AT&T signage is displayed on a monitor above traders working on the floor of the New York Stock Exchange.
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Check out the companies making headlines midday Monday:
Dish Network — Shares of Dish rose 4% on Monday after Raymond James upgraded the stock to strong buy from market perform. Raymond James said “it is an opportune time to buy ” the stock as Dish is poised to become a wireless carrier if the current merger agreement between Sprint and T-Mobile survives a challenge from a group of states.
Beyond Meat — Shares of the plant-based meat company jumped 3.8% following the announcement that KFC will start testing its plant-based chicken in an Atlanta restaurant. Beyond shares are up 487% since its initial public offering and the Yum Brands’ stock is valued at $35.3 billion, up 26% this year.
Bristol-Myers Squibb — Bristol-Meyers Squibb gained 3.1% on Monday after announcing that Celgene, which it has agreed to merge with, would sell psoriasis drug Otezla to Amgen. The company previously announced that it would divest Otezla as part of the regulatory process to get the merger approved. The company also said that it expects the merger to be completed by the end of the year.
Lyft — Shares of Lyft rose more than 2% after Guggenheim upgraded the ride-hailing company to buy and set a $60 price target, citing profitability as soon as 2021. Guggenheim said Lyft has been able to raise prices alongside competitor Uber more easily than expected.
Zogenix — The pharmaceutical company’s stock dropped more than 13% on news it will acquire Modis Therapeutics for $250 million in cash and stock. “Zogenix shares our deep commitment to improving treatment options for patients with rare diseases,” said Joshua Grass, CEO of Modis Therapeutics.
PDC Energy, SRC Energy — SRC Energy and PDC Energy rose more than 11% and 16%, respectively, after the two companies announced they will merge in a deal worth $1.7 billion. The deal is expected close in the fourth quarter of 2019.
Elanco Animal Health — Shares of the pets medicine maker slipped 1.8% after an analyst at Bank of America downgraded them to neutral from buy. The analyst cited “too much uncertainty” over Elanco’s $7.6 billion deal to buy Bayer’s animal health business.
Slack Technologies — The business collaboration messaging service company’s stock rose 1.2% after an analyst at Monness, Crespi, Hardt & Co. initiated it with a buy rating. The analyst said Slack has “exciting possibilities” and anticipates the service will be used at other organizations around the world.
—CNBC’s Maggie Fitzgerald, Elizabeth Myong and Jesse Pound contributed to this report.