US Markets
Monday, August 28th, 2023 1:15 pm EDT
Check out the companies making headlines in midday trading.
RPT Realty — RPT Realty shares surged 17% after Kimco Realty, an operator of open-air shopping centers, said it would acquire the real estate investment trust in a roughly $2 billion all-stock deal. Kimco CEO Conor Flynn said, “Approximately 70% of RPT’s portfolio aligns with our key strategic markets.” The deal is set to close in early 2024.
Mister Car Wash — The car wash stock advanced 6.1% on the back of an upgrade to overweight from neutral by Piper Sandler. The firm said the company has potential for growth that investors are overlooking.
Boston Scientific — The medical device maker jumped nearly 6% after Boston Scientific announced positive results Sunday for its treatment for patients with atrial fibrillation, or abnormal heartbeats.
CrowdStrike — CrowdStrike fell 3.7% after Morgan Stanley downgraded shares to equal weight from an overweight rating, citing caution and concerns of potentially slowing revenue growth ahead of the software company’s upcoming earnings report.
3M — The industrial stock jumped 5.2% after Bloomberg reported that 3M had reached a tentative deal to settle lawsuits over its combat ear plugs. The deal would cost 3M more than $5.5 billion, according to the report, which cited people familiar with the arrangement.
Akero Therapeutics — Akero Therapeutics added 4.2% in midday trading. UBS initiated coverage of Akero with a buy rating, saying the biotech company’s treatment for nonalcoholic steatohepatitis could tap into an underappreciated market opportunity.
Alibaba Group, JD.com — Alibaba and JD.com each added more than 2% after the Chinese government announced measures to boost its stock market, including reducing a tax on trading.
Xpeng — Shares of the Chinese electric car company jumped 5.3% after the firm said it is buying Didi’s smart electric car development business in an exchange of shares worth $744 million. The Chinese ride-hailing company will become a strategic shareholder of Xpeng. Meanwhile, Xpeng said it plans to develop an electric car for launch next year under a new mass market brand.
UGI — Shares of the natural gas and propane distributor rose 1.8% Monday after Wells Fargo analyst Sarah Akers upgraded the company to overweight from equal weight. The firm also lowered its price target on UGI due to structural headwinds but said the stock has fallen far enough that it offers a “sufficiently attractive” valuation.
Micron Technology — Stocks tied to the semiconductor industry rose as a group Monday. Shares of Micron Technology and Marvell Technology added 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 reporting.
This post has been syndicated from a third-party source. View the original article here.
