Check out the companies making headlines in midday trading.
Ford MotorGeneral Motorsdowngraded both stocks. The firm lowered Ford to a sell rating from neutral and cut GM to a neutral from a buy. The auto industry is moving toward vehicle oversupply following three years of unprecedented pricing power, UBS said.
Merckupgraded Merck to buy from neutral. Guggenheim said in a note that the growth for top drugs Keytruda and Gardasil is “very positive” and that there is reason to be confident in Merck’s development pipeline.
— CNBC’s Yun Li, Jesse Pound, Alex Harring, Sarah Min and Michael Bloom contributed reporting