Check out the companies making headlines midday Monday:
Tiffany — Shares of Tiffany surged more than 30% after luxury group LVMH offered to buy the jewelry company, in hopes of expanding its jewelry business. Tiffany said the offer was worth $120 per share, which would value Tiffany at nearly $14.5 billion.
Microsoft — Microsoft shares climbed more than 2% after the Defense Department awarded the tech giant a $10 billion cloud contract. Microsoft beat out Amazon Web Services, the market leader in cloud, for the contract.
Spotify — Shares of the music streaming giant popped 16.2% after the company reported a surprise profit and strong paid-subscription growth. Spotify reported earnings per share of 36 cents. Analysts polled by Refinitiv expected a loss of 28 cents per share. The company also said its paid subscribers grew by 26 million on a year-over-year basis to 113 million.
AT&T — The telecom giant rose 4.3% after unveiling a three-year plan that includes adding to new board members and selling up to $10 billion in non-core businesses in 2020. The announcement comes after activist Elliott Management, which has a $3.2 billion stake in AT&T, pressured the company's management team to make changes.
Virgin Galactic — Shares of the space tourism company rose as much as 9.7% as Virgin Galactic debuted on the public markets for the first time. The company listed directly on the NYSE after closing its merger with Chamath Palihapitiya's venture Social Capital Hedosophia, a special purpose acquisition vehicle already trading on the exchange.
Roku — Roku shares jumped 9.8% after an analyst at Bank of America initiated them as a buy, citing "superior" brand recognition. The analyst also said Roku "should continue to benefit from increasing consumer demand for affordable smart TVs, enabled by the Roku TV OS."
Estee Lauder — Shares of the beauty giant fell more than 1% after Piper Jaffray cut the stock to a neutral rating. After conducting its fall teen survey, the firm found that teenagers are spending less on makeup which will eat into Estee Lauder's sales. The company reports first quarter earnings on Thursday after the close.
American Eagle Outfitters — Shares of the retailer slid 2.5% after Citi downgraded the stock to a neutral rating. The firm said that inventory is high and promos are accelerating, which could pressure the company's margins going forward.
Sanderson Farms, Pilgrim's Pride — The chicken producers' stocks jumped more than 15.8% and 8.3%, respectively, after Reuters reported that China will lift a ban on U.S. poultry imports as part of a phase one trade deal with the U.S.
Fitbit — Shares of the exercise tracker maker surged more than 30% after a Reuters report said Alphabet was in talks to buy Fitbit.
Prologis — Shares of commercial real estate company Prologis was down 5.5% after the company said it will acquire Liberty Property Trust in an all-stock transaction valued at $9.7 billion. Prologis is one of the largest warehouse owners in the world.
—CNBC's Pippa Stevens, Michael Sheetz and Maggie Fitzgerald contributed to this report.