Stocks making the biggest moves midday: Tesla, Coinbase, AMC Entertainment, Beyond Meat and more
Check out the companies making headlines in midday trading.
Tesla — Tesla shares gained 8% on Monday following news that the electric vehicle maker will ask shareholders at its annual meeting to authorize a stock split in order to pay stock dividends to investors.
Coinbase — Shares of the cryptocurrency services firm rose 7.8% following a report by a local newspaper that the company is in a talks to buy 2TM, the parent of the Brazilian cryptocurrency brokerage Mercado Bitcoin, and that the potential deal could be closed by the end of April. The move also coincides with a significant move higher in the bitcoin price over the weekend that erased its 2022 losses.
AMC Entertainment — The movie theater company saw shares surge 44.9% after its CEO Adam Aron said more "transformational" M&A deals are coming. The comments followed news about the company's investment in Hycroft Mining, a gold and silver mining operator, earlier in the month.
Poly, HP Inc — The communications technology company saw a 52.6% spike in its share price Monday following news that it will be acquired by HP Inc. for $40 per share, in a deal that both companies expect to be completed by the end of this year. Shares of HP lost 2.7%.
Foot Locker — The athletic apparel retailer's shares dropped 1% after Cowen urged investors not to get too enticed by the pullback in their price. The firm downgraded Foot Locker to market perform from outperform and cut its price target on the stock to $34 from $42.
Beyond Meat — Shares of the meat alternative producer slid more than 2% before turning higher after Piper Sandler downgraded the stock to underweight from neutral. The firm also cut its price target on Beyond, seeing 40% downside.
Campbell Soup — The soup company's shares fell about 1.3% before reclaiming some of its losses after RBC downgraded the company to sector perform from outperform. The firm said it's concerned about Campbell's exposure to inflation.
Altria Group — RBC also downgraded Altria, the tobacco and cigarette giant that owns Philip Morris, to sector perform from outperform, noting that it sees limited room for upside for the company. Altria shares dropped 2.9%.
Duckhorn Portfolio — The winemaker's shares jumped 8.1% after RBC upgraded them to outperform from sector perform, noting that they have minimal exposure to inflation and about 32% upside from where they ended the trading session Friday.
Chipmakers — Chipmakers' shares were lower Monday after Goldman Sachs downgraded three stocks — Qorvo, Microchip and Teradyne — to neutral from buy noting that it sees a "challenging macro backdrop" over the next year. Qorvo fell more than 4%. Microchip Technology slid 1.8%, and Teradyne lost about 2.8% before paring losses. Several other stocks within the sector declined, too before turning higher.
— CNBC's Samantha Subin and Hannah Miao contributed reporting.