Several companies made significant moves in midday trading. Palantir Technologies and Dell Technologies saw gains of 13% and nearly 5%, respectively, following their announcement Friday that both will join the S&P 500 on Sept. 23. Palantir will replace American Airlines, while Dell is set to take Etsy’s place.
Summit Therapeutics surged 65% after its lung cancer drug candidate outperformed Merck’s Keytruda in a phase three clinical trial, causing Merck’s shares to dip 1.5%. JetBlue Airways jumped 8% as Bank of America upgraded the stock to neutral from underperform, citing effective revenue improvement strategies and raising the price target to $6, representing a 13% upside.
Boeing’s stock rose nearly 4% following a deal with a factory workers union, potentially avoiding a costly strike. MarineMax shares increased by 4% due to a Citi upgrade to buy from neutral, indicating potential benefits from anticipated Federal Reserve interest rate cuts.
Arm Holdings gained 5% after reports that Apple will use Arm’s next-generation chip design in the upcoming iPhone 16, set to debut on Monday. United States Steel added 3%, benefited from JPMorgan’s upgrade to overweight from neutral, noting that the recent pullback presents a buying opportunity, particularly if the sale to Nippon Steel doesn’t proceed.
Cannabis stocks experienced a boost after former President Donald Trump indicated support for legalizing adult marijuana use in Florida. Tilray Brands saw a 6% rise, while the AdvisorShares Pure US Cannabis ETF (MSOS) and the Amplify Alternative Harvest ETF (MJ) increased more than 9% and 6%, respectively.
These notable stock movements reflect ongoing market responses to corporate announcements and strategic developments, delivering potential opportunities for investors.
— This summary includes reporting contributions from CNBC’s Alex Harring, Hakyung Kim, Yun Li, Jesse Pound, and Michelle Fox.
Original Story https://www.cnbc.com/2024/09/09/stocks-making-the-biggest-moves-midday-pltr-smmt-jblu-and-more.html
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