A pedestrian walks past a sign in front of Uber headquarters on May 18, 2020 in San Francisco, California.
Justin Sullivan | fake pictures
Check out the companies making headlines at noon on Monday:
Dominion Energy, Berkshire Hathaway – Berkshire Hathaway gained 2.2% after the conglomerate said it is spending $ 4 billion to buy Dominion Energy’s natural gas transmission and storage assets. The deal marked Berkshire’s first since the coronavirus crisis and its biggest purchase in years after its cash pile skyrocketed to a record $ 138 billion. Including debt assumption, the deal totals nearly $ 10 billion. Dominion shares fell nearly 8%.
Uber Technologies – Uber shares rose more than 4% after the company said it would buy the Postmates food delivery service for $ 2.65 billion in shares. Postmates is the fourth largest food delivery service in the US by market share.
Spotify: The music streaming company lost 1.3% after Bernstein lowered the value of the shares to underperform the market. The firm said in a note to clients that its “unlikely Spotify will generate much profit from podcasts,” including the high-profile deal with Joe Rogan. The stock has more than doubled since early April.
Tesla: The automaker’s shares rose more than 9% and briefly traded above $ 1,300 a share after JMP Securities raised its price target on the stock to $ 1,500 a share. The firm said Tesla’s better-than-expected deliveries for the second quarter showed that the company was still on track for strong growth in the coming years.
Harley-Davidson: Harley-Davidson shares gained 5.2% after a Citigroup analyst kicked off the motorcycle maker’s coverage with a buy rating, citing optimism about the company’s recent leadership changes. “The new CEO, the background of Jochen Zeitz and his marketing acumen as CEO of PUMA sporting merchandising (Germany) bodes well,” said the analyst.
Video Zoom: A Baird analyst raised his price target on the video conferencing giant to $ 300 a share from $ 230 a share. The new target price implies an increase of 14.1% in the next 12 months. “While only a single-digit percentage of free users plan to convert to pay, that could still provide a significant boost to business meetings and phone revenue, particularly when adding international,” according to the analyst. Zoom shares were up 2.1%.
Immunomedics: The shares of the biopharmaceutical company increased more than 8% on the back of the positive results of the phase 3 trial for Trodelvy, a drug intended to treat patients with triple negative metastatic breast cancer. The study, Immunomedics said, confirms that the drug “has the potential to change the standard management of mTNBC.”
Globus Medical: Globus Medical shares fell 6.3% after Piper Sandler downgraded them to neutral because of overweight. “We are concerned about the potential impact of a second COVID-19 outbreak on the procedures of the domestic spine, and the street is shaping the recovery of GMED fairly quickly, which, in our view, is poorly configured,” a Piper analyst wrote in a note. .
Regeneron Pharmaceuticals: Regeneron said its coronavirus antibody cocktail is entering phase 3 of the trials, which will be conducted with the National Institute of Allergy and Infectious Diseases. “We are pleased to collaborate with NIAID to study REGN-COV2 in our quest to prevent the spread of the virus with a cocktail of antiviral antibodies that could be available long before a vaccine,” said George Yancopoulos, co-founder of Regeneron. The stock gained 2.4%. .
– CNBC’s Maggie Fitzgerald, Yun Li, and Jesse Pound contributed to this report.
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