Biogen, Walgreens, Moderna, Tapestry et plus

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Check out the companies making the headlines Monday noon:Biogen – A Morgan Stanley analyst shifted the biopharmaceutical company from overweight to underweight and predicted a 30% rally in the stock over the next 12 months. The analyst expects Wall Street “to have a higher chance of success for aducanumab, Biogen’s investigational drug that is the first potential disease-modifying treatment for Alzheimer’s disease.” Biogen shares rose more than 3%.

Amazon – Shares of the e-commerce giant rose 0.5% after several Wall Street companies raised their share price targets, including Bank of America and Wells Fargo. The company is expected to release its second quarter results on Thursday.

Walgreens Boots Alliance – Walgreens shares fell more than 2% after the company announced Stefano Pessina would step down as CEO. Instead, he will become the next executive chairman of the company, replacing Jim Skinner. Walgreens said Skinner will remain on the company’s board after Pessina becomes chairman. There was no set timeline for finding Walgreens’ next CEO.

Moderna – Moderna jumped 7% after the company said it received additional government assistance of $ 472 million as the biotech company continues to work on the development of a potential vaccine against Covid-19. On Monday, the company’s phase three study of the possible vaccine, which will include at least 30,000 participants, began.

Tapestry – Tapestry gained 1.5% after Goldman Sachs upgraded the luxury retailer to buy from neutral. The Wall Street firm said it sees an “attractive valuation opportunity” as the stock lags its peers despite positive corporate and industry trends in the near term. Goldman also cited “Tapestry’s strong track record, controlled promotion and beneficial distribution directed to the consumer”.

Hasbro – The toymaker’s shares fell more than 7% following its dismal quarterly earnings report. Hasbro reported earnings of 2 cents a share on revenue of $ 860 million. Wall Street expects earnings of 23 cents a share on sales of $ 992 million, according to Refinitiv.

Albertsons – Albertsons shares fell more than 5% after the company reported mixed first-quarter tax results. The grocery chain posted a profit of $ 1.35 per share, beating a Refinitiv estimate of $ 1.30 per share. However, the company’s revenue was $ 22.75 billion. That’s just below a forecast of $ 22.78 billion.

DraftKings – Online gambling stock fell 9% after some Major League Baseball games were postponed as the Miami Marlins reportedly suffered from a Covid-19 outbreak. MLB was the first of the four biggest North American sports leagues to start playing since the pandemic led to closures in March.

Apple – Apple rose more than 1% and was among the top performing stocks despite an analyst from JPMorgan saying the tech giant could lose momentum after reporting results later this week. “We believe investors looking for more benefits should focus on the longer-term earnings path rather than expecting a near-term rise as the likelihood of a beating earnings in F3Q (June) as well as strong volumes at the start of the 2H20 5G cycle) seem to be factored in, ”the analyst said.

With reporting by Pippa Stevens, Maggie Fitzgerald, Jesse Pound and Yun Li.

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