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Check out the companies making headlines in midday trading.
lucid group — Lucid shares rose 9% after the electric carmaker said it would supply powertrain and battery systems to British luxury automaker Aston Martin.
WSFS Finance — The regional bank rose 4.4% after DA Davidson upgraded the stock to buy from neutral, noting that WSFS could benefit from a prolonged higher interest rate environment. Gains in the SPDR S&P Regional Banking ETF (KRE) helped it gain 2%.
Pfizer — Pfizer Inc fell 4.5% after it said it would end development of its experimental obesity and diabetes drug Lotiglipron because elevated liver enzymes could indicate liver damage. Pfizer said none of the participants reported any symptoms or side effects.
carnival — Shares fell nearly 12% even as the cruise line reported a smaller-than-expected second-quarter loss and gave an upbeat outlook. The stock has soared more than 70% year-to-date as the industry recovers from the Covid-19 pandemic. Royal Caribbean and Norwegian Cruise Line also fell on Monday, falling about 3% and 6%, respectively.
modern — Moderna rose 2.5 percent in midday trading. UBS upgraded the pharmaceutical stock to “buy” from “neutral,” saying investors have yet to fully appreciate the potential of the company’s other vaccines.
letter — Shares of tech giant Alphabet fell 1.8% after UBS downgraded its rating to “neutral” from “buy.” Alphabet’s upside is limited and the shift to artificial intelligence could hurt financial performance in the short term, UBS said.
tesla — Shares of the electric car maker fell 2.8% after Goldman Sachs downgraded Tesla to neutral from buy. Wall Street banks downgraded their ratings following Tesla’s recent gains and the competing space for electric vehicles. The downgrade follows recent similar rating changes by Morgan Stanley and Barclays.
— CNBC’s Michelle Fox, Alex Haring and Jesse Pound contributed reporting.