Check out the companies that are making the headlines in midday trading.
Merck – Shares rose 8.4% after it was revealed that its new antiviral pill will reduce the risk of death or hospitalization for Covid patients by 50%. The pharmaceutical company plans to apply for an emergency permit.
Moderna, Regeneron – Companies with other Covid-19 drugs fell after Merck's oral pill showed positive data in a clinical trial. Moderna shares fell 11.4% while Regeneron shares fell 5.7%.
United Airlines, Delta Air Lines, American Airlines, Southwest Airlines – Airlines' stocks rebounded as Merck's oral Covid drug showed promising results. United Airlines was up 7.9%, Delta Air Lines was up 6.5% and American Airlines was up 5.5%. Southwest Airlines rose 5.7 on JPMorgan's stock upgrade.
Penn National Gaming, Hilton Worldwide, Norwegian Cruise Line – Travel and entertainment stocks rose after positive results from Merck's Covid pill. Penn National Gaming was up 8.5%, Live Nation Entertainment was up 8.5%, Hilton Worldwide was up 4.5% and Norwegian Cruise Line was up 5.9%.
Lordstown Motors – Lordstown Motors saw its shares fall 18.3% after announcing an agreement to sell its Ohio assembly plant to iPhone maker Foxconn for $ 230 million. Lordstown Motors shares had risen as much as 21% through Thursday as the deal was reportedly in the works.
Zoom Video Communications – Zoom and Five9 closed a $ 14.7 billion deal. Five9 shareholders rejected the proposed acquisition by Zoom. Zoom shares rose 2.3% and Five9 shares rose 4.7%.
Walt Disney – Shares in the media giant rose 4% after it was revealed that Disney and Scarlett Johansson had resolved a lawsuit related to the film "Black Widow". Johansson had sued Disney for releasing the film on the Disney + streaming service when it was simultaneously appearing in theaters.
Exxon Mobil – The oil giant was up 3.6% after the company announced its expected third quarter results to Wall Street. In a filing with the Securities and Exchange Commission, Exxon said higher oil and gas prices could add up to $ 1.5 billion to profits. Bank of America analysts said the company is well on its way to achieving its highest earnings per share since the third quarter of 2014.
International Flavors & Fragrances – International Flavors shares rose 5.5% after the company announced that its CEO, Andreas Fibig, is retiring. Fibig will remain at the head of the company until a successor is found.
– CNBC's Jesse Pound and Maggie Fitzgerald contributed to the coverage
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