Stocks making the biggest moves midday: johnson & johnson, eldorado resorts, regeneron & more

Stocks making the biggest moves midday: johnson & johnson, eldorado resorts, regeneron & more


Play all audios:


A Johnson & Johnson building is shown in Irvine, California. Mike Blake | Reuters _Check out the companies making headlines midday Monday:_ Johnson & Johnson — Johnson & Johnson


shares jumped more than 7% after the company announced it has a coronavirus vaccine candidate, noting that human testing on the medication will begin in September. Eldorado Resorts, Caesars


Entertainment — Eldorado Resorts and Caesars Entertainment tumbled 15% and 9%, respectively, extending a deep rout in casino stocks as the coronavirus pandemic forced these facilities to


shut doors. Last year, Eldorado announced it has agreed to buy Caesars for about $8.5 billion in cash and stock, but regulators are delaying the merger due to the disruptions caused by the


coronavirus outbreak. Shares of Eldorado and Caesars have lost 78% and 54% this year, respectively. Regeneron — Regeneron shares rose more than 4% after the biotech company, along with


Sanofi, announced it is expanding a clinical trial for a potential coronavirus treatment using a rheumatoid arthritis drug. LaZBoy — The furniture company announced that it was suspending


production and slashing jobs due to the coronavirus crisis, and its stock fell 3.2% Monday. LaZBoy is furloughing 70% of its workforce, and it also eliminated its dividend for June and


terminated its stock buyback program. The company will also pause processing and shipping of new online orders. Tegna — Shares of the media company plummeted more than 23% after the company


announced that the coronavirus crisis led two potential acquirers to end discussions. Apollo Global Management had reportedly offered $20 per share for the company. The stock was trading


just above $10 share on Monday. Amgen — An analyst at Raymond James upgraded Amgen to outperform from market perform, sending the stock up 3.7%. "We think that management already


provided conservative guidance for 2020 during the 4Q19 earnings call, and general disruption as a result of the COVID-19 pandemic would not be outsized relative to Amgen's peer


group," the analyst said. Marriott International — The hotel company slid more than 1% after RBC Capital Markets downgraded the stock from outperform to sector perform. The firm also


slashed its price target to $97 from $148, citing the ongoing impact of the coronavirus. The new target is about 26% above where the stock currently trades. Apple — Apple rose more than 2%


even after Reuters reported the technology giant could see an 18% year-over-year drop in iPhone orders during the current quarter, according to a senior official at one of Apple's major


contract assemblers. Apple's factories in China, however, are back up and running after the coronavirus shutdown. American, United Airlines — American Airlines and United Airlines


dropped 9.4% and 5.4%, respectively, as the coronavirus damage to the industry outpaced relief actions from the government. The $2 trillion stimulus bill that President Donald Trump signed


Friday included $25 billion in grants for passenger airlines and $4 billion for cargo airlines and $3 billion for airline contractors, about half of what the industry originally requested.


Shares of American and United have tumbled 55% and 65% this year. Zoom Video — Shares of the video conferencing platform gained 3%, building on their massive gains as more people rely on


video calls amid the coronavirus pandemic. Monday's gains bring the stock's rally this quarter to 130%. In that time, the S&P 500 is down nearly 20%. Mondelez — Mondelez rose


more than 4% following an upgrade to buy from hold at Stifel Nicolaus. "We find the pullback in the shares quite intriguing for a best-in-class Consumer Staples business that has


experienced an acceleration in growth," the firm said in a note to clients Sunday. Stifel maintained its $57 target on the stock. Boeing — Shares of airplane maker Boeing fell more than


11%, the biggest drag on the Dow Jones Industrial Average. Boeing's stock gained 70% last week but Monday's move shows the rebound may have been overdone and pain in the airline


industry is persisting from the coronavirus crisis. _—CNBC's Michael Bloom, Yun Li, Maggie Fitzgerald and Jesse Pound contributed to this report._