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
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