The logo is displayed outside the Palantir Technologies pavilion ahead of the World Economic Forum in Davos, Switzerland on January 15, 2024.
Stefan Wermuth | Bloomberg | Getty Images
Let’s take a look at some of the companies making waves in midday trading.
Palantir Technologies, Dell Technologies — After the close of trading on Friday, shares of Palantir and Dell rose 13% and nearly 5%, respectively, following the announcement that both companies will join the S&P 500 before trading opens on Sept. 23. Palantir will take on American Airlines’ position, while Dell will take on Etsy’s position.
Summit Therapeutics — Biotech shares soared about 65% after the company said its lung cancer drug candidate outperformed Merck & Co.’s Keytruda in a Phase 3 clinical trial. Merck Shares fell 1.5% on the news.
JetBlue — The airline’s shares rose 8% after Bank of America analyst Andrew Didla upgraded the company to neutral from underperform. Didla said JetBlue’s “self-help” efforts, including its profit-improvement strategy, are starting to show signs of working. The analyst doubled his price target to $6, a 13% increase from Friday’s closing price. JetBlue raised its third-quarter earnings forecast last week.
Boeing — Shares in the aircraft maker rose nearly 4% after the company reached a deal with a factory workers union, potentially avoiding a costly strike.
Marine Max — The stock rose 4% after Citi raised its rating to buy from neutral. The firm said boat dealers should benefit from interest rate cuts by the Federal Reserve.
Arm Holdings The shares rose 5% after the Financial Times reported, citing people familiar with the matter, that Apple will use Arm’s next-generation chip designs in the iPhone 16, due for release on Monday.
American Steel — The stock rose 3% after JPMorgan raised its rating to overweight from neutral, saying it sees the recent selloff as a buying opportunity and expects the stock could fall further if the planned sale to Nippon Steel falls through.
Marijuana Stocks — Marijuana stocks rose after former President Donald Trump said in a Truth Social post that he supports legalizing marijuana for adult use in Florida. Tilray Brands 6% increase, AdvisorShares Pure US Cannabis ETF (MSOS) Increased by more than 9%, Amplify Alternative Harvest ETF (MJ) It rose by more than 6%.
—CNBC’s Alex Harring, Hakyung Kim, Yun Lee, Jesse Pound and Michelle Fox contributed reporting.
