The Tesla logo on a Supercharger fast charging station for the electric vehicle manufacturer Tesla Motors.
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Check out the companies that are making the headlines in midday trading.
Diamondback Energy – The exploration and production company’s shares were down 3.5% on a 3.5% decline in oil prices. At one point on Monday, West Texas Intermediate crude oil futures, the US oil benchmark, fell more than 4%. Occidental was down almost 3%. NOV and Pioneer Natural Resources both fell about 2%. Schlumberger and Devon Energy each lost more than 1%.
Tesla – Electric vehicle shares rose 2.1% after Jefferies upgraded the company to buy off hold. The Wall Street firm said Tesla was “a leader in earnings momentum and capital allocation.” Jefferies raised its price target from $ 700 to $ 850 per share.
Coinbase – Cryptocurrency exchange stocks rose 8.6% ahead of the quarterly earnings report released Tuesday. With Coinbase generating most of its revenue from trading, its share price is closely tied to Bitcoin price, which hit $ 46,000 on Monday for the first time since May and broke its 200-day moving average.
Robinhood – The shares of the newly public online brokerage rose 3.3% on Monday. Robinhood stock has been volatile since going public and has received a great deal of attention from individual investors.
Tyson Foods – Tyson Foods shares rose 8.7% after the beef and poultry producer released a better-than-expected quarterly earnings report. The company posted quarterly earnings of $ 2.70 per share, well above the consensus estimate of $ 1.62 per share, according to Refinitiv.
Sanderson Farms – Shares in Sanderson Farms rose 7.4% after the poultry producer announced it would be acquired by private food maker Cargill and agricultural investment firm Continental Grain for $ 203 per share. The cash deal corresponds to a premium of 11.3% compared to the closing price of the share on Friday.
Victoria’s Secret – Victoria’s Secret stocks rose about 20% after JPMorgan Chase initiated coverage of the lingerie retailer with an overweight position. The company said the current price of the stock was a “compelling entry point” and found the company to be the leading market share player in the lingerie category.
Darden Restaurants – The restaurant company’s shares fell 4.5% after Evercore ISI downgraded the stock from outperformance to in line. The company issued a statement to its customers that inflation, including rising wages, will hurt the stock as the economy reboots.
– CNBC’s Tanaya Macheel, Maggie Fitzgerald, Jesse Pound and Yun Li contributed to the coverage
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