Midday movers: Boeing, Apple and more

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Midday movers: Boeing, Apple and more
Credit: © Reuters.
(Updated - January 8, 2024 12:12 PM EST)

Investing.com -- Main U.S. indexes gained ahead of the release of the key monthly inflation data later in the week, which could determine risk appetite going forward.

Here are some of the biggest U.S. stock movers today:

Boeing (NYSE: BA ) stock fell 6.5% after the Federal Aviation Administration ordered the temporary grounding of around 171 Boeing jets in the wake of a mid-air breach of a 737 Max jet last week.

Alaska Air (NYSE: ALK ) stock slid 0.8% after the carrier canceled more than 200 flights following the FAA order, while fuselage maker Spirit AeroSystems (NYSE: SPR ) stocks slumped 8%.

Regeneron (NASDAQ: REGN ) stock fell 2.8% after the company’s eye drug Eylea's fourth-quarter U.S. preliminary sales came below expectations, as its blockbuster product faced pressure from a rival.

Nvidia (NASDAQ: NVDA ) stock rose 4.3% after Reuters reported that the chipmaker is aiming to begin mass production of an artificial intelligence chip specifically designed for the Chinese market in the second quarter of 2024.

Merck (MRK) stock fell 0.5% after the drugmaker said it would buy cancer drug developer Harpoon Therapeutics (NASDAQ: HARP ), up more than 110%, for about $680 million, reinforcing its oncology portfolio with immunotherapies.

Moderna (NASDAQ: MRNA ) stock rose 1.75% after the drugmaker reported preliminary 2023 sales of $6.7 billion for its COVID vaccine, surpassing the lower end of its full-year forecast.

Abercrombie & Fitch (ANF) stock rose 8.1% after the clothing retailer raised its forecast for fourth-quarter and annual net sales, after strong demand for its apparel brands during the key holiday shopping period.

Shell (LON: SHEL ) ADRs fell 1.9% after the oil major said that it would book an impairment charge of up to $4.5 billion in the fourth quarter.

Apple (NASDAQ: AAPL ) stock rose 1.2% after it announced Apple Vision Pro will be available beginning Friday, February 2, at all U.S. Apple Store locations and the U.S. Apple Store online.

Ambrx (AMAM) stock rose 100% after Johnson & Johnson (NYSE: JNJ ) announced it has entered into a definitive agreement to acquire Ambrx for approximately $2 billion.

Axonics, Inc. (Nasdaq: AXNX) stock rose 20% after it entered into a definitive agreement to be acquired by Boston Scientific Corporation (NYSE: BSX ) for $71 in cash per share, representing an equity value of approximately $3.7 billion.

Crocs (NASDAQ: CROX ) stock rose 20% after saying it now expects record 2023 revenues, above the analyst consensus expectation.

American Airlines (NASDAQ: AAL ) stock rose 6% after analysts upgraded the stock to Overweight from Equal-Weight in a note. The firm's $20 per share price target represents a potential 50% upside.

Additional reporting by Lon Juricic

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