A pedestrian walks past a sign outside Uber headquarters on May 18, 2020 in San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making headlines on Monday afternoon:
Dominion Energy, Berkshire Hathaway – Berkshire Hathaway grew 2.2% after the conglomerate spent $ 4 billion on the purchase of Dominion Energy̵
Uber Technologies – Uber’s shares rose more than 4% after it announced it would buy Postmates grocery delivery for $ 2.65 billion in stock. Postmates is the fourth largest U.S. food delivery service by market share.
Spotify – The streaming music company lost 1.3% after Bernstein downgraded the stock to underperform market performance. The company said in a message to customers that its “unlikely Spotify will generate a lot of profit from podcasts,” including the high-profile contract with Joe Rogan. The stock has more than doubled since the beginning of April.
Tesla – The automaker’s shares rose more than 9% and traded briefly above $ 1,300 per share after JMP Securities raised the price target for the share to $ 1,500 per share. The company said Tesla’s better-than-expected second-quarter deliveries showed the company was still on its way to strong growth in the coming years.
Harley-Davidson – Harley-Davidson stock was up 5.2% after a Citigroup analyst initiated a motorcycle rating on the motorcycle manufacturer, expressing optimism about the company’s recent management changes. “The new CEO, Jochen Zeitz’s track record and marketing acumen as CEO of PUMA Sportartiken (Germany), is a good sign,” said the analyst.
Zoom Video – An analyst at Baird raised its video conference giant price target from $ 230 per share to $ 300 per share. The new price target implies a plus of 14.1% in the next 12 months. “While only a single-digit percentage of free users plan to switch to a paid service, this could significantly increase sales of corporate meetings and phones, especially if international customers are added,” said the analyst. The Zoom share rose by 2.1%.
Immunomedics – The biopharmaceutical company’s shares increased more than 8% based on positive results from the phase 3 trial for Trodelvy, a drug used to treat patients with metastatic triple negative breast cancer. The study, Immunomedics said, confirmed that the drug “has the potential to change the standard management of mTNBC”.
Globus Medical – Globus Medical stocks fell 6.3% after Piper Sandler downgraded them from overweight to neutral. “We are concerned about the possible impact of a second outbreak of COVID-19 on spinal procedures in the home, and the street is modeling the relatively fast recovery of GMED, which we believe is a poor setup,” wrote a Piper analyst in a note .
Regeneron Pharmaceuticals – Regeneron has announced that its coronavirus antibody cocktail is entering the third phase of studies conducted with the National Institute of Allergy and Infectious Diseases. “We are excited to partner with NIAID to study REGN-COV2 to further prevent the virus from spreading with an antiviral antibody cocktail that could be available much earlier than a vaccine,” said George Yancopoulos, co-founder of Regeneron. The share gained 2.4%.
– Maggie Fitzgerald, Yun Li and Jesse Pound from CNBC contributed to this report.