Five stocks to watch today: Apple, Netflix, Biogen, Canopy Growth, and more

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A day after the stock market soared to new heights, these five stocks are making headlines on Friday as they move toward their own major milestones. Apple has hit an all-time high, while Netflix and Canopy Growth have surged ahead in the race to be the first $1 trillion companies of 2019. Biogen may have also joined them soon as it moved close to $300 per share in trading midday on Friday.

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Stocks to Watch – Apple (AAPL)
Apple – Following news that the firm is abandoning plans to increase new iPhone production, Apple shares dropped 3.4% on Wednesday. According to Bloomberg, instead of planning to raise production by 6 million units in the second half of the year, it will aim for 90 million units, which is the same as last year. The company said this was based on a variety of factors including global economic conditions. Investors may be concerned about future growth following this announcement.

Biogen — Following positive findings from a trial involving an experimental Alzheimer’s medicine and a series of analyst upgrades, the biotech company’s shares climbed 37%. The medicine, according to Biogen and its Japanese partner Eisai, delayed the disease’s course and lowered cognitive deterioration by 27%.

Broadridge– Spruce Point Capital Management published a report with a strong sell recommendation, noting that there may be a 75% chance of a decline. Meanwhile, Bank of America Merrill Lynch analysts have maintained their buy rating, citing biopharmaceutical potential and supportive pipeline developments. As such, analysts have been increasing their 12 month price target range to $280-$300 per share. If the company can continue on its current path without any major setbacks they should be able to remain profitable and sustainable in the long run.

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Netflix– Shares of the biotech business increased 8% after Evercore ISI raised its rating for the stock from in line to outperform and expressed optimism for Illumina’s new technologies as the company exits a “multi-year underperformance” phase.

Thor Industries– After the manufacturer of recreational vehicles beat profit and sales projections in its most recent quarter, shares increased by 3.4%. According to Thor, the motorised RV market increased by 24.5% over the previous year.

Ocugen– After reaching a licencing agreement with Washington University in St. Louis to research, market, and produce its intranasal Covid-19 vaccine, the pharmaceutical company’s shares increased by around 8%.

Canopy Growth– On news that the cannabis firm will scale back its retail activities in Canada, its shares increased by 2.6%. Canopy, located in Ontario, said earlier this year that it was extending its window for profitability.

DocuSign– After the electronic signature service revealed on Wednesday that it will be reorganising, its shares increased by roughly 5.4%. The idea might cost the corporation up to $40 million, according to the company.

Paychex– Shares of the payroll provider increased by more than 2% after the company’s profits and sales surpassed estimates before the bell. Additionally, it increased the year’s earnings forecast.

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