Stocks making the biggest moves midday
A row of Fiat Chrysler Automobiles (FCA) 2017 Chrysler Pacifica minivan vehicles are displayed for sale at a car dealership in Moline, Illinois, on July 1, 2017.
Daniel Acker | Bloomberg | Getty Images
Check out the companies making moves midday Tuesday:
Fiat Chrysler – Shares of Fiat Chrysler jumped 7.3% after the automaker announced it is seeking to merge with Renault. The deal would give each company a 50% stake in the merged company, which would be the third-largest automaker in the world. Reuters reported that the board members of both companies will have an informal meeting early next week to decide whether to proceed with the merger.
Beyond Meat — Shares of Beyond Meat surged 8% after the alternative meat brand said Tuesday it has signed a deal to start producing its plant-based meat substitutes in Europe next year. The stock has skyrocketed more than 240% since its initial public offering in early May.
Visa, Mastercard — Shares of Visa and Mastercard rose 0.7% and 0.8% respectively after a Barron’s report highlighted the credit card companies as leaders in the digital-payments space along with PayPal.
Advanced Micro Devices — Shares of Advanced Micro Devices surged 9.8% after the chip maker announced a slew of new chips coming in July, including several new third-generation Ryzen PC chips. AMD touted its new products as a superior to a central processing unit (CPU) from Intel. Stifel and Cowen reaffirmed their buy ratings on the AMD following the announcement, citing their optimism on its new product lineup.
Total Systems Services and Global Payments – Shares of Global Payments dropped 3% and shares of Total System Services rose 4.8% after CNBC reported that the payment tech companies have agreed on a stock merger of equals. Global Payments CEO Jeffrey Sloan will be the head of the new company. The companies are expected to announce as soon as Tuesday morning.
Activision Blizzard – The stock rose 2.9% after Goldman Sachs upgraded the game-maker to “buy” from “neutral.” Goldman Sachs told investors a “potential inflection in ATVI’s earnings trajectory” due to the release of new content, the upcoming release of Diablo Immortal and COD Mobile and the potential for future content.
J.B. Hunt – Shares fell 2.4% after Bank of America lowered its rating on J.B. Hunt’s stock to neutral from buy. Bank of America said the logistics company is facing multiple challenges in the year ahead, such as increasing rail costs.
Roku – Roku stock dropped 7.3% after Stephens downgraded the digital media company’s shares to “equal-weight” from “overweight.” The firm said Roku’s stock has become an increased risk given its recent run and its higher valuation, but everything they are tracking continues to look strong in their view. In a note to investors, Stephens analysts stated that “speculation about Roku as a potential acquisition target, investor focus on active user growth, progress on the international front and scarcity of investible streaming names” are the biggest risks to the downgrade.
Anaplan – Shares of software developer Anaplan shot up 18.2% after the company reported first quarter sales that were stronger than expected, according analysts surveyed by FactSet. The company also increased its 2019 revenue forecast to a range of $326 million to $331 million, a 5% increase on the high end from its previous guidance.
SeaWorld Entertainment – The stock jumped 17.6% after SeaWorld announced $150 million in share buybacks while longtime investor Hill Path Capital increased its stake to 34.5%. SeaWorld will also add three Hill Path directors to its board.
— CNBC’s Yun Li contributed reporting.