Uber, Spotify, Tesla, Zoom Video
A pedestrian walks by a indicator in entrance of the Uber headquarters on May possibly 18, 2020 in San Francisco, California.
Justin Sullivan | Getty Illustrations or photos
Examine out the corporations creating headlines midday Monday:
Dominion Electrical power, Berkshire Hathaway — Berkshire Hathaway attained 2.2% right after the conglomerate claimed it is expending $4 billion to acquire the all-natural gas transmission and storage assets of Dominion Strength. The offer marked Berkshire’s initially due to the fact the coronavirus disaster and its major acquire in yrs following its income pile ballooned to a document of $138 billion. Including the assumption of credit card debt, the offer totals just about $10 billion. Shares of Dominion fell almost 8%.
Uber Systems — Shares of Uber jumped a lot more than 4% immediately after the organization said it would acquire foodstuff-shipping and delivery support Postmates for $2.65 billion in stock. Postmates is the fourth-biggest U.S. meals shipping company by industry share.
Spotify — The streaming music organization drop 1.3% immediately after Bernstein downgraded the stock to underperform from current market complete. The agency stated in a observe to shoppers that its “not likely Spotify will make a great deal earnings from podcasts,” which includes the large-profile deal with Joe Rogan. The inventory has extra than doubled considering that the commencing of April.
Tesla — Shares of the automaker jumped additional than 9% and briefly traded previously mentioned $1,300 per share right after JMP Securities elevated its value goal on the inventory to $1,500 for every share. The business stated Tesla’s superior-than-predicted deliveries for the second quarter confirmed that the company was continue to on observe for powerful development in the a long time forward.
Harley-Davidson — Harley-Davidson shares received 5.2% immediately after a Citigroup analyst initiated coverage of the motorcycle builder with a acquire score, citing optimism all around the company’s modern management changes. “The new CEO, Jochen Zeitz’s monitor history and promoting acumen as CEO of PUMA sporting merchandise (Germany) augurs well,” the analyst said.
Zoom Video — An analyst at Baird hiked his value concentrate on on the video clip-conferencing giant to $300 for each share from $230 for every share. The new rate focus on implies a 14.1% upside over the up coming 12 months. “Whilst only a single-digit per cent of absolutely free people approach to change to paid, that could still present a meaningful raise to company Conferences and Mobile phone income, specially when including international,” in accordance to the analyst. Zoom shares rose 2.1%.
Immunomedics — Shares of the biopharmaceutical enterprise jumped much more than 8% on the again of optimistic section 3 demo success for Trodelvy, a drug aimed at dealing with patients with metastatic triple-damaging breast most cancers. The examine, Immunomedics stated, confirms the drug “has the probable to improve the conventional administration of mTNBC.”
Globus Medical — Globus Clinical shares fell 6.3% immediately after Piper Sandler downgraded them to neutral from obese. “We are anxious about the likely effects of a second outbreak of COVID-19 on domestic backbone processes, and the Road is modeling GMED recovering quite promptly, which provides a bad setup, in our check out,” an analyst at Piper wrote in a be aware.
Regeneron Pharmaceuticals — Regeneron explained its coronavirus antibody cocktail is moving into section 3 of trials, which will be conducted with the Nationwide Institute of Allergy and Infectious Diseases. “We are happy to collaborate with NIAID to analyze REGN-COV2 in our quest to even more avoid the spread of the virus with an anti-viral antibody cocktail that could be available substantially faster than a vaccine,” mentioned George Yancopoulos, co-founder of Regeneron. The inventory gained 2.4%.
— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed to this report.