Check out the companies making headlines in midday trading. Paramount Global — The media and entertainment company shed 2% after it agreed to merge with Skydance Media . Skydance and its financial backers will invest more than $8 billion into Paramount and to acquire National Amusements, Paramount's controlling shareholder. Morphic Holding — Shares rallied 75% on news that Eli Lilly will acquire the biopharmaceutical company in a $3.2 billion deal .
Corning also said its core earnings per share are expected at the high end of or "slightly above" guidance of 42 cents to 46 cents. ServiceNow — The cloud computing company dropped more than 4% after Guggenheim downgraded shares to a sell rating, citing doubts over expectations for an uptick in its artificial intelligence business in the second half. Columbia Sportswear — The stock gained 3.7% after receiving an upgrade to buy from hold at Stifel.
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