Stocks making the biggest moves midday: Teva Pharmaceutical, Boeing, Uber & more

Market Insider

Monitors display Uber Technologies Inc. signage in front of Morgan Stanley headquarters in the Times Square area of New York, U.S., on Friday, April 26, 2019.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines midday Monday:

Boeing — Boeing shares dropped more than 4% after the editor of Chinese newspaper Global Times said China could single out the aerospace giant as the U.S.-China trade war continues. Earlier in the day, China decided it would hike tariffs on $60 billion worth of U.S. imports starting June 1.

ADT — ADT dropped more than 6% after Morgan Stanley downgraded the stock to equal weight from overweight. The investment bank also lowered its price target for the stock to $7 from $9. The analysts cited results from a survey which found homeowners have the same level of interest in do-it yourself security (DIY) systems as they do in ADT systems. Additionally, more consumers switched to DIY systems than expected.

Deere — Shares of Deere fell nearly 7% after Baird downgraded the company to neutral from outperform. Baird said that the manufacturer’s fundamentals have “weakened,” and that the demand environment seems to be “deteriorating.” Baird also gave Deere a new price target of $150.

Bed Bath & Beyond — Shares of Bed Bath & Beyond fell more than 6% after CEO Steven Temares stepped down, effective immediately. This comes amid a push from activist investors for the company to make changes. Newly appointed member of the board Mary Winston will serve as a temporary replacement for Temares until a permanent replacement is found.

Teva Pharmaceutical Industries, Mylan — The drugmakers’ shares fell nearly 17% and 11%, respectively, after 44 states filed a lawsuit alleging that pharmaceutical companies conspired to raise prices for more than 100 generic drugs.

Uber Technologies — Shares of Uber tanked more than 10% following a disappointing debut on the New York Stock Exchange on Friday. Monday’s drop pushed the price to below $38 a share, much lower than the initial target range of $44 to $50 per share on the eve of its debut. Investors are wondering if Uber’s fate will match that of its ride-hailing competition Lyft, who is down more than 30% since its IPO in March.

Tyson Foods — Shares of the food company fell less than 1%, outperforming the broader market, after an analyst at Stephens named it a “best idea,” noting Tyson is “well positioned” while the valuation “remains compelling.”

—CNBC’s Nadine El-Bawab and Maggie Fitzgerald contributed to this report.

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