Check out the companies making headlines in midday trading. Nvidia — The chipmaker climbed 4% and reached an all-time high after Goldman Sachs increased its price target to $800 per share from $625. Catalent , Novo Nordisk — The contract drug manufacturer climbed about 10% on the back of an agreement to get taken over by Novo Holdings. The all-cash deal, which is slated to close in late 2024, offers $63.50 per share. Novo Nordisk stock added more than 3%. McDonald’s — Shares fell 4% after the fast-food chain reported a revenue miss in the prior quarter. McDonald’s posted adjusted earnings of $2.95 per share on $6.41 billion in revenue. Analysts had expected earnings of $2.82 per share and $6.45 billion in revenue, according to LSEG, formerly known as Refinitiv. Management cited the Middle East conflict for the fall in revenue. Snap — The social media stock slid more than 3% after Snap on Monday said it would lay off 10% of its workforce, or about 500 employees. Eli Lilly — The pharmaceutical company gained nearly 5% ahead of quarterly results due Tuesday. Analysts polled by FactSet forecast earnings of $2.30 per share on $8.9 billion in revenue for the fourth quarter. Data from the U.S. Food and Drug Administration’s website is also showing a shortage of the company’s antidiabetic treatment Mounjaro, indicating strong demand for the drug. On Tuesday, the company is expected to provide updates on the launch of its obesity treatment Zepbound. Boeing — Shares of the aerospace giant dipped almost 2% after Boeing said it had found a new quality issue on some undelivered 737 Max planes, which could delay the delivery of about 50 of the vehicles. Tyson Foods — The food processor rose 2% after reporting strong financial results for its most recent quarter. The company posted adjusted earnings of 69 cents per share on revenue of $13.32 billion. Analysts had expected earnings of 41 cents per share on revenue of $13.27 billion, according to LSEG. Caterpillar — The stock gained nearly 2% and hit a 52-week high, after the heavy machinery maker improved operating profit margins for its fourth quarter. CEO Jim Umpleby called 2023 “the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME & T free cash flow.” Caterpillar reported adjusted earnings of $5.23 per share on revenue of $17.07 billion. Estée Lauder — Shares of the cosmetics company climbed more than 11% after the firm surpassed analysts’ expectations on the top and bottom lines in the fiscal second quarter, per FactSet. ON Semiconductor — The semiconductor company added close to 9% after fourth-quarter results came in above Wall Street estimates for both revenue and adjusted earnings per share, per FactSet. Air Products and Chemicals — Shares pulled back 14% after the company missed Wall Street estimates in the fiscal first quarter on the top and bottom lines. Air Products and Chemicals reported adjusted earnings of $2.82 per share on $3 billion in revenue, while analysts polled by StreetAccount forecast earnings of $3 per share and $3.20 billion in revenue. Zscaler — The cybersecurity stock slid about 6%. Late Friday, the company announced the resignation of its Chief Operating Officer Dali Rajic, effective immediately. On Monday, Reuters reported that the executive joined cybersecurity startup Wiz as its COO. — CNBC’s Tanaya Macheel, Jesse Pound, Hakyung Kim, Alex Harring, Michelle Fox, Sarah Min and Darla Mercado contributed reporting.
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