Stocks making the biggest moves midday: Paramount Global, Morphic Holding, Ideaya Biosciences and more

Here are today’s midday highlights from the trading floor.

Paramount Global’s shares dipped 2% upon the announcement of its merger with Skydance Media. The deal, accompanied by an $8 billion investment from Skydance and its financial backers, also includes the acquisition of National Amusements, Paramount’s controlling shareholder.

Morphic Holding was in the spotlight with its shares rocketing 75% following the news of its acquisition by Eli Lilly in a deal worth $3.2 billion. This move provides Eli Lilly a pathway into Morphic’s developing treatments portfolio for ulcerative colitis and Crohn’s disease. Eli Lilly’s own shares also saw a 1.3% increase.

Ideaya Biosciences saw its stock leap 19% upon the successful outcomes of the phase 2 trial of its unique cancer treatment targeting urothelial and non-small cell lung cancers.

SolarEdge’s shares climbed by 12% following Bank of America’s upgrade from underperform to neutral, despite the firm awaiting a clearer recovery pathway for the company’s margin and cash flow.

Corning’s shares surged 12% after the raised forecast for its Q2 core sales to $3.6 billion from a previous $3.4 billion. Positive news on EPS expectations also boosted investor confidence.

ServiceNow saw a 4% drop in shares, triggered by Guggenheim’s downgrade to a sell rating amidst uncertainties over its projected artificial intelligence business growth in the latter half of the year.

Columbia Sportswear rose 3.7%, buoyed by an upgrade to buy from hold at Stifel due to potential revenue growth linked to outdoor participation and health and wellness trends.

Boeing shares slipped slightly following its decision to plead guilty to criminal fraud associated with the fatal 737 Max crashes, a move that could impact its future sales to the U.S. government, as per CNBC.

Devon Energy shares fell 2% after the announcement of its acquisition of Grayson Mill Energy’s Williston basin business, a $5 billion cash-and-stock deal expected to close by Q3 end.

Gilead Sciences saw a 1.6% increase in their stock value after Raymond James’ upgrade from market perform to outperform, predicting multiyear growth based on their robust drug pipeline.