Source Link: https://www.cnbc.com/2023/06/05/stocks-making-biggest-midday-moves-palo-alto-3m-target-and-more.html
A view of the exterior of the new Dutch head office of international technology company 3M in Delft, Netherlands, November 5, 2014.
Koen van Weel | AFP | Getty Images
Check out the companies making headlines in midday trading.
Palo Alto Networks — The cybersecurity stock jumped more than 4% after S&P Dow Jones Indices announced Friday postmarket it will replace Dish Network in the S&P 500, effective June 20. Dish Network dipped about 1%.
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3M — The industrial manufacturer’s shares slid 3% after the judge in the company’s multidistrict litigation over so-called forever chemicals agreed to delay the first trial three weeks so parties can finalize a settlement of claims with municipal water providers, Bloomberg reported Monday.
Coinbase — Shares of the crypto exchange and services company tumbled 10% after the U.S. Securities and Exchange Commission sued crypto exchange Binance on Monday, alleging Binance and its co-founder Changpeng Zhao commingled billions of dollars of investor funds with their own and violated securities laws.
EPAM Systems — Shares of the software engineering firm tumbled 18% after it cut guidance amid further deterioration in near-term demand. Q2 earnings per share guidance of between $2.33 and $2.40 was slightly below the FactSet estimate of $2.43. It also lowered full-year earnings estimates and revenue estimates for both the second quarter and full year to below analysts’ estimates.
Amedisys — The health care company’s shares rallied 14% after it received an unsolicited buyout offer from Optum, a unit of UnitedHealth, to acquire Amedisys for $100 a share in cash. Shares in Option Care Health, which has a competing agreed upon offer to buy Amedisys, surged 7%.
ImmunoGen — The biotechnology company’s shares gained 5% after it announced results from ovarian cancer treatment Elahere showing a roughly 35% reduction in the risk of disease progression or death compared to chemotherapy.
C.H. Robinson Worldwide — The transport company lost about 5% following a report from trade publication FreightWaves that it has selected Ford’s David Bozeman as its next CEO. Bozeman is currently vice president of the customer services division and enthusiast brands at Ford.
Equitrans Midstream Corporation — The natural gas provider added 4.5% in midday trading following a double upgrade from Morgan Stanley to overweight earlier in the day. The bank cited potential growth for the stock on the heels of language included in the Fiscal Responsibility Act, which is the debt ceiling bill, that would allow for the completion of the Mountain Valley Pipeline.
Ford Motor Co. — Shares of the automaker rose nearly 2% after Citi upgraded Ford to buy from neutral. Rising demand for cars in the U.S. broadly is one reason for optimism about Ford, according to Citi.
Spotify — Spotify added 3% after the music streaming company said it’s laying off 200 employees, mainly within its podcast division, or about 2% of its in-person workforce.
Target — The big-box retailer’s stock fell more than 2% after KeyBanc downgraded the retailer to sector weight from overweight, warning the resumption of student loan repayments could squeeze Target’s margins.
Dollar General — Shares fell 2.7% after Morgan Stanley downgraded the discount retailer’s stock to equal weight from overweight Sunday. The firm said Dollar General was not showing as much resiliency as expected. Last week, Dollar General reported a miss on quarterly earnings and cut its guidance, citing a “challenging” economic environment.
Apple — Shares of the iPhone maker rose more than 1% to hit an all-time high as it kicked off its annual Worldwide Developers Conference in Cupertino, California. Apple is widely expected to reveal its long-awaited virtual and augmented reality headset, “Reality Pro.”
— CNBC’s Yun Li, Alex Harring, Jesse Pound, Samantha Subin and Brian Evans contributed reporting.
