Best Buy, Altice, Occidental, Moderna and more
An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.
Paul Hennessy – SOPA Images | SOPA Images | LightRocket | Getty Images
Check out the companies making headlines in midday trading.
Energy stocks – Energy stocks led the S&P 500 on Monday as oil prices climbed amid supply concerns driven by a pick-up in demand as pandemic conditions around the world start to ease. Cimarex, Cabot, Diamondback and Marathon Oil climbed over 6%. Occidental More than 7 percent was added. Halliburton With gains of more than 5 percent, the second was close behind.
Financial stocks – Shares of financial institutions also rallied as the yield on the benchmark 10-year Treasury note climbed above 1.5% at one point Monday morning. Lincoln National and M&T Bank rose over 5% while MetLife gained about 4%. State Street More than 3% was added. Because they provide higher profit margins and profitability, bank stocks are more likely to be impacted by rising interest rates.
Best Buy – Shares of Best Buy jumped 4.8% after Piper Sandler raised its price target on the stock to $150 from $146 per share. This projection shows a 43.2% increase in Best Buy’s Friday closing price. Piper Sandler referred to Best Buy as “one our top ideas under covering” and called Best Buy’s new membership program “one of the more intriguing initiatives BBY launched in 5+ year.”
Altice – Shares of the broadband and video company dropped more than 6% after Credit Suisse downgraded the stock to neutral from outperform. Altice’s aggressive fiber-buildout strategy could have a negative short-term impact, the Wall Street firm stated.
Carnival Corp. – Shares of the cruise line operator jumped 4.7% after the company issued an upbeat business update on Friday. Carnival claimed that “voyages are already cashflow positive” and anticipates the trend to continue. For the third quarter 2021, Carnival reported an U.S. GAAP loss of $2.8billion and an adjusted loss of $2.0billion.
Vaccine makers – Makers of Covid-19 vaccines fell as Singapore reported a daily record in Covid cases and hit five new daily highs in the past week. Moderna and Pfizer BioNTech are the main manufacturers of vaccines in Singapore. Pfizer is roughly flat Monday but BioNTech and Moderna fell 6.8% and 4.7%, respectively. Novavax also dropped more than 7% and CureVac lost over 3%.
Acceleron Pharma – Acceleron shares jumped 4.8% after Bloomberg reported on Friday that the company is in talks to be acquired by an unnamed large pharmaceutical company for about $180 per share. Bristol-Myers SquibbAcceleron’s 11.5% shareholder,, is one of the possible candidates.
— CNBC’s Hannah Miao, Maggie Fitzgerald and Yun Li contributed reporting
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