Stock Groups

Stocks making the biggest moves midday: Alibaba, Apple and more


The front façade of the New York Stock Exchange, November 11, 2015 is covered with signage from Alibaba Group Holding Ltd.

Brendan McDermid | Reuters

These are the headline-grabbing companies in midday trading.

Alibaba, Baidu, — Shares of the China-based companies fell midday after JPMorgan Chase downgraded the stocks to underweight. The stocks of the three companies fell 9%, 7.7%, and 8.8% respectively. amid a new shutdownShenzhen: New U.S.-delisting worries

Apple — The company’s stock fell 2% as one of the its biggest suppliers in ChinaKeyBanc stated that operations would be halted in Shenzhen as a result of the Covid-19 lockdown. KeyBanc also reiterated the outperform rating it gave to shares of theAccording to technology companies, iPhone demand continues to be strong.

Occidental Petroleum, Chevron – The energy companies fell 4% and 3% midday after analysts at Morgan Stanley downgraded the stocks to equal-weight from overweight. Although both firms have performed better than their peers in recent months they still offer lower relative valuations. Monday also saw a drop in oil prices.

Ford — Shares of the auto company dipped about 1% after Jefferies reiterated its hold rating and lowered its price target. Wall Street firm slashed its price projection on Ford shares to $18 from $20, citing worries about “a stagflationary environment of higher input costs and continued supply constraints.”

Tyson Foods — The poultry company’s stock fell 2.4% after BMO Capital markets downgraded the it to market perform from outperform. BMO Capital markets stated that it is concerned about the “underlying fundamentals of beef.”

Nike — Shares for the sports apparel giant tumbled 3.4%, furthering losses this year as geopolitical risks continue to weigh on the retailer. UBS released Monday’s results. reiterated a buy rating for Nike, but analysts noted that its business in China is not recovering as fast as the firm expected. After several West-based companies refused to purchase cotton from Xinjiang, many Chinese consumers protested against Nike.

Peloton — The at-home fitness stock lost more than 2% after Morgan Stanley initiated coverage of it with an equal weight ratingIt stated that it doesn’t have near-term visibility to Peloton. It said that it remains bullish because its $32 price target implies approximately 50% upside.

Papa John’s — Shares rose more than 2% after Loop Capital reiterated its buy ratingOn the pizza chain. Papa John’s similar store sales increased and the company believes they could improve even more soon.

Robinhood — Shares fell 4% midday after Goldman Sachs reiterated its neutral buy rating, citing market concerns about the company’s “ability to grow the business and scale into profitability.” Analysts suggested that the company might be eligible to rerate if it “translate its newly launched product momentum into a return on revenue and user-growth.”

Netflix — The streaming giant’s stock fell more than 2%, reaching its lowest level since March 2020. Netflix shares are struggling in recent times due to rising competition from media companies.

— CNBC’s Tanaya Macheel, Yun Li, Hannah Miao and Sarah Min contributed reporting