Stocks making the biggest moves midday: Enphase Energy, SoFi, DraftKings, Gap and more
Check out the companies making headlines in midday trading.
Energy stocks – Oil stocks rose Monday as futures for West Texas Intermediate crude traded above $81 per barrel, though many later came off their session highs as the broader market rolled over. Shares of Halliburton climbed 3%. Diamondback Energy rose as much as 3% but closed slightly into the green. Solar stocks also moved higher, with Sunrun and Enphase Energy jumping more than 4%.
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Freeport-McMoRan – Shares surged 3% and were among the biggest gainers in the S&P 500 midday. The stock's jump came amid a rally in the energy and industrials sector and a pop in copper prices.
Retailers – Apparel makers' shares fell after cotton prices hit a 10-year high Friday of $1.16 per pound. Gap and Levi Strauss lost %4. Ralph Lauren shares slid by 1.5%.
Charter, Comcast – Both cable stocks fell Monday after Raymond James downgraded them to market perform. Comcast lost more than 4% and Charter slipped 1.5%.
SoFi Technologies — Shares of the online personal finance company surged more than 13% after Morgan Stanley initiated coverage with an overweight rating. The Wall Street firm is bullish on SoFi's student loan refinancing business and said the potential approval of SoFi's bank charter application is another possible catalyst for a boost.
Aspen Technology — The industrial software maker's stock jumped 12% after it announced a deal with Emerson Electric to merge with two of its software businesses. The cash-and-stock deal is valued at about $160 per share.
Cleveland-Cliffs — Shares of Cleveland-Cliffs gained more than 4% after the steel producer announced it would acquire Ferrous Processing and Trading, a scrap metal company. The acquisition will mark Cleveland-Cliffs' entrance into the scrap business.
DraftKings — Shares of the sporting betting company popped about 2% after Citi initiated coverage with a buy rating. The Wall Street firm said the company is the "market leader" in betting.
Southwest Airlines — The air carrier's stock price slid more than 4% after it canceled more than 2,000 flights over the weekend, blaming air traffic control issues, bad weather and its own staffing shortage.
Coinbase — The cryptocurrency exchange saw its shares fall jump more than 3% as bitcoin extended a two-week rally toward an all-time high. Coinbase's stock tends to trade in tandem with cryptocurrency prices because most of its revenue is derived from trading fees.
— CNBC's Yun Li, Maggie Fitzgerald, Jesse Pound and Hannah Miao contributed reporting
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