Check out the companies making headlines in midday trading.
Infrastructure stocks — Industrial stocks got a boost after the passing of the $1 trillion infrastructure bill by the House of Representatives over the weekend. Caterpillar, Vulcan Materials added more than 4% while Martin Marietta Materials rose more than 3%. The Global X US Infrastructure Investment ETF, which tracks infrastructure stocks, gained 1.2% and hit an all-time high in the opening minutes of the session.
Live Nation Entertainment — Shares of the entertainment company took a 5.3% dip after at least eight people died and dozens were injured at a Travis Scott concert over the weekend. Live Nation, the show’s promoter, has reportedly been named a defendant in lawsuits related to the event.
Advanced Micro Devices— Shares of the semiconductor company surged about 10% after it announced it has won Meta, formerly known as Facebook, as a chip customer. It also revealed a range of new chips during its Accelerated Data Center Premiere Keynote Monday.
Tesla — Shares of the electric vehicle giant slid nearly 5% after CEO Elon Musk asked his millions of Twitter followers if he should sell 10% of his stock in the company. In a Twitter poll launched Saturday, Musk said: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” About 58% of respondents voted for “Yes.”
U.S. airlines — The U.S. ended its pandemic-era international travel ban Monday. Visitors can now fly into the country with a proof of full Covid-19 vaccination and a recent negative Covid test. Delta, United and American shares rose.
Occidental Petroleum — The energy stock rose 2.5% as oil climbed on Monday. The passage of the U.S. infrastructure bill has raised optimism about oil demand remaining strong in the coming years.
Autolus Therapeutics — The biotech stock surged 25%, pushing its market cap to $500 million, after Blackstone said it would invest up to $250 million in Autolus. The investment will help the company build on a treatment for leukemia, the companies said in a release, and includes $150 million in product financing.
Coty — Beauty company Coty soared about 15% after reporting better-than-expected quarterly results, according to estimates from StreetAccount. Coty also announced it will sell more of its stake in hair care company Wella to KKR.
Canopy Growth — The cannabis company’s shares jumped more than 10% as investors bought the early morning dip on two downgrades from Cowen and Canaccord Genuity. Those followed a revenue miss by Canopy, which reported fiscal second-quarter results last week.
Peloton — Peloton shares fell nearly 8%, extending their decline from the prior week. Last Friday, the company’s stock dropped more than 35% on weakening sales growth and a wider-than-expected loss in its fiscal first quarter.
Crypto stocks — Crypto-related stocks rode the wave as cryptocurrencies themselves jumped on Monday, with bitcoin gaining more than 5%. Ether rose more than 3% and hit an all-time high earlier in the session. Shares of crypto exchange Coinbase got a 5% boost, while MicroStrategy added more than 7%. Mining companies Riot Blockchain and Marathon Digital surged about 16.5% and nearly 18%, respectively.
— CNBC’s Jesse Pound, Yun Li and Hannah Miao contributed reporting
Source: Finance - cnbc.com
