Apple signage on the Apple campus in Cupertino, California.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Apple — The tech giant saw its shares jump 3.5% after Morgan Stanley’s Katy Huberty raised Apple’s price target from $164 to $200 and maintained an overweight rating. The analyst believes that new products from Apple, like an augmented reality headset or self-driving car, aren’t yet baked into the share price.
Starbucks — Starbucks shares rose 2.6% after MKM Partners upgraded the name to a buy rating from neutral and hiked its price target on the stock. The firm said the stock’s recent underperformance created a buying opportunity.
American Airlines – The airline’s shares gained 1.5% midday, then closed 0.2% lower after the company announced Doug Parker will retire as CEO next year and be succeeded by the company’s president, Robert Isom, on March 31. Parker will stay on as chairman of American’s board.
AutoZone – Shares of AutoZone rose 7.6% after the auto parts retailer reported a better-than-expected quarterly report. The company posted a quarterly profit of $25.69 per share, beating the Refinitiv consensus estimate of $20.87. Revenue also beat estimates, and comparable-store sales jumped 13.6%.
Designer Brands — Shares of Designer Brands soared 14.4% in midday trading after reporting better-than-expected quarterly earnings. The company reported earnings of 86 cents per share, well above estimates of 56 cents per share, according to Refinitiv. Revenue, however, missed estimates.
GlaxoSmithKline – The British pharmaceutical company saw its shares rise 1.5% after it said its monoclonal antibodies treatment is effective in treating all 37 identified mutations of omicron, according to new data from an early-stage study.
Acadia Pharmaceuticals — Acadia shares rallied 9.9% after the pharmaceutical company announced positive results in a late-stage trial of its experimental treatment for Rett Syndrome, a genetic disorder that primarily affects brain development in girls.
Bumble — Shares of Bumble rallied 9.7% after JPMorgan upgraded the stock to overweight from neutral after a meeting with company management. The firm is more convinced of the dating app’s user growth.
— CNBC’s Maggie Fitzgerald, Yun Li and Tanaya Macheel contributed reporting