A drug for multiple sclerosis is manufactured at the Biogen Idec plant in Cambridge, Massachusetts.
Essdras M Suarez | The Boston Globe Getty Images
Check out the companies that make the headlines on Monday afternoon:
Biogen – A Morgan Stanley analyst has upgraded the biopharma company from underweight to overweight and forecast a 30% rally in the stock over the next 12 months. The analyst expects Wall Street to price in "higher chances of success for aducanumab, Biogen's investigational drug, which is the first potential disease-modifying therapy for Alzheimer's disease." The Biogen shares increased by more than 3%.
Amazon – The e-commerce giant's shares rose 0.5% after several Wall Street companies, including Bank of America and Wells Fargo, raised their stock price target. The company is expected to release its second quarter results on Thursday.
Walgreens Boots Alliance – Walgreens shares fell more than 2% after the company announced that Stefano Pessina will step down as CEO. Instead, he becomes the company's next CEO and replaces Jim Skinner. Walgreens said Skinner would remain on the company's board after Pessina became chairman. There was no schedule to find the next Walgreens CEO.
Moderna – Moderna increased 7% after the company received additional $ 472 million in government funding as the biotech company continues to develop a potential Covid-19 vaccine. The company's Phase 3 study on the potential vaccine began on Monday and will involve at least 30,000 participants.
Tapestry – Tapestry grew 1.5% after Goldman Sachs upgraded the luxury retailer to buy from Neutral. The Wall Street company sees an "attractive valuation option" as the share lags behind its competitors despite positive short-term corporate and industry trends. Goldman also cited Tapestry's "strong balance sheet, controlled advertising, and beneficial distribution directly to the consumer".
Hasbro – The toy manufacturer's shares fell more than 7% after its gloomy quarterly report. Hasbro reported earnings of 2 cents per share on sales of $ 860 million. According to Refinitiv, Wall Street expects a profit of 23 cents per share on sales of $ 992 million.
Albertsons – Albertson's shares fell more than 5% after the company reported mixed results for the first quarter of the fiscal year. The grocery chain posted earnings of $ 1.35 per share, exceeding a refinitive estimate of $ 1.30 per share. However, the company's sales were $ 22.75 billion. That is just below a forecast of $ 22.78 billion.
DraftKings – Online gambling inventory fell 9% after some Major League baseball games were postponed after reports that the Miami Marlins had a Covid 19 outbreak. The MLB was the first of the four largest North American sports leagues to start playing since the March pandemic led to closings.
Apple – Apple rallied more than 1% and was among the best-performing stocks, though a JPMorgan analyst said the tech giant could lose steam after earnings released earlier this week. "We believe that investors looking for another uptrend will need to focus on longer-term earnings rather than a short-term uptrend given the likelihood of earnings growth in the third quarter (June) and a strong early 5G cycle volume (uptrend after above) 2H20 calendar estimates are expected to be priced in, "said the analyst.
– With reports from Pippa Stevens, Maggie Fitzgerald, Jesse Pound and Yun Li.