Here’s a look at the companies making headlines in midday trading: Nuvalent — The biopharmaceutical company highlighted positive data from two experimental cancer treatments over the weekend, sending shares soaring more than 22% to a new all-time high. Nuvalent said the two drugs were “well tolerated.” Bausch + Lomb – shares rose 13.9% after the Financial Times reported the contact lens supplier was considering a sale. According to the Financial Times, Bausch & Lomb is working with Goldman Sachs advisers and is expected to attract private equity attention. Alcoa — Aluminum shares rose more than 7% after the company agreed to sell its stake in the Ma’aden joint venture. Alcoa said it would sell its entire 25.1% stake for about $1.1 billion. Intel — Shares of the semiconductor maker rose 2.6% after Bloomberg reported late Friday night that Intel had received up to $3.5 billion to make chips for the Pentagon, citing people familiar with the matter. Upstart Holdings — Shares of the personal finance company fell 5% after announcing a new debt offering. Upstart is selling $300 million of convertible notes due 2029 for a variety of purposes, including the repurchase of certain other debt securities and general corporate purposes. Micron Technology — The chip stock fell more than 5% after Morgan Stanley cut its price target. The Wall Street firm reiterated its equal-weight rating and said Micron Technology’s growth is increasingly in question. Sprouts Farmers Market — Shares of the supermarket chain rose nearly 5% after Evercore ISI upgraded its rating to outperform from consensus. Sprouts, which specializes in organic products, could be a beneficiary of the healthy eating trend, the investment firm wrote. Trump Media & Technology — Shares fell more than 3%, giving up some of Friday’s 11% gain. The stock rose 25% in the previous session after Republican presidential candidate and major shareholder Donald Trump said at a press conference at a California golf club on Friday afternoon that he would not sell his shares. Apple — Shares of Apple fell 3% on reports of weak demand for some of its latest iPhone models. TF International Securities analyst Ming-Chi Kuo, a widely followed Apple analyst, said iPhone 16 demand was down 12% from iPhone 15 first weekend sales. It shows that the demand for iPhone 16 is lower than that of iPhone 15. Zillow — Shares rose more than 4% to hit a new 52-week high. Wedbush upgraded the real estate stock to outperform from neutral, saying lower mortgage rates and growth in its software and services business could trigger a rebound. Yelp — Shares of Yelp fell 4% after Bank of America initiated an underperform rating on the stock. Declining usage and disruption from alternative review platforms will continue to weigh on Yelp’s growth prospects, the bank said. —CNBC’s Alex Harring, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh and Jesse Pound contributed reporting.
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