The Apple iPhone 12 Pro Max will be unveiled during a virtual product launch.
Daniel Acker | Bloomberg | Getty Images
Check out the companies that make headlines during afternoon trading.
Apple – Apple shares were up more than 3% after Nikkei reported that the technology giant will increase its iPhone production by about 30% in the first half of 2021. 20% more iPhones for the full year than in 2019, before the pandemic. Apple did not immediately respond to CNBC’s request for comment.
Eli Lilly – Shares of the drug maker gained 3% after the company announced a deal to acquire Prevail Therapeutics in a cash deal worth approximately $ 1 billion. Ely Lilly also announced a 15% dividend increase. Shares of Prevail are up more than 80%.
Bristol-Myers Squibb – Shares of the drug company fell more than 2.5% after Goldman Sachs added Bristol-Myers to its “Conviction List”. Goldman analysts said they see the company’s pipeline data driving “upward estimate revisions and multiple expansions.”
Baidu – Baidu’s stock jumped more than 10% after Reuters reported that the company is considering making its own electric vehicles. The Chinese search engine giant already has a unit developing autonomous driving and internet connectivity technology.
RealReal – Shares of RealReal were up more than 9% after Piper Sandler began coverage on the luxury consignment platform with an overweight rating. The Wall Street firm said it is optimistic that shipment activity will recover as the economy reopens with the rollout of vaccines. The stock is down more than 10% this year.
Chewy – Shares of Chewy were up more than 5% after Chief Financial Officer Mario Marte told the Wall Street Journal that the pet store plans to expand its online catalog to boost orders. Marte also said the company is working to expand its telecare service and start making money from it soon. Shares of Chewy are up more than 200% in 2020.
Zynga – Video game stock added 1.6% after Wells Fargo upgraded Zynga to equal weight overweight. The investment firm said in a note that the November sell-off following Zynga’s third-quarter earnings report was “excessive.”
Deere – Shares of the farming equipment manufacturer were up more than 2% after Oppenheimer initiated the outperform-rated stock. The Wall Street company said it is seeing agricultural fundamentals improve.
Marriott International, Hilton – Marriott and Hilton were up 1.3% and 0.5% respectively, after a Citi analyst upgraded hotel operators to buy from Neutral, noting that the industry is “on the brink of a multi-year recovery “.
– with reports from CNBC’s Fred Imbert, Jesse Pound, Yun Li.