See the companies making headlines in midday trading: Nuvalent — Shares surged more than 28%, hitting an all-time high, after the biopharmaceutical company highlighted positive data on two experimental cancer treatments over the weekend. Nuvalent said the drugs showed “favorable tolerability.” Bausch + Lomb — The contact lens provider rose more than 14% after the Financial Times reported it was considering a sale. Bausch + Lomb is working with Goldman Sachs advisers and is expected to attract private equity interest, according to the Financial Times. Alcoa — Aluminum stock jumped about 6% after the company agreed to sell its stake in a joint venture in Maaden. Alcoa said it would sell its entire 25.1% stake for about $1.1 billion. Intel — Shares of the semiconductor maker jumped more than 6% after Bloomberg reported late Friday that Intel had qualified for up to $3.5 billion in grants to make chips for the Pentagon, citing people familiar with the matter. 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 several uses, including repurchasing some other debt and general corporate purposes. Micron Technology — The chipmaker fell more than 4% after Morgan Stanley cut its price target. The Wall Street firm, which reiterated its equal-weight rating, said Micron’s growth was increasingly in question. Sprouts Farmers Market — Shares of the supermarket chain rose more than 4% after an upgrade to outperform Evercore ISI. Sprouts, which specializes in organic produce, could benefit from the trend toward healthier eating, the investment firm wrote. Trump Media & Technology — Shares fell about 4%, recovering some of the 11% they gained on Friday. The stock had jumped about 25% in the previous session after Republican presidential candidate and majority owner Donald Trump said he would not sell his shares at a news conference at his California golf club on Friday afternoon. Apple — Shares fell about 3% after reports of slowing demand for some of the company’s latest iPhone models. TF International Securities analyst Ming-Chi Kuo, a widely followed Apple analyst, said demand for the iPhone 16 was 12% lower than the first weekend of iPhone 15 sales. JPMorgan and Bank of America also noted that shipping times data could point to soft demand for the Pro. Zillow — Shares rose about 5%, hitting a fresh 52-week high. The real estate stock was upgraded to outperform from neutral at Wedbush, which said lower mortgage rates combined with growth in its software and services business could lead to a rally. Yelp — Shares of the company fell about 3% after Bank of America began covering Yelp with an underperform rating. The bank said declining usage and disruption from alternative review platforms will continue to weigh on Yelp’s growth outlook. — CNBC’s Alex Haring, Samantha Sobin, Yun Lee, Lisa Kaylai Han, Pia Singh and Jesse Pound contributed reporting.
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