Check out the companies making headlines midday Thursday:
Apple — Apple shares climbed over 3.5 percent after Needham upgraded the stock to strong buy from buy ahead of a launch event on March 25. The technology giant is expected to introduce its video streaming service at the event, challenging market leaders such as Netflix and Amazon. Citigroup also lifted its price target on Apple to $220 from $170.
Biogen — Shares of Biogen plummeted 29.2 percent after the company ended the trial for an Alzheimer’s drug it was developing in partnership with a Japanese pharmaceutical company. The biotechnology company’s drug was expected to be a blockbuster, but the company said in a statement that they decided to stop Phase 3 of the trial after an independent group’s analysis showed the trials were unlikely to “meet their primary endpoint.”
Micron Technology — Shares of Micron Technology rose 9.6 percent after the memory-chip maker reported better-than-expected second-quarter earnings on Wednesday. The company reported earnings of $1.71 per share, 4 cents higher than a Refinitiv estimate.
Levi Strauss — Levi Strauss soared more than 31 percent after the company began trading on the New York Stock Exchange. Shares opened at $22.22 after the company’s IPO priced at $17 a share.
Conagra Brands — Shares of Conagra Brands rose 12.8 percent after the company reported better-than-expected third-quarter earnings. The company also said it raised prices to accommodate higher transportation and commodity costs.
Darden Restaurants — Shares of the Olive Garden parent rose more than 6 percent after the company reported earnings that topped analyst expectations, thanks to strong sales growth. The restaurant company also raised its earnings per share to a range of $5.76 to $5.80 from a prior outlook of $5.60 to $5.70 per share.
Qorvo — Shares of the Apple supplier rose more than 6 percent after Goldman Sachs upgraded the stock to buy from neutral. Goldman cited three reasons for the upgrade, including stabilization in the smartphone market and the “growing” 5G infrastructure business.
Guess — The clothing company dropped more than 12 percent on the back of weaker-than-expected earnings. Guess reported adjusted earnings per share of 70 cents. Analysts polled by Refinitiv had forecast a profit of 75 cents.
