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Carnival Cruise Line’s Carnival Miracle cruise ship is docked at Pier 27 in San Francisco, September 30, 2022.
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Take a look at the companies that take the biggest steps in the afternoon.
Carnival — The stock rose 12.45% after being upgraded to overweight from neutral by JPMorgan Chase and bribed from neutral by Bank of America. The former cited the continued demand dynamics in the cruise industry. Other cruise stocks also received a boost, with Norwegian cruise line wins 7.22% and Royal Caribbean 2.57% add.
Chinook therapies — Shares rose 58.32% after Novartis announced it has agreed to acquire the biotech company for up to $3.5 billion. Chinook Therapeutics shareholders will get $40 per share, about 67% higher than where the stock closed Friday. They can also get an additional $4 per share in cash through contingent value rights.
Nasdaq — Shares fell 11.81% after the exchange operator announced it was buying Adenza, the software company owned by Thoma Bravo. The deal is valued at approximately $10.5 billion.
SentinelOne — Cybersecurity stock rose 8.18% after Morgan Stanley upgraded the stock to overweight and called SentinelOne a “long-term share gain” despite recent execution issues.
Oracle — Shares of the IT cloud software company were up 5.99% ahead of the quarterly earnings announcement that was due to be announced after the bell. Wolfe Research upgraded shares to outperform peers in a Sunday note, citing the company’s early advantage in the artificial intelligence boom.
catalent — The stock rose 10.23% after reporting deferred third-quarter results ahead of the bell. The pharmaceutical company posted a loss of 9 cents per diluted share, excluding items, and revenue of $1.04 billion. It’s unclear whether these numbers are consistent with FactSet’s consensus estimates of revenue and earnings per share. CEO Alessandro Maselli said the company’s fundamentals remain strong.
Nio — The Chinese electric car maker’s stock rose 8.67% after Nio announced it would lower prices for its vehicles and end free battery swaps for new buyers. The company is also delaying investment projects, it said last week. Nomura took notice of Nio on Sunday with a neutral rating, after it was previously rated a buy.
Illumina — Shares of the biotech company rose 3.79%. Illumina announced a change in leadership on Sunday. CEO Francis deSouza resigned effective immediately, but will remain in an advisory role through July. The company said it is exploring both internal and external replacement candidates. The change comes after a heated proxy battle with activist investor Carl Icahn.
Key Corp — Regional bank shares fell 4.31% after the company said at an investor conference that net interest income will be lower than expected based on funding mix and pressure on deposit costs.
– CNBC’s Hakyung Kim, Alex Harring, Samantha Subin and Jesse Pound contributed reporting.
