billion from $3.4 billion. The company also said it expects core earnings per share to be at or “slightly above” the high end of its guidance of 42 cents to 46 cents. ServiceNow — The cloud computing company’s shares fell more than 4% after Guggenheim downgraded the company’s shares to sell, questioning expectations that its artificial intelligence business will pick up in the second half. Columbia Sportswear — The company’s shares rose 3.7% after Stifel upgraded it to buy from hold. The company sees positive revenue growth due to trends such as increased participation in outdoor activities and increased focus on health and wellness. Boeing — Shares fell slightly after the company agreed to plead guilty to criminal fraud charges related to the fatal 737 Max crashes and avoid trial. According to CNBC, if the plea deal is accepted, Boeing could be branded a felon, making it harder to sell products to the U.S. government. Devon Energy — Shares fell 2% after the company said it would acquire Grayson Mill Energy’s Williston Basin operations. The company said the $5 billion cash-and-stock deal is expected to close by the end of the third quarter and add 307,000 acres to its holdings in the Williston Basin. Gilead Sciences — Drug stocks rose 1.6% after Raymond James upgraded Gilead Sciences to outperform from the market average and said the biotech company is poised for multiyear growth due to the strength of its drug pipeline. — CNBC’s Samantha Subin, Pia Shin, Hakyung Kim, Sarah Min and Michelle Fox contributed to the report.
PARA, MORF, IDYA, etc.
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