A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Find out which companies are making headlines in the midday business.
Apple – Apple shares fell 3.4% on Wednesday following a report that the company is abandoning plans to ramp up production of new iPhones. Instead of aiming to increase production by 6 million units in the second half as it had planned, it will target 90 million units, unchanged from a year earlier, according to Bloomberg.
Biogen – Shares of the biopharmaceutical company soared 37% following upbeat results from its experimental Alzheimer’s drug study and a host of analyst upgrades. Biogen and its Japanese partner Eisai said the drug reduced cognitive decline by 27% and slowed disease progression.
Broadridge – Spruce Point Capital Management released a report with a strong sell view, saying it sees up to 75% downside risk.
Illumina — The biotech company saw its shares climb 8% after Evercore ISI upgraded the stock to outperform the line, saying it is bullish on new Illumina products as it exits of a period of “multi-year underperformance”.
Netflix – Shares of the streaming giant jumped more than 6% after Atlantic Equities upgraded the stock to overweight, saying Netflix’s lower-cost, ad-supported subscriber tier than it plans to launch in the coming months, could increase its share price by 26%.
Thor Industries – Shares jumped 3.4% after the recreational vehicle maker beat expectations for profit and revenue in its latest quarter. Thor said its motorized RV segment saw a 24.5% gain over the prior year.
Ocugen – Shares of the drugmaker soared about 8% after it entered into a licensing agreement with Washington University in St. Louis to develop, market and manufacture its intranasal Covid-19 vaccine.
Canopy Growth – Shares of the cannabis company rose 2.6% on its plans to exit its retail operations in Canada. Ontario-based Canopy said earlier this year it was extending its profitability schedule.
DocuSign – Shares of the electronic signature service rose about 5.4% after announcing on Wednesday that it would cut about 9% of its workforce as part of a restructuring. The company expects to incur costs of up to $40 million under the plan.
Paychex – Shares of the payroll company gained more than 2% after earnings and revenue before the bell beat expectations. It also raised its earnings outlook for the year.
– CNBC’s Alex Harring, Samantha Subin, Michelle Fox and Sarah Min contributed reporting