Stocks with the biggest moves at midday: MU, TSLA, ULTA, INTC
See the companies making headlines in midday trading: Micron Technology — Micron rose 2.7% after JPMorgan reiterated that the stock is outperforming ahead of the memory chipmaker’s earnings release, which is scheduled for Wednesday after the market close. Analyst Harlan Sur expects Micron’s results to be driven by strong demand for artificial intelligence and servers. Tesla — Shares rose 4.8% after Barclays reiterated its equal-weight rating on the electric vehicle maker, saying Tesla’s third-quarter deliveries could be better than expected and a “near-term positive” for the stock. AeroVironment — The defense contractor jumped more than 8% after the U.S. Army lifted a work stoppage on a $990 million contract. Monday’s gains put the stock on track for its biggest gain since Aug. 28, when it rose 9%. General Motors — The automaker fell 3% after Bernstein downgraded the stock to market perform from outperform, citing risks to earnings and potential price headwinds from inventory buildup. Ulta — The cosmetics stock fell more than 3% after TD Cowen downgraded it to hold from buy. The investment firm said Ulta’s sales growth is slowing and the stock’s valuation looks adequate. Biohaven — Shares jumped 12% after the clinical-stage pharmaceutical company reported positive trial data for its drug to treat cerebellar degeneration called troriluzole. The study showed troriluzole slowed the progression of the neurodegenerative disease in patients by 50% to 70%. Intel — Shares of the troubled chipmaker rose 2.4% after Bloomberg News reported Sunday that Apollo Global Management had proposed a multibillion-dollar investment in Intel. CNBC also confirmed Friday that Qualcomm recently approached Intel about a takeover. Ciena — Shares of the networking stock rose 4.6% after Citi doubled its upgrade to buy from sell. Citi said the company is more likely to hit its long-term top-line growth target. — CNBC’s Jesse Pound, Alex Harring, Samantha Subin and Sean Conlon contributed reporting.
