The exterior of the headquarters of biotechnology company Biogen in Cambridge, MA is pictured on March 21, 2019.
John Tlumacki | Boston Globe | Getty Images
Check out the companies that are making the headlines in midday trading.
Biogen – Biogen's shares rose more than 40% after the FDA approved the company's Alzheimer's drug, the first new drug for the disease in nearly two decades. Trading in Biogen ceased earlier on Friday when the Food and Drug Administration announced the news, and was suspended again around 1:30 p.m. ET for volatility.
Eli Lilly and Company – Biopharmaceutical stocks rose 13% following FDA approval of Biogen's Alzheimer's drug. Eli Lilly is developing her own drug to treat Alzheimer's.
AMC Entertainment – Meme stock rose another 17% in heavy trading after rallying 83% last week. Avid retail investors encouraged one another to get into the stock on social media platforms like Twitter and Reddit's WallStreetBets forum. The Securities and Exchange Commission said Monday it is keeping a close eye on the wild trade to see if there has been "market disruption, manipulative trading or other wrongdoing."
Meme stocks – Other meme stocks also rose on Monday, reflecting AMC's rally. BlackBerry grew by almost 12%, Bed Bath & Beyond by more than 8%, GameStop by around 9% and Koss by 9.4%.
Carnival, Norwegian and Royal Caribbean – Cruise stocks rose Monday after Carnival confirmed plans for a restart in July. The trips will only be open to fully vaccinated passengers, the company said. Carnival stocks rose 1.7% while Norwegian and Royal Caribbean rose 3.5% and 1.4%, respectively.
Eli Lilly and Company – Biopharmaceutical stocks rose nearly 10% after the FDA approved rival Biogen's Alzheimer's drug, the first new drug for the disease in nearly two decades. Eli Lilly is developing her own drug to treat Alzheimer's.
Tesla – The electric vehicle maker's shares trade roughly 1% lower after the company halted production of the proposed Model S Plaid +, which was conceived as a high-end version of the Model S. This development comes from North America automakers struggling with a shortage of computer chips and other problems in the supply chain.
Peloton – Shares in the stationary bike maker rose more than 6% after Loop Capital Markets gave Peloton a buy rating and said the stock's recent weakness was exaggerated. The stock fell sharply in May after the company recalled its treadmill products, though stocks have since rebounded from the sell-off.
Progressive – The insurance giant's stock fell about 4% in midday trading after Morgan Stanley downgraded the stock from equal weight to underweight. With the return of car trips to the US, the analyst said, the cost of additional car damage and disaster relief will rise. The company cut its price target on Progressive by $ 5 to $ 85 per share.
U.S. Concrete – The concrete supplier's shares rose 29% after the company announced its acquisition by building materials maker Vulcan Materials. Vulcan will buy U.S. concrete for $ 74.00 per share, a premium of nearly 30% on Friday's closing price of U.S. concrete of $ 57.14.
– CNBC's Maggie Fitzgerald, Tanaya Macheel, Jesse Pound and Yun Li contributed to the coverage
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