A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Take a look at the companies making headlines in midday trading.
Apple: Apple shares fell 3.4% on Wednesday after a report that the company is abandoning plans to boost production of new iPhones. Instead of trying to increase production by 6 million units in the second half of the year as expected, it will shoot for 90 million units, unchanged from a year earlier, according to Bloomberg.
Biogen: Shares of the biopharmaceutical company jumped 37% after upbeat results from its experimental Alzheimer’s drug study and a series of analyst updates. Biogen and its Japanese partner Eisai said the drug reduced cognitive decline by 27 percent and slowed disease progression.
Broadridge – Spruce Point Capital Management issued a report containing a strong sell opinion, saying it sees up to 75% downside risk.
Illumina: The biotech company saw shares rise 8% after Evercore ISI upgraded the stock to outperform in line, saying it is bullish on Illumina’s new products as it emerges from a period of “multi-year underperformance.”
Netflix: Shares of the streaming giant rose more than 6% after Atlantic Equities upgraded the stock to overweight, saying the level of low-cost, ad-supported subscribers to Netflix, which it plans to launch in the next months, could increase the price of its shares by 26%.
Thor Industries: Shares rose 3.4% after the recreational vehicle maker beat expectations on profit and revenue in its most recent quarter. Thor said its motor recreational vehicle segment was up 24.5 percent from a year earlier.
Ocugen: Shares of the drugmaker soared about 8% after reaching a licensing deal with Washington University in St. Louis to develop, commercialize and manufacture its intranasal vaccine against Covid-19.
Canopy Growth: The cannabis company’s shares rose 2.6% on plans to exit its retail operations in Canada. Ontario-based Canopy said earlier this year it was extending its breakeven timeline.
DocuSign: Shares of the electronic signature service rose about 5.4% after it announced Wednesday that it would shed about 9% of its workforce as part of a restructuring. The company expects to incur costs of up to $40 million as part of the plan.
Paychex: Shares of the payroll company gained more than 2% after pre-bell earnings and revenue beat expectations. It also raised its profit outlook for the year.
– CNBC’s Alex Harring, Samantha Subin, Michelle Fox and Sarah Min contributed reporting.
