Stocks making the biggest moves midday: Biogen, Eli Lilly and AMC

Check out the companies making headlines in midday trading.

Biogen — Shares of Biogen shot up 38.3% after the FDA approved the company’s Alzheimer’s drug, the first new medicine for the disease in nearly two decades. Trading of Biogen was halted earlier on Friday when the Food and Drug Administration announced the news, and was paused again in the afternoon for volatility.

Eli Lilly and Company — The biopharmaceutical stock jumped 10% after the approval of Biogen’s Alzheimer’s medicine by the FDA. Eli Lilly is developing its own drug to treat Alzheimer’s.

AMC Entertainment — The meme stock jumped another 14.8% in heavy trading following an 83% rally last week. Enthusiastic retail investors continued to encourage each other to pile into the stock on social media platforms like Twitter and Reddit’s WallStreetBets forum. The Securities and Exchange Commission said Monday it’s keeping a close eye on the wild trading to determine if there have been “any disruptions of the market, manipulative trading, or other misconduct.”

Meme stocks — Other meme stocks also rose on Monday, mirroring AMC’s rally. BlackBerry gained 13.7%, Bed Bath & Beyond added 7.1%, GameStop jumped 12.7% and Koss leapt 2.4%.

Carnival, Norwegian and Royal Caribbean — Cruise stocks rose on Monday after Carnival confirmed plans for a July restart. The voyages will only be open to passengers who are fully vaccinated, the company said. Shares of Carnival gained nearly 1.2%, while Norwegian and Royal Caribbean added just over 3% and 0.4%, respectively.

Tesla – Shares of the electric vehicle maker were trading lower midday, than closed 1% higher after the company said it has canceled production of the planned Model S Plaid+, which was designed to be a high-end version of the Model S. That development comes as North American automakers grapple with a computer chip shortage and other supply chain issues.

Peloton — Shares of the stationary bike company popped about 6.6% after Loop Capital Markets gave Peloton a buy rating, saying recent weakness in the stock is overblown. The stock took a major step down in May after the company recalled its treadmill products, though the shares have since recovered from the sell-off.

Progressive – The insurance giant’s stock fell nearly 4% after Morgan Stanley downgraded the stock to underweight from equal weight. With the return of car travel in the U.S., its analyst said, costs from additional auto claims and catastrophe coverage are set to rise. The firm cut its price target on Progressive by $5 to $85 per share.

U.S. Concrete – Shares of the concrete supplier soared 29% after the company announced it will be acquired by construction materials maker Vulcan Materials. Vulcan will be purchasing U.S. Concrete for $74.00 per share, a nearly 30% premium over U.S. Concrete’s Friday closing price of $57.14.

— CNBC’s Maggie Fitzgerald, Tanaya Macheel, Jesse Pound and Yun Li contributed reporting