Boston Scientific Corp.
Chitose Suzuki
Check out the companies making headlines in midday trading.
RPT Realty – Shares of RPT Realty rose 17% after Kimco Realty, an operator of open-air shopping malls, announced it would acquire the Real Estate Investment Trust in an all-stock deal valued at about $2 billion. to take dollars. Kimco CEO Conor Flynn said, “Approximately 70% of the RPT portfolio aligns with our key strategic markets.” The deal is expected to close in early 2024.
Mister Car Wash – Shares in car wash rose 6.1% as Piper Sandler upgraded the rating from neutral to overweight. The company said the company has growth potential that investors are overlooking.
BOSTON SCIENTIFIC – The medical device maker gained nearly 6% after Boston Scientific announced positive results for its treatment of patients with atrial fibrillation or an abnormal heart rhythm on Sunday.
CrowdStrike – CrowdStrike fell 3.7% after Morgan Stanley downgraded shares from overweight to equal weight, citing caution and concerns about a potential slowdown in revenue growth ahead of the software company’s upcoming earnings report.
3M – Industrial stock rose 5.2% after Bloomberg reported that 3M had reached an interim agreement to settle litigation over its combat earbuds. According to the report, which quoted people familiar with the agreement, the deal would cost 3M more than $5.5 billion.
Akero Therapeutics – Akero Therapeutics gained 4.2% in midday trade. UBS began coverage of Akero with a buy rating, saying the biotech’s treatment for nonalcoholic steatohepatitis could capture an underappreciated market opportunity.
Alibaba Group, JD.com – Alibaba and JD.com each gained more than 2% after the Chinese government announced measures to boost the stock market, including cutting a trade tax.
Xpeng – Shares of the Chinese electric car maker rose 5.3% after the company announced it was buying Didi’s smart electric car development business in a $744 million share swap. The Chinese ride-hailing company becomes a strategic shareholder of Xpeng. Meanwhile, Xpeng said it plans to develop an electric car to launch next year under a new mass-market brand.
UGI — Shares of the natural gas and propane trader rose 1.8% on Monday after Wells Fargo analyst Sarah Akers upgraded the company from “equal weight” to “overweight.” The company also lowered its price target on UGI due to structural headwinds, but said the stock has fallen enough to offer a “reasonably attractive” valuation.
Micron Technology – Shares in the semiconductor industry were higher overall on Monday. Micron Technology and Marvell Technology shares gained 2.5% and 3.1%, respectively. NXP Semiconductors rose 1.5%.
— CNBC’s Alexander Harring, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh and Samantha Subin contributed coverage.
Source : www.cnbc.com