Stocks making the biggest moves midday: TSLA, NKE, RVTY, BUD
Check out the companies making the biggest moves in midday trading: Beer stocks — Brewing stocks are trading lower as investors weigh the effect of the U.S.-European Union trade deal. While some say the details are not as bad as feared, there is still concern about consumer demand after Heineken said it anticipates flat sales volume this year. The Dutch brewer’s outlook hurt shares of Anheuser-Busch , which fell 5%, and Molson Coors , which slipped more than 2%. Heineken was down 7%. Nike — Shares added 4% after JPMorgan upgraded the athletic shoe maker to overweight from neutral. JPMorgan said Nike can recover over the next several years. Revvity — Shares of the biotechnology company sank more than 10% after lowering its full-year guidance. The diagnostics researcher expects to earn between $4.85 and $4.95 per share, excluding one-time items, down from an earlier estimate of $4.90 to $5.00, with the midpoint below the consensus estimate of $4.93. Tesla — The electric vehicle maker added almost 4%. CEO Elon Musk confirmed Sunday that Tesla signed a $16.5 billion chip contract with Samsung Electronics. Energy stocks — Many companies jumped after the European Union agreed to buy $750 billion worth of U.S. energy as part of a trade deal. Shares of Venture Global rallied more than 4%, New Fortress Energy rose 5% and Cheniere Energy and NextDecade rose about 2%. Devon Energy climbed more than 3%. ASML , STMicroelectronics — U.S.-listed shares of the European semiconductor equipment and semiconductor manufacturers each gained about 3% on the back of the U.S. and EU trade deal, as well as Tesla’s agreement with Samsung. ASML supplies a large part of the equipment used by Samsung. Stellantis — Shares of the Netherlands-based maker of Chrysler and Jeep automobiles slipped almost 5% following the U.S.-EU trade deal, which imposes a 15% blanket tariff on EU goods, including automotive products . The European Automobile Manufacturers’ Association said the levies will continue to have a negative effect on the industry. PagerDuty — The cloud computing provider surged 8% following a Reuters report that it is exploring a potential sale after receiving buyer interest. Cisco Systems — The maker of computer networking equipment lost nearly 2% after a downgrade at Evercore to in line from outperform. The investment bank said any upside in Cisco is now largely priced into the stock. Texas Instruments — The stock rose 2% following an upgrade to outperform from peer perform at Wolfe Research. The firm said it sees a cyclical recovery ahead at the end of a multiyear capital spending cycle. — CNBC’s Michelle Fox, Alex Harring, Sean Conlon and Pia Singh contributed reporting.
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