The Raytheon stand is seen at the 53rd Paris International Air Show at Le Bourget airport near Paris, France on June 21, 2019.
Pascal Rossignol | Reuters
Find out which companies are making headlines in the midday business.
Defense stocks – Defense stocks rose as the conflict between Russia and Ukraine continued on Monday and European countries pledged to spend more on defense. Northrop Grumman climbed about 6%, while Raytheon Technologies gained about 2.7% and General Dynamics gained about 2%. Lockheed Martin, which was also leveled to outperform its peers by Wolfe Research, rose more than 4%.
BP – Shares in the oil and gas giant fell more than 5% after the company announced it would shed its nearly 20% stake in state-controlled Russian oil producer Rosneft . BP CEO Bernard Looney and former executive Bob Dudley are also resigning from Rosneft’s board, effective immediately.
Block – Shares of financial technology company Block rose more than 3% after an upgrade to outperform BMO Capital Markets. The company said investors have an opportunity to buy shares of Block at a growth level at a reasonable price after the stock’s pullback.
Tesla – Tesla shares rose 5.5% after Bernstein raised his price target on EV stock. “A clear rationale for TSLA’s valuation is its unique growth profile, which stands out even among technology companies,” said analyst Toni Sacconaghi. However, Sacconaghi retained an underperforming rating on the stock and still foresees a big drop from here.
Renewable Energy Group – Shares of Renewable Energy Group jumped around 40% after Chevron announced it would buy the biodiesel maker in an all-cash deal worth $3.15 billion. dollars.
First Horizon – Shares of the Memphis-based bank jumped nearly 30% after news broke that TD had acquired the company in a $13.4 billion cash deal dollars, or $25 per share, a move that will allow the Canadian banking giant to expand its footprint in the southeastern part of the United States
Healthcare Trust of America – Shares of the healthcare-focused real estate investment trust fell more than 4% after it announced it would merge with rival Healthcare Realty in an implied-value deal of $35.08 per share. Shares of Healthcare Realty fell more than 10%.
Foot Locker – Shares of the shoe retailer rose more than 5% despite being downgraded to underweight relative to equal weight at Morgan Stanley. The Wall Street firm said it was concerned about revenue potential after the company said it would sell fewer Nike products.
Gilead Sciences – Shares of Gilead Sciences fell about 1.7% after BMO downgraded the stock to market performance from outperformance. “We’re not negative on the name, but see Gilead as a ‘show me’ story and look to management to further de-risk the assets before we’re more constructive,” the company said.
Lear Corp – The automotive seating company saw its shares fall more than 5% following a downgrade by Morgan Stanley from overweight to equal eight. The company expressed concern about Lear’s slowing growth.
– CNBC’s Hannah Miao and Maggie Fitzgerald contributed reporting.