A general view of the Micron Technology building in Singapore, June 23, 2020.
MicronGcm Studio | Reuters
Check out the companies making headlines during Monday afternoon trading.
Block — Payments stock shares lost 2.58% Monday after being downgraded to market performance from outperform by KBW. The company cited pressure from “‘minor risks starting to add up’, including possible regulatory scrutiny of its Cash App business.
Tesla — Shares of Elon Musk’s electric vehicle company fell 0.30% after the company announced another price cut in the US, its fifth since the start of the year. The move came as stricter U.S. standards have been enacted to reduce the $7,500 tax credit available for Tesla’s Model 3. The EV maker also said on Sunday it will open a new Megafactory in Shanghai capable of producing 10,000 Megapacks – large batteries – per year.
Pioneer natural resources – Shares of the fracking giant rose almost 5.8% on Monday This is reported by the Wall Street Journal that Exxon Mobil has held informal talks to acquire Pioneer. Exxon shares fell 0.6%.
Micron technology — Shares of Micron Technology gained about 8% after rival Samsung Electronics announced it plans to cut production of memory chips in the near term. Many Wall Street analysts said the move could accelerate a return to equilibrium between supply and demand and a possible recovery in the chip manufacturing sector. Chip giant Western Digital also added about 8%.
Excel energy, EQT and other gas stocks — Shares of Excelerate Energy, EQT and other gas stocks rallied higher as natural gas futures rose. Excelerate added 1.4%, while EQT rose nearly 4% and Matador Resources gained 3.3%. Excelerate also received a boost from a new report from Deutsche Bank, in which the company initiated coverage of the stock, rating it a Buy and saying it traded below its peers.
Apple, Google, Microsoft — Stocks of major tech companies were in the red during Monday’s trading session, but recovered slightly from their previous losses. Apple’s share price closed Monday down 1.6%, while Google parent Alphabet lost 1.8% and Microsoft lost about 0.8%.
Taiwan semiconductor — Shares of the chip giant fell 1.35% on Monday after the company saw a drop in monthly revenue for the first time in four years. The stock is still up about 17% from the beginning of the year. Last month, Bank of America raised its price target for the company, believing it will benefit from investor interest in generative artificial intelligence.
New fortress energy — The stock gained 5.2% after Deutsche Bank initiated New Fortress as a purchase. The bank said the company is well positioned in the liquefied natural gas sector, which it says “has the potential to create outrageous investment opportunities.”
Nicholas — Shares fell nearly 2.5% Monday after Evercore ISI reiterated its in-line rating. The company also cut its price target in half to $1 as the company faces too many headwinds.
Five below — Shares of the discount retailer rose 4.7% after Roth MKM said Five Below could potentially be helped by the success of “The Super Mario Bros. Movie,” which reported stronger-than-expected box office results.
AMC Entertainment, IMAX, Cinemark Holdings — Shares of major theater chains were in the green on Monday after the box office success of ‘The Super Mario Bros. Movie’, made by Universal Pictures. According to Box Office Mojo, the film grossed more than $200 million in the US. AMC’s share price rose 6.9%, IMAX rose about 5.3% and Cinemark gained 6.6%.
– CNBC’s Jesse Pound, Hakyung Kim, Samantha Subin, Yun Li, Alex Harring and Brian Evans contributed reporting
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is the distributor of ‘The Super Mario Bros. Movie’.
(TagsToTranslate)Cinemark Holdings Inc