Stocks making the biggest moves midday: MU, TSLA, ULTA, INTC
Check out the companies making headlines in midday trading: Micron Technology — Micron edged 2.7% higher after JPMorgan reiterated the stock as overweight ahead of the memory chipmaker’s earnings, which are expected Wednesday after market close. Analyst Harlan Sur anticipates Micron’s results will be boosted by strong artificial intelligence and server demand. Tesla — Shares rose 4.8% after Barclays reiterated its equal weight rating on the electric vehicle maker, saying Tesla’s third-quarter delivery numbers could come in better than expected and be a “near-term positive” for the stock. AeroVironment — The defense contractor popped more than 8% after the U.S. Army lifted a stop work order on a $990 million contract. Monday’s gain put the stock on track for its biggest advance since Aug. 28, when it popped 9%. General Motors — The automaker shed 3% after Bernstein downgraded shares to market perform from an outperform rating, citing risks to earnings and potential pricing headwinds from inventory build. Ulta — The cosmetics stock lost more than 3% after a downgrade to hold from buy at TD Cowen. The investment firm said Ulta’s sales growth is slowing and that the stock’s valuation appears full. Biohaven — Shares surged 12% after the clinical-stage pharma company announced positive trial data for its drug treating spinocerebellar ataxia known as troriluzole. The study showed that troriluzole slowed the progression of the neurodegenerative disease in patients by 50% to 70%. Intel — Shares of the struggling chipmaker climbed 2.4% after Bloomberg News reported on Sunday that Apollo Global Management proposed to make a multibillion-dollar investment in Intel. CNBC also confirmed on Friday that Qualcomm had recently approached Intel about a takeover. Ciena — The networking systems stock jumped 4.6% on the back of Citi’s double upgrade to buy from sell. Citi said the company is more likely to reach its long-term goals for topline growth. — CNBC’s Jesse Pound, Alex Harring, Samantha Subin and Sean Conlon contributed reporting.
