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Check out the companies making headlines in midday trading.
Lucid Group — Lucid shares jumped 9% after the electric-vehicle maker said it will provide powertrain and battery systems to British luxury automaker Aston Martin.
WSFS Financial — The regional bank added 4.4% after D.A. Davidson upgraded the stock to buy from neutral, noting WSFS could benefit from a higher-for-longer interest rate environment. The gain helped the SPDR S&P Regional Banking ETF (KRE), which traded 2% higher.
Pfizer — Pfizer slid 4.5% after it said it would end development of its experimental obesity and diabetes drug, lotiglipron, because of elevated liver enzymes that could indicate liver damage. Pfizer said no participants reported any symptoms or side effects.
Carnival — Shares sank nearly 12% despite the cruise line reporting a smaller-than-expected loss for its second quarter and giving an upbeat outlook. The stock has soared more than 70% year to date as the industry recovers from the Covid-19 pandemic. Royal Caribbean and Norwegian Cruise Line also fell Monday, dropping about 3% and 6%, respectively.
Moderna — Moderna rose 2.5% during midday trading. UBS upgraded the pharmaceutical stock to buy from neutral, saying the potential for other vaccines for the company isn’t fully appreciated by investors.
Alphabet — Shares of Alphabet fell 1.8% after UBS downgraded the tech giant to neutral from buy. UBS said Alphabet has limited upside from here and that the shift toward artificial intelligence could weigh on financial results in the near term.
Tesla — The EV maker dropped 2.8% after Goldman Sachs downgraded Tesla to neutral from buy. The Wall Street bank lowered its rating after Tesla’s recent rally and the competitive space for EVs. The downgrade follows similar rating changes recently from firms Morgan Stanley and Barclays.
— CNBC’s Michelle Fox, Alex Harring and Jesse Pound contributed reporting.
