SPCX, ROKU, TRIP, RACE & more
Check out the companies making the biggest moves in midday trading: SpaceX — Shares were up 9% in the company’s second day of trading on Monday. SpaceX in its debut at the Nasdaq on Friday rose 19% from its IPO price of $135 per share. The company raised a total of $85.7 billion including the underwriters’ “greenshoe” overallotment. Ferrari — The luxury carmaker’s stock jumped 5% after Morgan Stanley upgraded it to overweight from equal weight with a price target of $438. Analysts said Ferrari’s decline over the past year was due to value compression, not earnings or brand deterioration. Further, dealer visits in the U.S. and Europe show demand remains strong for its special series and collectible models. Tripadvisor — The travel company’s stock rose nearly 7% after it announced the sale of its European online restaurant reservation platform to American Express . Activist investor Starboard had been pushing Tripadvisor to sell The Fork and to explore strategic options for the entire company. American Express, which also owns Resy, saw its stock rise 4%. Generac Holdings — Shares of the power generator company rose 2% after announced plans to acquire a new facility in Belvidere, Illinois. The deal will help the company expand its packaging capacity for large-megawatt power generators. Energy stocks —The group tumbled as U.S. oil prices fell 5% to around $80 per barrel following a U.S.-Iran deal that is set to reopen the Strait of Hormuz. APA shares fell more than 5%, while Devon Energy shed almost 2%. Marathon Petroleum tumbled more than 4%, and EOG Resources was down close to 3%. Chevron and Exxon Mobil were also falling about 4%. Airlines and cruise stocks — Beneficiaries of lower fuel prices rose on Monday. United Airlines was up more than 5%, while Delta Air Lines rose 2%. Norwegian Cruise Line and Carnival Corporation jumped around 4%, while Royal Caribbean was up roughly 6%. Fox Corporation , Roku — Fox shares sunk 15% after the company announced it was acquiring Roku for $160 per share, an 11% premium compared with the stock’s Friday close. The cash-and-stock transaction will build a company that is at the forefront of sports, news and streaming, Fox said in a press release. Roku Nasdaq-traded shares were down slightly. Micron Technology — The memory and storage solutions company was up more than 9% as technology stocks rose amid the broader market rally and the stock received a price target hike from TD Cowen. Analysts at the firm now forecast the stock hitting $1,500, calling the role of memory in the artificial buildout as structural, not cyclical. Firefly Aerospace , Rocket Lab — The stocks were up on Monday after KeyBanc upgraded both of them to overweight. It came as Firefly and Rocket Lab fell 19% and more than 10%, respectively, on Friday after the SpaceX IPO led investors to move money from other aerospace names into the Elon Musk giant. Firefly and Rocket Lab each rose around 5% on Monday. Freeport-McMoRan — The miner was up more than 1% as gold prices rose more than 3% on Monday. Investors moved back into gold as a potential U.S.-Iran peace deal alleviated worries that the Federal Reserve may have to hike rates in the coming months to combat rising prices due to the conflict. —CNBC’s Nick Wells and Christina Cheddar Berk contributed to this report.
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