A worker inspects a 24-kilowatt Generac home generator at Captain Electric on February 18, 2021 in Orem, Utah.
George Frey | Getty Images
Check out the companies that are making headlines in midday trading.
Affirm, Amazon – Affirm’s shares rose more than 46% after the buy-it-now and pay-later company announced a partnership with Amazon. The e-commerce giant is partnering with Affirm for its first ever partnership with an installment player on the Amazon website. Amazon’s shares rose more than 2%.
Globalstar, Apple – The satellite services company saw its shares rise 64% after reports that Apple’s iPhone, due to hit the market this fall, will support satellite communications, allowing customers to call and send messages via satellite. Apple has an existing satellite telephone network of 24 satellites in low earth orbit. Securities analyst Ming-Chi Kuo said Globalstar is most likely to partner with Apple. Apple stock rose 3%.
Baxter International, Hill-Rom – Healthcare products maker Baxter International, registered its shares up 2.7% after the Wall Street Journal reported it was in advanced talks to acquire medical technology provider Hill-Rom as part of a potential 10 billion dollar deals with about $ 150 per share. Hill Rom stock closed Friday at $ 132.90. They rose almost 10% on Monday.
Generac – The battery backup company’s shares rose 1.2% after Bank of America confirmed it was a buy. Hurricane Ida, which has become the fifth largest hurricane on the US mainland, could serve as “a positive catalyst” for the company for the next 30 days, the analyst said. Generac stock has risen over the past eight sessions, benefiting from surges in demand related to the weather disruption.
NetEase – Chinese gaming giant NetEase fell nearly 5% at noon after China’s National Press and Publication Administration released a new rule for children and teenagers under the age of 18 in China that limits their online video play time to just three hours a week. The agency has billed the rules to protect children’s physical and mental health.
PayPal – PayPal stocks surged more than 3.5 %%, according to a CNBC report that the company is researching a stock trading platform for its U.S. customers as it faces increasing competition from Square, Robinhood, and other brokerage houses and financial superapps.
Robinhood – Robinhood fell about 3% according to the PayPal report and later fell to 8% when it was revealed that Gary Gensler, chairman of the US Securities and Exchange Commission, was “on the table” with a total order flow ban. according to a report by Barron. The controversial practice of giving brokerage firms discounts on deals routed through their clearing firm is used by many royalty free brokers.
Capital One – Capital One’s shares fell more than 6% after Baird downgraded the stock from neutral to underperform. Baird says good news is already priced into the stock after a massive rally this year. “Having been vocal bulls at COF throughout 2020 and most of this year, we now believe the risk / reward trade-off for the stock is skewed and we recommend taking profits here “said the company in a note.
Weber – The grill maker’s shares rose 4% after the company received positive confirmation from Wall Street analysts. Goldman Sachs and Bank of America initiated coverage with buy ratings, and JP Morgan Securities listed the stock as overweight, all citing Weber’s leadership position and pricing power. The company went public earlier this month.
Dave & Buster’s – Dave & Buster’s shares fell more than 4% after Stifel downgraded the stock from a buy to a hold rating. According to Stifel’s analysis of mobile location data, trends in visiting casual restaurants have slowed amid high Covid cases.
Zoom Video – The video conferencing company’s shares rose nearly 2% on Monday ahead of Zoom’s earnings report for the second quarter. The company will release its latest results after the bell.
– CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed to the coverage
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