Take a look at the companies making headlines in afternoon trading: Nuvalent – Shares rose more than 28% to hit an all-time high after the biopharmaceutical company released positive data on two experimental cancer treatments last weekend. Nuvalent said the two drugs show “favorable tolerability.” Bausch + Lomb – The contact lens supplier rose more than 14% after the Financial Times reported it was considering a sale. Bausch + Lomb is working with advisors from Goldman Sachs and is expected to attract the attention of private equity, the Financial Times said. Alcoa – Aluminum shares rose about 6% after the company agreed to sell its stake in the Ma’aden joint venture. Alcoa said it will sell its entire 25.1% ownership for about $1.1 billion. Intel – Shares of the semiconductor maker rose more than 6% after Bloomberg, citing people familiar with the matter, reported late Friday that Intel was eligible for as much as $3.5 billion in subsidies to make chips for the Pentagon. Upstart Holdings – Shares of the personal finance company fell more than 7% after announcing a new debt offering. Upstart is selling $300 million of convertible notes due 2029 for various purposes, including the repurchase of certain other notes and general corporate purposes. Micron Technology – The chip stock fell more than 4% after Morgan Stanley lowered its price target. The Wall Street firm, which reiterated its equal weight assessment, said Micron’s growth is increasingly in doubt. Sprouts Farmers Market – Shares of the supermarket chain rose more than 4% after an upgrade to outperformance from in line with Evercore ISI. The investment company wrote that Sprouts, which specializes in organic products, could benefit from a trend towards healthier eating. Trump Media & Technology – Shares fell nearly 4%, giving back some of Friday’s 11%. The stock rose as much as 25% last session after Republican presidential candidate and majority owner Donald Trump said he will not sell his shares at a news conference at his California golf club Friday afternoon. Apple – Shares fell nearly 3% after reports of weak demand for some of the company’s latest iPhone models. Analyst Ming-Chi Kuo of TF International Securities, a widely followed analyst at Apple, said demand for the iPhone 16 fell 12% compared to first weekend sales for the iPhone 15. JPMorgan and Bank of America also noted that data on shipping times could indicate minor problems. Pro question. Zillow – Shares rose nearly 5% to hit a new 52-week high. The property shares were upgraded to outperform from the neutral position of Wedbush, which said falling mortgage rates and a growing software and services business could spark a rally. Yelp – Shares fell about 3% after Bank of America initiated coverage of Yelp with an underperforming rating. The bank said declining usage and disruption of alternative review platforms will continue to put pressure on Yelp’s growth prospects. – CNBC’s Alex Harring, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh and Jesse Pound contributed reporting.
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