A pedestrian walks by a sign in front of the Uber headquarters on May 18, 2020 in San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making headlines midday Monday:
Dominion Energy, Berkshire Hathaway — Berkshire Hathaway gained 2.2% after the conglomerate said it is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy. The deal marked Berkshire’s first since the coronavirus crisis and its biggest purchase in years after its cash pile ballooned to a record of $138 billion. Including the assumption of debt, the deal totals almost $10 billion. Shares of Dominion fell nearly 8%.
Uber Technologies — Shares of Uber jumped more than 4% after the company said it would purchase food-delivery service Postmates for $2.65 billion in stock. Postmates is the fourth-largest U.S. food delivery service by market share.
Spotify — The streaming music company shed 1.3% after Bernstein downgraded the stock to underperform from market perform. The firm said in a note to clients that its “unlikely Spotify will generate much earnings from podcasts,” including the high-profile deal with Joe Rogan. The stock has more than doubled since the beginning of April.
Tesla — Shares of the automaker jumped more than 9% and briefly traded above $1,300 per share after JMP Securities raised its price target on the stock to $1,500 per share. The firm said Tesla’s better-than-expected deliveries for the second quarter showed that the company was still on track for strong growth in the years ahead.
Harley-Davidson — Harley-Davidson shares gained 5.2% after a Citigroup analyst initiated coverage of the motorcycle builder with a buy rating, citing optimism around the company’s recent leadership changes. “The new CEO, Jochen Zeitz’s track record and marketing acumen as CEO of PUMA sporting goods (Germany) augurs well,” the analyst said.
Zoom Video — An analyst at Baird hiked his price target on the video-conferencing giant to $300 per share from $230 per share. The new price target implies a 14.1% upside over the next 12 months. “While only a single-digit percent of free users plan to convert to paid, that could still provide a meaningful boost to enterprise Meetings and Phone revenue, particularly when adding international,” according to the analyst. Zoom shares rose 2.1%.
Immunomedics — Shares of the biopharmaceutical company jumped more than 8% on the back of positive phase 3 trial results for Trodelvy, a drug aimed at treating patients with metastatic triple-negative breast cancer. The study, Immunomedics said, confirms the drug “has the potential to change the standard management of mTNBC.”
Globus Medical — Globus Medical shares fell 6.3% after Piper Sandler downgraded them to neutral from overweight. “We are worried about the potential impact of a second outbreak of COVID-19 on domestic spine procedures, and the Street is modeling GMED recovering fairly quickly, which presents a poor setup, in our view,” an analyst at Piper wrote in a note.
Regeneron Pharmaceuticals — Regeneron said its coronavirus antibody cocktail is entering phase 3 of trials, which will be conducted with the National Institute of Allergy and Infectious Diseases. “We are pleased to collaborate with NIAID to study REGN-COV2 in our quest to further prevent the spread of the virus with an anti-viral antibody cocktail that could be available much sooner than a vaccine,” said George Yancopoulos, co-founder of Regeneron. The stock gained 2.4%.
— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed to this report.