Check out the companies making headlines in midday trading.
Weber – Shares of the grill maker tumbled 8.7% after the company missed Wall Street estimates in its latest quarterly report. Weber posted a loss of 19 cents per share, versus the Refinitiv consensus 7-cent loss. Revenue also missed forecasts.
Rivian – The electric truck maker’s stock almost 12% after Soros Fund Management reported it bought nearly 20 million shares during the fourth quarter. The stake was worth about $2 billion at the time of purchase, although its value has fallen to about $1.17 billion.
3M – Shares fell 1.4% after the respirator manufacturer said demand for medical masks is expected to wane this year. Bloomberg on Sunday also reported the company’s legal woes add up to a $33 billion discount to 3M’s peers.
Splunk – Shares of the cloud software company jumped more than 8% after the Wall Street Journal reported Cisco Systems made a more than $20 billion takeover bid, citing people familiar with the matter. A deal of that size would represent the networking equipment maker’s largest-ever acquisition.
Aerojet Rocketdyne — The stock fell 5.3% after defense contractor Lockheed Martin abandoned a $4.4 billion acquisition of the rocket motor builder. Federal regulators had sued to block the transaction in January due to concerns that the combination would be anti-competitive.
Tyson Foods – Shares dropped 3.1% on Monday after Barclays downgraded the animal protein stock to equal weight from overweight. The firm said that strong results for beef and chicken sales were already priced in to the stock.
Micron – The chipmaker rose 1.8% after Wedbush upgraded Micron to outperform from neutral. The investment firm said that Micron should benefit from stronger pricing for one of its key chip products in 2022.
Goodyear Tire – Shares rallied about 5% on Monday after JPMorgan upgraded the stock to overweight from neutral. The call comes after the tire maker’s stock sank 27% on Friday as the company warned of inflation headwinds. “Overall, the sell-off strikes us as an overreaction,” JPMorgan said.
Callaway Golf – The stock added 4.9% after investment firm Stephens named the Topgolf parent a top pick. “We believe that Callaway has a number of catalysts ahead of it, with an analyst day upcoming in 2Q, an improving supply chain, and Topgolf traffic improving through 1Q,” Stephens said.
— CNBC’s Tanaya Macheel, Jesse Pound, Yun Li contributed reporting
Leave a Reply