Moderna in Cambridge, MA is pictured on February 28, 2020.
David L. Ryan | The Boston Globe via Getty Images
Check out the companies making the headlines Monday noon:
Moderna – Shares rose more than 14% after the drugmaker said its coronavirus vaccine candidate was over 94% effective in preventing Covid-19 in a trial. The company added that it would seek emergency use approval from the Food and Drug Administration.
S&P Global, IHS Markit – S&P Global has announced it will buy IHS Markit for $ 44 billion, including debt, in a deal slated to close in the second half of 2021. S&P Global investors will receive $ 67.75 % of the combined company once the transaction is completed. closes. “This merger increases the scale while complementing our combined capabilities,” said S&P CEO Douglas Peterson. S&P Global shares rose 3.2% and IHS 9.4%.
Nikola – Nikola shares fell 24.4% after General Motors abandoned its stake in the electric vehicle maker as part of a smaller deal between the two companies. In September, the two companies announced a $ 2 billion deal giving GM an 11% stake in Nikola to supply battery and fuel cell technologies. GM had also agreed to build the Nikola’s Badger pickup truck. Under the new deal, GM will not build the truck.
Apple – The tech giant rose more than 1% after bullish comments from Wall Street. Loop Capital Markets raised the stock to a buy rating and set a target of $ 131 per share, or about 12% above the stock’s close on Friday. Separately, Morgan Stanley said early signs point to iPhone 12 sales exceeding expectations.
Salesforce, Slack – The messaging platform jumped more than 4% after CNBC’s David Faber announced that Salesforce’s deal to buy Slack is expected to be announced on Tuesday after the market closes. Salesforce shares lost more than 3% in Monday’s noon trading.
Delta Air Lines – The airline’s shares fell almost 2% after Raymond James downgraded the stock to the market after outperforming. The appeal was mainly due to valuation.
Bank of America – The bank was demoted to underweight after overweighting by an analyst at Morgan Stanley. The analyst said that “the stricter underwriting standards after the crisis limit both their decline in a recession and their relative rise out of a.”
Carnival Corp – Shares of the cruise operator have fallen more than 4% amid the liquidation of companies sensitive to the reopening of the economy. Royal Caribbean and Norwegian Cruise Line each lost 2%, while retailers Gap and Macy’s fell more than 4%. The energy sector, which is by far the best-performing S&P 500 this month, also fell, with Chevron and Exxon falling 2%.
—Pippa Stevens and Maggie Fitzgerald of CNBC contributed to this report.