These are the stocks posting the largest moves midday

June 24, 2024 | 12:35pm

Stocks making the biggest moves midday: ResMed, Affirm, Nvidia, Anheuser-Busch and more

These are the stocks posting the largest moves midday

Check out the companies making the biggest moves midday: Inspire Medical Systems , ResMed — Inspire Medical Systems and ResMed, which manufacture devices to treat obstructive sleep apnea, dropped 14% and 11%, respectively, following Friday's news that Eli Lilly 's weight loss drug tirzepatide reduced the severity of the condition. Eli Lilly also said it applied for approval from the Food and Drug Administration for the drug's treatment of sleep apnea. Eli Lilly's stock advanced 2%. RXO — Shares jumped 23% after the freight company said it struck a deal to buy Coyote Logistics from UPS for more than $1 billion. UPS was up 1.5%. Alnylam Pharmaceuticals — The clinical-stage therapeutics company soared 37% after a phase three study found that its drug vutrisiran showed a statistically significant reduction in the number of deaths and cardiovascular events in patients with ATTR amyloidosis with cardiomyopathy. Nvidia — Shares shed nearly 5%. Nvidia's latest decline adds to last week's drop of 4% when it snapped its eight-week winning streak. The artificial intelligence darling had briefly dethroned Microsoft as the most valuable company in the U.S. last week. Affirm — The buy now, pay later stock popped 10% after Goldman Sachs assumed coverage of the name at a buy rating. Analyst Will Nance cited the stock's strong fundamentals, including its differentiated credit underwriting approach, as catalysts for the name. Cinemark — Shares of the movie theater chain rose more than 5%. Roth MKM upgraded Cinemark to a buy from a neutral rating, saying that headwinds should soon shift to "very attractive tailwinds." The firm also cited "meaningful box office improvement." Anheuser-Busch InBev — The brewing company's shares rose around 3% after UBS upgraded the stock to buy from neutral. The bank noted that Anheuser-Busch is "at the cusp of delivering the ideal consumer staples growth profile," citing an inflection point in growth, margins and cash returns. IBM — The stock spiked close to 3% after Goldman Sachs initiated coverage with a buy rating and a price target of $200, which implies 16% upside from Friday's close. The firm said the legacy tech company is on track to sustain long-term revenue and free-cash-flow growth, which are being driven by growth in AI products and services, market share gains in consulting and growth in its core software portfolio. Ryder System — Shares of the trucking company popped nearly 3% after Morgan Stanley initiated coverage with an overweight rating. The firm cited a cycle inflection, regulatory changes and secular outsourcing tailwinds as catalysts. Carrier Global — The heating and ventilation stock rose 3% on the heels of a Citi upgrade to buy from neutral. Citi said the company can be an alternative pure-play HVAC provider and have an improving multiple following the conclusion of its business transformation plan. Planet Fitness — The fitness club franchise added about 1% following an upgrade at TD Cowen to buy from hold. The firm also named Planet Fitness a top pick, calling the stock an early turnaround play. Ferrari — Shares of the luxury automaker rose nearly 2% after UBS hiked its price target on the stock to $478 from $448, suggesting 15% upside from Friday's close. Ferrari unveiled a new factory for electric vehicles last week. Energy stocks – A slate of energy names rose as crude oil futures jumped to start the last week of June. Both West Texas Intermediate futures and Brent are tracking for monthly gains of more than 5%. SLB , APA and Baker Hughes all advanced more than 3% on Monday. — CNBC's Lisa Han, Jesse Pound, Alex Harring, Sean Conlon and Samantha Subin contributed reporting.

This story originally appeared on: CNBC - Author:Michelle Fox