Here are the companies that are making headlines on Wall Street on Monday.
Eli Lilly – Shares of the drugmaker fell by more than 8% after a phase two trial for donanemab showed that treatment slowed the progression of Alzheimer’s disease. Mizuho Securities said in a note that the results were “solid, not beautiful”.
AMC Entertainment – Shares of the movie theater giant rose more than 22% when theaters began reopening in Los Angeles. AMC reopened two venues in the city on Monday and plans to reopen the remaining 23 Los Angeles theaters by Friday. The company hopes all of its locations across the state will open by Friday.
American Airlines, United Airlines, Delta Air Lines and Alaska Air Group – Shares of major US airlines jumped on Monday amid optimism about returning to normal travel amid the deployment of vaccines. Air travel over the weekend reached its highest level in more than a year and airlines are seeing more bookings. Shares of American Airlines and United Airlines rose more than 6%. Delta rose 3% and Alaska Air Group gained nearly 4.4%.
MGM Resorts – Hotel and gambling stocks rose 4.2% after investment firm Jefferies upgraded MGM to buy off the property. The company cited an improved outlook for Las Vegas travel and the increase in online gambling as reasons for optimism.
Unity Software – Shares Unity Software rose more than 3% after Goldman Sachs started covering the video shares with a buy rating and called it ‘a design platform for the masses’. The Wall Street firm hit a price target of $ 126 per share on Unity, which was nearly 20% higher than the opening price of $ 105.70 per share.
Gap – Retail shares jumped nearly 5.5% after Wells Fargo raised its target on the stock to a Street high of $ 40, or about 30% higher than the stock closed on Friday. The company ‘appears to be extremely well positioned for the increase in market share, Athleta has a significant lead for continued growth and the Gap brand is showing green shoots in their health initiatives’, Wells Fargo wrote in a note to customers.
NXP Semiconductors, Penn National Gaming – S&P Dow Jones Indices announced new additions to the S&P 500 on Friday, increasing shares in Penn National Gaming and NXP Semiconductors. The shares rose 7.7% and 3.1% respectively on Monday.
GenMark Diagnostics – The shares of the diagnostic company rose 29% after an announcement that Roche was buying GenMark in cash worth $ 1.8 billion. The potential for an agreement has been previously reported.