Check out the companies making the biggest moves midday: Alkermes — The biotech company dropped 9% as traders weighed phase 2 trial results for its ALKS 2680 drug, which aims to treat narcolepsy. While the company will be advancing the drug to a Phase 3 trial, a higher range of doses or a split dosing regimen may be required to achieve effectiveness in some patients. Bank stocks — The group fell broadly as Treasury yields declined, lifting the Dow Jones Industrial Average to all-time highs. Goldman Sachs and JPMorgan Chase rose 3.8% and 1%, respectively. The Financial Select Sector SPDR Fund (XLF) climbed 1%. RXO — Shares popped 6%, adding to Tuesday’s 5.7%. The stock jumped in the previous session following a Morgan Stanley upgrade to overweight from equal weight. Wednesday’s move put the freight carrier on pace for its best day in more than a month. GlobalFoundries — Shares fell over 3% despite higher-than-expected earnings in the third quarter. The semiconductor manufacturer posted earnings of 41 cents per share, excluding certain items, on revenue of $1.69 billion. Analysts polled by FactSet anticipated a profit of 38 cents per share on revenue of $1.68 billion. Nextracker — The solar power technology platform rebranded itself to Nextpower and said it anticipates $4.8 billion to $5.6 billion in revenue by 2030. The company also reaffirmed it …
