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Stocks making the biggest moves midday: Apple, Netflix, Biogen, Canopy Growth and more

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A Biogen facility in Cambridge, Massachusetts.

Brian Snyder | Reuters

Check out the companies making headlines in midday trading.

Apple — Apple shares fell 3.4% on Wednesday following a report that the company is ditching plans to boost new iPhone production. Instead of aiming to increase output by 6 million units in the second half of the year as it had planned, it will shoot for 90 million units, unchanged from the prior year, according to Bloomberg.

Biogen — Shares of the biopharmaceutical company soared 37% following upbeat results from its experimental Alzheimer’s drug study and a slew of upgrades from analysts. Biogen and its Japanese partner Eisai said the drug reduced cognitive decline by 27% and slowed the progression of the disease.

Broadridge — Spruce Point Capital Management issued report containing a strong sell opinion, saying it sees as much as 75% downside risk.

Illumina — The biotech company saw shares climb 8% after Evercore ISI upgraded the stock to outperform from in line, saying it’s bullish on Illumina’s new products as it comes out of a “multi year underperformance” period.

Netflix — Shares of the streaming giant jumped more than 6% after Atlantic Equities upgraded the stock to overweight, saying Netflix’s lower-cost, ad-supported subscriber tier, which it plans to launch in coming months, could boost its share price by 26%.

Thor Industries — Shares jumped 3.4% after the recreational vehicle maker topped profit and revenue expectations in its most recent quarter. Thor said its motorized RV segment saw a 24.5% gain from the prior year.

Ocugen — The drugmaker’s shares soared by about 8% after it came to a licensing agreement with Washington University in St. Louis to develop, commercialize and manufacture its intranasal Covid-19 vaccine.

Canopy Growth — Shares of the cannabis company were up 2.6% on plans to pull back from its retail operations in Canada. Ontario-based Canopy said earlier this year it was extending its timeline for profitability.

DocuSign — Shares of the electronic signature service rose about 5.4% after announcing Wednesday it would shed about 9% of its workforce as part of a restructuring. The company expects to incur costs of as much as $40 million as part of the plan.

Paychex — Shares of the payroll company gained more than 2% after earnings and revenue before the bell beat expectations. It also raised its earnings outlook for the year.

 — CNBC’s Alex Harring, Samantha Subin, Michelle Fox and Sarah Min contributed reporting.

Source: CNBC