Tesla, Azek, Boeing and more
Check out the companies making headlines in midday trading: Tesla — The electric vehicle maker popped more than 9%, making it the top performer in the S & P 500. The megacap tech stock and retail investor favorite is coming off nine straight down weeks, its longest ever weekly decline. AZEK — The outdoor products maker rallied 12% after Australia’s James Hardie Industries agreed to acquire it for about $9 billion in cash and stock . James Hardie, a cement maker, tumbled more than 19%. Visa — The credit card stock rose 2.2% after Coinbase reported that World Network, the crypto firm run by OpenAI CEO Sam Altman, is in talks with Visa for a stablecoin wallet. Pinterest — The social media platform added 6% after Guggenheim upgraded its investment opinion to buy from neutral. Analyst Michael Morris said a recent pullback has opened up an attractive entry point for investors, adding that user base monetization should grow at above-market rates in the next two years. ViaSat — The satellite stock rallied about 10% on the back of Deutsche Bank’s upgrade to buy from hold. The bank said ViaSat, which competes with Elon Musk’s Starlink, has “multiple paths” to create equity value. Steel Dynamics , Nucor — Shares of Steel Dynamics and Nucor rose more than 3% and nearly 5%, respectively, after UBS upgraded the steel producers to buy from neutral. Analyst Andrew Jones said tariff protection for U.S. steel and aluminum has helped lead to higher prices, and sees President Donald Trump’s tariffs as having created an attractive entry point for investors. Commercial Metals climbed more than 5% in sympathy. 23andMe — The DNA testing company collapsed 49% after filing for Chapter 11 bankruptcy protection in federal court. Co-founder Anne Wojcicki resigned as CEO effective immediately. Lockheed Martin — The defense contractor lost more than 2%, extending losses from Friday, in the aftermath of losing the next-generation fighter jet contract with the U.S. Air Force to competitor Boeing. Bank of America downgraded LMT on Monday, saying shares will likely remain rangebound following the contract award. Boeing — The aircraft maker saw shares rise more than 2% after Wall Street research firm Melius upgraded it to buy from neutral. Melius cited “an operationally focused CEO,” a faster-than-expected post-strike 737 increase in deliveries and the win over Lockheed on the Air Force’s next gen fighter program as catalysts. FedEx — The package delivery company rose 5% following an upgrade at Jefferies to buy from hold. The firm believes investors are ignoring an “idiosyncratic cost transformation” going on under the surface at FedEx. Super Micro Computer — The tech hardware stock fell 2% on the heels of a Goldman Sachs downgrade to sell from neutral. After a rally this year, the firm said Super Micro has downside risks tied to valuation, competition and profit margins. Generac — The generator maker advanced more than 4% after Bank of America reinstated coverage at a buy. The bank said Generac can benefit from the rising number of natural disasters and from aging baby boomers’ need for reliable power for medications and medical devices. — CNBC’s Michelle Fox, Lisa Kailai Han, Sean Conlon, Yun Li and Hakyung Kim contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
