See which companies made headlines in midday trading. Paramount Global — The media and entertainment company fell 5.3% after agreeing to merge with Skydance Media. Skydance and its financial backers will invest more than $8 billion in Paramount and acquire National Amusements, Paramount’s controlling shareholder. Morphek Holdings — Shares surged 75% after news that Eli Lilly will acquire the biopharmaceutical company in a $3.2 billion deal. The deal will give Eli Lilly access to Morphek’s portfolio of treatments in development, such as those for ulcerative colitis and Crohn’s disease. Eli Lilly shares rose 0.4% after the news. Idea Biosciences — The stock surged 15.3% after the precision oncology company said it received positive results from a phase 2 trial of a cancer treatment. The single-dose expansion therapy is being developed to treat patients with urinary tract cancers and non-small cell lung cancers. – SolarEdge – The energy company rose 9.3% after Bank of America upgraded the stock to neutral from underperform. While the company cited an attractive entry point, Bank of America said it is waiting for a “more realistic path to margin and cash flow recovery.” – Corning – Shares rose 12% after the company boosted guidance for its core sales in the second quarter to $3.6 billion from $3.4 billion. Corning also said its core earnings per share are expected to be at the high end or “slightly above” the 42 cents to 46 cents guidance. – ServiceNow – The cloud computing company fell 5% after Guggenheim downgraded the stock to a sell rating, citing doubts about the outlook for its artificial intelligence business in the second half. – Columbia Sportswear – The stock rose 4.5% after receiving a buy upgrade from hold at Stifel. The company sees upside potential for revenue skewed by trends such as outdoor participation and a focus on health and wellness. Boeing — Shares rose slightly, reversing losses earlier in the session after the planemaker agreed to plead guilty to criminal fraud related to deadly 737 Max crashes, sparing Boeing from prosecution. If the plea deal is accepted, Boeing would be labeled a felon, CNBC reported, which could complicate its ability to sell products to the U.S. government. Devon Energy — Shares fell 1% after the company announced it is close to acquiring Grayson Mill Energy’s Williston Basin business. The company said the cash-and-stock deal, valued at $5 billion, is expected to close by the end of the third quarter and will add 307,000 net acres to its Williston Basin location. Gilead Sciences — The drugmaker rose 1.3% after Raymond James upgraded Gilead Sciences to outperform from market perform, saying the biotech company is poised for years of growth on the strength of its drug pipeline. CNBC's Samantha Sobin, Pia Singh, Hakyung Kim, Sarah Min and Michelle Fox contributed to this report.
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