Kai Pfaffenbach | Reuters
Check out the companies that are making headlines in midday trading.
Micron – Micron shares were down more than 6% after a Citi analyst switched the chipmaker to buy and sell, citing favorable prospects for supply and demand.
Alibaba – Shares in the Chinese e-commerce giant rose more than 4% after CNBC’s David Faber reported that billionaire founder Jack Ma is not missing and is just low for now. There was speculation about Ma’s disappearance after his Ant Group suspended its record-breaking IPO on the Shanghai and Hong Kong stock exchanges. Ma was last seen at a public event in October.
JD.com – The Chinese ecommerce giant’s shares rose more than 9% after a Stifel analyst upgraded them to buy from the hold. “JD.com remains one of the leading e-commerce platforms in China with a number of worldly growth trends to support healthy long-term growth and continued margin expansion,” the analyst said.
China Telecom, China Mobile, China Unicom – The shares of the three Chinese telecommunications giants have surfaced after the New York Stock Exchange announced that it would no longer remove the shares from its stock exchange. China Telecom and China Mobile stocks rose more than 9% each. China Unicom’s shares were up more than 14%.
Diamondback Energy, Exxon Mobil, Chevron – Shares in the oil and energy giants rose Tuesday after the US West Texas Intermediate oil benchmark fell above $ 50 for the first time since February. Diamondback Energy’s shares were up 10%. Exxon Mobil and Chevron were up 5% and 3%, respectively.
First Solar – The solar company’s shares were down more than 9% after Goldman Sachs downgraded the stock to sell it off buy. The Wall Street company said earnings and sales have already peaked for this cycle.
Roku – Roku’s shares rose nearly 4% after Wells Fargo raised its target price for the streaming media company from $ 275 to a street high of $ 414. The bank said there is a great runway for Roku’s growth when it comes to developing monetizable video-on-demand content. The new target price would translate into a 25% rally over the next 12 months.
Uber – The giant that announced the ride rose nearly 3% after Needham named Uber a top pick. The Wall Street firm said the Covid-19 recovery was not fully priced into Uber’s stocks.
Papa Johns International – Pizza chain stocks rose 2.7% after investment firm Longbow named the stock a top pick. The company said in a statement to customers that it is optimistic about new products in the company’s pipelines and internal improvements implemented by the relatively new management team.
Coca-Cola – Beverage inventories fell nearly 1% after Guggenheim downgraded Coca-Cola from purchase to neutral. The firm said in a notice to clients that the company is going through a “year of transition” and that its stocks are fair priced.
– with reports from Yun Li, Jesse Pound and Pippa Stevens from CNBC.