By Check out the companies making headlines in midday trading.
Biogen — Shares of the biotech stock dipped 2.8% after Biogen revamped its board of directors. Three current board members will not run for reelection, while the company’s former head of corporate strategy Susan Langer was nominated to the board, Biogen said Monday.
Oracle — Shares rose 0.2% to an all-time high on the back of a strong earnings report for the fiscal fourth quarter. Oracle reported $1.67 in adjusted earnings per share, while analysts polled by Refinitiv expected $1.58. Revenue also came in higher than expected at $13.84 billion against a $13.74 billion estimate. Goldman Sachs upgraded Oracle to neutral from sell following the report.
Norwegian Cruise Line Holdings — Norwegian Cruise Line Holdings jumped 5.7% to the highest since May 2022 after Bank of America on Monday raised its price target to $19 from $17, though the firm maintained a neutral investment rating. Carnival‘s target went to $20 from $11, also rising to the highest since May 2022, while Royal Caribbean‘s rose to $95 from $82 and the stock touched the highest since November 2021.
Urban Outfitters — The retailer gained 3.5% following an upgrade to overweight by Morgan Stanley. The Wall Street firm cited Urban Outfitters’ low valuation relative to peers and improving business fundamentals.
Devon Energy — The energy stock rose 2%. Goldman Sachs upgraded Devon to buy from neutral, saying it trades at an attractive valuation and looks poised to appreciate as its production and capital expenditure outlook improves.
Oil stocks — Oil shares rose broadly as WTI crude gained following Monday losses. The VanEck Oil Services ETF rose 2.2%. Shares of Halliburton jumped 3%, while Transocean climbed 2.6%.
Zions Bancorporation — The Salt Lake City-based bank lost 1.5% after it said its net interest income outlook is “decreasing.” The bank’s previous outlook was “moderately decreasing,” according to StreetAccount. The update came in a presentation posted Monday afternoon.
Chinese internet stocks, metals and mining stocks — Shares of Chinese internet companies and metals and mining stocks jumped Tuesday after the People’s Bank of China cut a key short-term policy rate in an effort to stimulate a post-Covid recovery. The KraneShares CSI China Internet ETF rose 2.4% while JD.com gained 3.5%. Metals and mining stocks were also boosted by the news, with shares of Freeport-McMoRan and Steel Dynamics rallying 5.3% and 6%, respectively.
— CNBC’s Samantha Subin, Sarah Min, Alexander Harring and Jesse Pound contributed reporting.
