A JD.com truck receiving incoming goods and preparing shipments at the Northeast China-based Gu’an warehouse and distribution facility in Gu’an, Сhina.
XiXinXing | iStock Editorial | Getty Images
Check out the companies making headlines in midday trading.
Biogen — Shares of the biotech stock dipped 3% after Biogen revamped its board of directors. Three current board members will not run for re-election, while the company’s former head of corporate strategy Susan Langer was nominated to the board, Biogen said Monday.
Oracle— Shares rose 2.7% to an all-time high on the back of a strong earnings report for the fiscal fourth quarter. Oracle reported $1.67 in adjusted earnings per share, while analysts polled by Refinitiv expected $1.58. Revenue also came in higher than expected at $13.84 billion against a $13.74 billion estimate. Goldman Sachs upgraded Oracle to neutral from sell following the report.
Norwegian Cruise Line Holdings — Norwegian Cruise Line Holdings jumped 4.8% to the highest since May 2022 after Bank of America on Monday raised its price target to $19 from $17, though the firm maintained a neutral investment rating. Carnival‘s target went to $20 from $11, also rising to the highest since May, 2022, while Royal Caribbean‘s rose to $95 from $82 and the stock touched the highest since November, 2021.
Urban Outfitters – The retailer gained nearly 4% following an upgrade to overweight by Morgan Stanley. The Wall Street firm cited Urban Outfitters’ low valuation relative to peers and improving business fundamentals.
Devon Energy – The energy stock rose 2.7%. Goldman Sachs upgraded Devon to buy from neutral, saying it trades at an attractive valuation and looks poised to appreciate as its production and capital expenditure outlook improves.
Oil stocks — Oil shares rose broadly as WTI crude gained following Monday losses. The VanEck Oil Services ETF rose more than 4%. Shares of Halliburton jumped 5.7%, while Transocean climbed 4.2%.
Zions Bancorp — The Salt Lake City-based bank lost 12.4% after it said its net interest income outlook is “decreasing.” The bank’s previous outlook was “moderately decreasing,” according to StreetAccount. The update came in a presentation posted Monday afternoon.
Chinese internet stocks, metals and mining stocks — Shares of Chinese internet companies and metals and mining stocks jumped Tuesday after the People’s Bank of China cut a key short-term policy rate in an effort to stimulate a post-Covid recovery. The KraneShares CSI China Internet ETF rose 2.7% while JD.Com gained 3.3%. Metals and mining stocks were also boosted by the news, with shares of Freeport-McMoran and Steel Dynamics rallying 5.1% and 4.3%, respectively.
— CNBC’s Samantha Subin, Sarah Min, Alexander Harring and Jesse Pound contributed reporting
Source: https://www.cnbc.com/2023/06/13/stocks-making-the-biggest-moves-midday-jdcom-biogen-oracle-and-more.html