Stocks making the biggest moves midday: Nuvalent, Alcoa, Sprouts Farmers Market, Apple and more

Take a look at the key market movers grabbing attention during the midday trading session:

Nuvalent’s stock has rocketed to an impressive 22%, reaching an unprecedented peak, thanks to the company’s promising updates on two cancer drug trials conducted over the weekend. The biopharmaceutical firm stated that both drugs have demonstrated “favorable tolerability.”

Bausch + Lomb, a popular contact lens manufacturer, saw its shares surge by 13.9% on the back of a Financial Times report that the company is contemplating a sale. The company is liaising with Goldman Sachs advisers, expectedly drawing the attention of private equity as per FT.

Alcoa’s aluminium stocks have bounced up 7% after the enterprise agreed to divest its 25.1% holding in the Ma’aden joint venture for approximately $1.1 billion.

Intel’s shares rose 2.6% following a Bloomberg report last Friday that Intel might be eligible for up to $3.5 billion in grants to manufacture chips for the Pentagon.

Shares of personal finance firm, Upstart Holdings, dipped by 5% on the back of a new debt offering announcement. The company plans to sell $300 million convertible notes due 2029 for multiple purposes.

Micron Technology’s chip stock plummeted over 5% as Morgan Stanley lowered its price target. The Wall Street giant warned that Micron’s growth seems to be in doubt.

Sprouts Farmers Market, a supermarket chain known for its organic products, experienced a near 5% surge in shares following an upgrade to ‘outperform’ from ‘in line’ by Evercore ISI. The firm believes Sprouts will benefit from the growing trend for healthier eating.

Shares of Trump Media & Technology dropped more than 3%, offsetting some of Friday’s 11% gain. The stock had previously jumped by 25% after Donald Trump, the majority owner, announced he won’t sell his shares.

Apple’s shares dropped by 3% amid reports of weakened demand for some of the latest iPhone models. JPMorgan and Bank of America hinted that shipment times data might reflect soft Pro demand.

Zillow’s shares shot up by 4%, hitting a new 52-week high. The real estate stock was elevated to ‘outperform’ from ‘neutral’ by Wedbush, which suggested that the decreasing mortgage rates and a burgeoning software and services business might spark a rally.

Shares of Yelp fell 4% following Bank of America’s unveiling of an ‘underperform’ rating for Yelp. The bank warned that a declining user base and increasing competition from alternative review platforms could hamper Yelp’s growth.