Cruise stocks were among the standout performers in Monday's midday action, bolstered by a positive outlook delivered by Bank of America CEO Brian Moynihan. Thanks to the remarks, Carnival ( CCL ), Norwegian Cruise Line Holdings ( NCLH ) and Royal Caribbean Cruises ( RCL ) all showed strength.
Meanwhile, analysts' comments provided another notable catalyst. Grab Holdings ( NASDAQ: GRAB ) and WD-40 ( WDFC ) both climbed on separate upgrades.
In other news, Seagen ( SGEN ) suffered a step back after reports of a delay in a potential deal to be acquired by Merck ( MRK ).
Gainers
Cruise stocks received a significant boost in midday trading following upbeat commentary from Bank of America CEO Brian Moynihan. Carnival ( CCL ), Norwegian Cruise Line Holdings ( NCLH ) and Royal Caribbean Cruises ( RCL ) all showed gains of around 9%.
"Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels," Moynihan said, specifically pointing to the travel category as a source of strength.
Elsewhere, an analyst's upgrade sparked gains in Grab Holdings ( GRAB ). Shares of the Singapore-based super-app, which provides transportation, delivery and digital payments services, jumped more than 12% after JP Morgan raised its rating to Overweight from Neutral .
"Grab's superior regional super-app platform is best geared to rising online consumption in ASEAN, in our view," the firm said, also citing a strong runway for profitability.
Another bullish comment prompted buying interest in WD-40 ( WDFC ), which rose 5% following an upgrade from DA Davidson. The firm lifted its rating to Buy from Neutral , spotlighting the firm's long-term growth potential.
Decliner
Seagen ( SGEN ) slipped nearly 5% on reports that a potential takeover by drug-making giant Merck ( MRK ) has hit a speed bump . While talks remain on track, the Wall Street Journal said the process might take longer than previously thought.
Earlier this month, WSJ reported that the companies were attempting to complete an agreement before MRK reported its quarterly results on July 28. However, according to the paper, the timeline has been pushed out, in part to leave time for data expected from a study of one of SGEN's cancer treatments.
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Hot Stocks: Cruise stocks rally; GRAB, WDFC rise on upgrades; SGEN falls on MRK delay