Global Courant
A view of the exterior of the new Dutch headquarters of international technology company 3M in Delft, Netherlands, November 5, 2014.
Koen van Weel| AFP | Getty Images
Check out the companies making headlines during midday trading.
Palo Alto Networks — Cybersecurity stock rose more than 4% after S&P Dow Jones Indices announced post-market Friday that it will replace Dish Network in the S&P 500, effective June 20. dish network fell about 1%.
3M — Shares of the industrial manufacturer fell 3% after the judge in the company’s multidistrict lawsuit over so-called forever chemicals agreed to postpone the first trial for three weeks so the parties can finalize a settlement of claims with municipal water suppliers, Bloomberg reported Monday.
Coin base — Shares of the crypto exchange and services company plummeted 10% after the U.S. Securities and Exchange Commission on Monday sued crypto exchange Binance alleging Binance and its co-founder Changpeng Zhao mixed billions of dollars in investor funds with their own and violated securities laws .
EPAM systems — Shares of the software engineering company fell 18% after it downgraded its outlook due to further deterioration in near-term demand. The expectation for Q2 earnings per share of between $2.33 and $2.40 was slightly lower than FactSet’s estimate of $2.43. It also cut earnings and revenue estimates for both the second quarter and full year below analyst estimates.
Amedisys — Shares of the healthcare company rose 14% after it received an unsolicited buyout offer from Optum, a part of UnitedHealth, to acquire Amedisys for $100 per share in cash. Shares in Option Care Healthwhich made a competing offer to buy Amedisys rose 7%.
ImmunoGen — Shares of the biotechnology company rose 5% after it announced results of its Elahere ovarian cancer treatment, which showed an approximately 35% reduction in the risk of disease progression or death compared to chemotherapy.
CH Robinson worldwide — The trucking company lost about 5% after a report from trade magazine FreightWaves that it selected Ford’s David Bozeman as its new CEO. Bozeman is currently vice president of customer service and enthusiast brands at Ford.
Equitrans Midstream Corporation — The natural gas supplier added 4.5% in afternoon trading after a double upgrade from Morgan Stanley to overweight earlier in the day. The bank cited potential growth for the stock on the heels of language contained in the Fiscal Responsibility Act, the debt ceiling bill, which would allow for the completion of the Mountain Valley Pipeline.
Ford Motor Co. — Shares of the automaker rose nearly 2% after Citi upgraded Ford to buy from neutral. According to Citi, rising demand for cars in the US in general is one of the reasons for optimism about Ford.
Spotify – Spotify added 3% after the music streaming company said it would lay off 200 employees, mostly within its podcast division, or about 2% of its personal workforce.
Goal — Shares of the major retailer fell more than 2% after KeyBanc downgraded the retailer from overweight to sector weight, warning that the resumption of student loan payments could squeeze Target’s margins.
Dollar General — Shares fell 2.7% after Morgan Stanley downgraded shares of the discount retailer to an overweight Sunday weight. The company said Dollar General did not show as much resilience as expected. Last week, Dollar General reported missed quarterly earnings and lowered its expectations, citing a “challenging” economic environment.
Apple — Shares of the iPhone maker rose more than 1% and hit an all-time high as the annual Worldwide Developers Conference kicked off in Cupertino, California. Apple is widely expected to unveil its highly anticipated virtual and augmented reality headset, “Reality Pro”.
– CNBC’s Yun Li, Alex Harring, Jesse Pound, Samantha Subin and Brian Evans contributed to the reporting.
