Look at the businesses garnering attention during noon trade.
Redburn Atlantic lowered Spotify from buy to neutral, which resulted in a 2.5% decline in share price for the provider of music streaming services. The company claimed that Amazon’s competition from Spotify’s new audiobook offer did not align with its initial expectation for margin expansion.
Zscaler – Following Barclays upgrading the business to an overweight rating, shares of the cloud security provider rose 4.2%. Analyst Saket Kalia pointed to a fresh possibility for growth in the secure access service edge, or SASE, cybersecurity market.
Mirati Therapeutics – After Bristol Myers Squibb announced an agreement to acquire Mirati for $48 per share plus a contingent value right worth up to $12 per share, shares of the cancer medication firm dropped more than 5%. On Friday, Mirati’s shares reached a closing price of $60.20 per share.
Tesla — The automaker’s shares dropped 2.3% on Monday when it was revealed that, according to data from the China Passenger Car Association, its year-over-year sales in China dropped by 10.9% in the previous month.
On Holding — After Baird changed the stock’s rating from neutral to outperform, the shoe manufacturer gained more than 1%. On’s recent investor day, according to the company, strengthened its belief in the brand’s viability and three-year development plan.
After Bank of America started to rate the stock as a buy, Motorola Solutions saw a 3.3% increase. In addition to excellent growth and a stable order pipeline, the bank claimed strong pricing power.
Datadog – After Bank of America downgraded the cloud stock from buy to neutral and cited a potential risk to revenue from demand checks, Datadog saw a 3.6% decline.
Stocks of oil – After the weekend’s intensification of the Israel-Hamas war, stocks of energy stocks rose. Hess, CF Industries, and Halliburton each had a 5%, 5.5%, and 6.5% increase in share price.
Source (CNBC)
