In an aerial view, the Valero Houston Refinery is seen August 28, 2023 in Houston, Texas.
Brandon Bell | Getty Images
See the companies making headlines at midday.
Oil Stocks — Oil Refiners Valéro Energy And Marathon Oil gained 1.5% and 1.2%, respectively, as West Texas Intermediate and Brent crude prices hit their highest levels since November 2022. Oil Services ETF and the S&P 500 Energy Index both rose 1%.
Arm Holdings — Shares fell 5.4% following the company’s blockbuster Nasdaq debut Thursday, when they surged nearly 25%. Bernstein started coverage of the chip designer with an underperform rating on Monday, saying it was “too early” to call Arm an AI winner. Needham launched media coverage on the chip designer with a hold rating on Friday, saying Arm’s valuation looks “full” in a post-smartphone era.
Modern — The pharmaceutical company lost more than 7% on Monday, making it the biggest decliner in the S&P 500. Co-founder and chairman Noubar Afeyan sold 15,000 shares for about 1.64 million dollars, according to a filing by the Securities and Exchange Commission. Pharmaceutical pair Pfizer said in a news conference Monday that he expects a 24% vaccination rate for Covid-19 shots in the United States this year. Moderna’s updated Covid vaccines approved in the US and UK
You’re here — Shares of the electric vehicle maker fell 2.3% after Goldman Sachs lowered its earnings estimates. Analyst Mark Delaney cited the possibility of further price cuts and lower margins as reasons for the reduction.
PayPal — The payment platform slipped 1.8% following a deterioration in market performance following an outperformance by MoffetNathanson. The company said PayP still faced challenges as a new CEO took the helm.
Ralph Lauren — The luxury retailer saw its shares rise more than 1% after Guggenheim upgraded its shares to neutral. The Wall Street firm said Ralph Lauren’s profits are expected to benefit from several favorable cyclical factors, including clean inventories, lower transportation costs and a lower cost of cotton, adding that the recent decline provided a point of focus. Attractive entrance.
Enphase Energy — Shares fell 2.1% after Citi lowered its price target on the stock from $209 to $170 while maintaining its buy rating. The new price target implies a 41% upside from Friday’s close.
Tenable assets — Shares gained 2% after TD Cowen initiated coverage of the cybersecurity stock with an outperform rating. Cowen said Tenable appears well-positioned to benefit from tailwinds in a total addressable market of $25 billion.
Summit — Shares of the tax software stock rose 2.4% in midday trading. Morgan Stanley resumed coverage of Vertex on Monday with an overweight rating. Analyst Chris Quintero highlighted the growth opportunity for the company after a strong investment cycle.
PorteDash — Shares of the food delivery service rose 1.6%. Mizuho upgraded the company’s buy from neutral in a Monday note, citing continued market share gains. The company also expanded its partnership with Aldi to allow alcohol orders, in addition to adding new grocery suppliers including Lowe’s Markets and Eataly.
Micron technology — The stock gained 1% in midday trading after Deutsche Bank upgraded the memory and storage semiconductor maker to buy on Sunday, and also raised its price target. The company said Micron’s pricing power in direct RAM is reaching an inflection point and could push the company to beat expectations for its fiscal first-quarter revenue and profit guidance in November.
Paramount Worldwide — Shares of the entertainment company fell 3.7% on Monday. Raymond James began its research with a Market Perform rating, while giving peers Disney and Warner Bros. Discovery Outperform ratings.
Simply good food — Shares of the food and beverage company rose more than 4% following an upgrade from Morgan Stanley from overweight to equal weight on Monday. The investment bank raised the stock’s price target from $37 to $40, citing Simply Good Foods’ diverse product offerings and shift in consumer preferences toward healthier choices as catalysts.
Iridium Communications – Shares of the satellite company jumped more than 5% following an upgrade from Deutsche Bank to buy pending shares. The company said it sees an attractive entry point for Iridium shares, which have plunged 19.4% year to date.
ASGN — Shares of the digital innovation solutions company rose 5% on Monday. Wells Fargo began its research with an overweight rating on the company, encouraging investors to buy the dip. The stock is little changed in 2023.
— CNBC’s Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh and Michelle Fox contributed to this report
