A banner announcing the IPO of Uber Technologies hangs outside the New York Stock Exchange, May 10, 2019.
Andrew Kelly | Reuters
Check out the companies making headlines in midday trading:
Uber — Shares of Uber dipped nearly 1% after the ride-sharing company said Travis Kalanick, its former CEO, will step down from the company’s board of directors effective Dec. 31. Kalanick has dumped practically all his stake in Uber since the company’s lockup expired in November. Uber has not yet named someone to fill Kalanick’s board seat.
Kodiak Sciences — Shares of Kodiak Sciences rose 9.4% after J.P. Morgan initiated coverage of the stock with an overweight rating. The analyst cited positive development data from a new drug that could be used to treat multiple eye diseases that can cause vision loss as a reason for confidence in the stock. J.P. Morgan also gave a target price of $82 per share, a 24% premium from where shares closed on Monday.
Anixter International — Shares of the electrical and industrial products maker gained more than 2% following news that Wesco had offered to acquire the company for $90 per share. This comes one day after Anixter agreed to a bid of $86 per share from private equity firm Clayton, Dubilier & Rice.
— CNBC’s Yun Li, Pippa Stevens and Jesse Pound contributed to this report.