Stocks making the biggest moves midday: MU, SPCX, IBM, FLEX
Check out the companies making the biggest moves midday: Micron Technology — The chipmaker dropped more than 10%, putting it on track for its worst day since June 5, leading a broad selloff in tech. Marvell Technology also shed 8%, while Sandisk lost 11%. Accenture — The consulting giant rose nearly 2%, bucking the broader market downturn, after it increased its share repurchase program by $2 billion to more than $7 billion. Flex — The electronics manufacturer lost more than 2% after COO Kwang Tan disclosed the sale of 36,000 shares at an average price of around $144.51 per share. That puts the total sale around $5.2 million. IBM — The legacy tech stock was a bright spot in the broader sector selloff, rising more than 4% following an upgrade to overweight at JPMorgan . “Software continues to drive better recurring revenue, margins, profitability, and cash flow,” analysts at the bank said. Shares also got a boost after President Donald Trump signed an executive order looking to ” supercharge ” quantum computing in the U.S. Zeta Global – The artificial intelligence marketing cloud firm announced that it will partner with Palantir and rebuild its data cloud on the defense tech company’s Foundry platform. Shares of Zeta advanced 7%, while Palantir was marginally lower on the day. Cerebras Systems – The AI chip maker slid almost 2% ahead of reporting its first quarterly results as a publicly traded company. “While we are not expecting a major surprise, we remain constructive on what we view as a differentiated architecture with significant upside,” wrote Morgan Stanley analyst Joseph Moore in a Monday report. “We see CBRS posting in line #s for its first public qtr, with visibility into the coming ramp.” Carnival — The cruise operator fell 6% after it issued weaker-than-expected third-quarter guidance. Carnival sees Q3 adjusted earnings around $1.35 per share, below a FactSet consensus of $1.42. It also expected adjusted EBITDA of roughly $2.88 billion, while analysts anticipated $3.04 billion. Exxon Mobil — The energy giant rose around 1% after the Supreme Court allowed a lawsuit over property seized by Fidel Castro’s government in Cuba. SpaceX — Shares of the space and artificial intelligence company rose almost 6% after earlier breaking below its $150 debut price . The move follows losses in the three prior trading sessions, including a 16% drop on Monday. AMC Entertainment — The movie theater chain tumbled, falling 25%, after the company said it’s entered a definitive agreement with certain institutional investors for the sale of 95.3 million shares of AMC common stock, amounting to roughly $200 million. The stock last closed at $2.76. Energy Fuels — Shares dipped nearly 1% after the global critical mineral company announced a definitive agreement to acquire VAC, an advanced magnetics company. Primoris Services — The specialty contractor and engineer firm tumbled 22% after the company lowered guidance on additional renewables cost overruns and delays, and announced the departure of its COO. Edgewell Personal Care — Shares jumped more than 14% following a Bloomberg News report, citing people familiar, that said the consumer goods company rejected an unsolicited takeover offer at $30 a share from private equity firm Yellow Wood Partners. The board considered the offer too low, the report said. Avis Budget Group — Shares gained 3% after the vehicle rental and mobility services company said in a filing it reached a $650 million cash settlement with Pentwater Capital. — CNBC’s Michelle Fox and Darla Mercado contributed reporting.
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