The destroyer USS Truxtun (DDG-103) is in dry dock at the General Dynamics Corp shipyard. NASSCO on the Elizabeth River in Norfolk, Virginia on January 9, 2018.
Luc Sharrett | Bloomberg | Getty Images
See the companies making headlines at midday.
Spotify — Shares of the music streaming service company fell 2.5% after Redburn Atlantic downgraded the streaming giant’s rating to neutral from buy. The company said Spotify’s new audiobook offering fell short of its initial margin expansion forecasts, while simultaneously stoking competition from Amazon.
Zscaler — Shares of the cloud security company rose 4.2% following a move to an overweight rating from Barclays. As a catalyst, analyst Saket Kalia cited a new growth opportunity in the secure edge access service, or SASE, cybersecurity segment.
Mirati Therapeutic — Shares of the cancer drug company fell more than 5% after Bristol Myers Squibb announced a deal to acquire Mirati for $48 per share, plus a contingent value right of up to $12 per share . Mirati stock closed at $60.20 per share on Friday.
You’re here — Shares of the automaker fell 2.3% Monday after reporting a 10.9% year-on-year drop in the company’s sales in China last month, according to Association data Chinese passenger cars.
On hold — The sneaker maker rose more than 1% after Baird upgraded the stock to outperform from neutral. The company said On’s recent investor day reinforced its confidence in the health of the brand and its three-year growth pipeline.
Motorola Solutions — Motorola added 3.3% after Bank of America launched the stock with a buy rating. The bank cited strong pricing power, strong growth and a sustainable order pipeline.
Data Dog — Datadog fell 3.6% after Bank of America downgraded the cloud stock to neutral from buy, citing the risk of lower revenue from demand controls.
Oil Stocks — Energy stocks soared following the escalation of conflict between Israel and Hamas over the weekend. Actions of Halliburton, CF Industries And Hesse each increased by 6.5%, 5.5% and 5% respectively.
Defense Stocks – Like the energy sector, defense stocks have also rebounded due to the rising conflict between Palestine and Israel. Northrop Grumman, L3Harris Technologies And General dynamics soared by 10.8%, 9.1% and 8.4% respectively.
Airline Stocks — On a broader level, airline names fell after several major airlines suspended services to Israel following this weekend’s attacks. United Airlines slipped 5.3%, while Delta Airlines And American airlines lost 4.5% and 5.3% respectively.
— CNBC’s Yun Li, Tanaya Macheel, Sarah Min and Jesse Pound contributed reporting.