Here’s a look at the companies making notable movements this midday:
Chipmakers — The semiconductor sector experienced some volatility on Monday as investors shifted funds among different markets. The VanEck Semiconductor ETF (SMH) initially dropped by 3.1% but recovered to gain 2.5%. Nvidia dipped 0.6%, rebounding from a 1.4% decrease. Micron also reduced its earlier losses, now down by 2%.
TopBuild — The insulation and building materials manufacturer saw a 12% decline at the week’s start, marking its steepest drop since March 2020. This plunge seems to stem from anticipation regarding its acquisition by QXO, announced back in April.
Comcast — Shares climbed 6% after the announcement to separate its NBCUniversal and Sky media divisions. This spinoff is projected to finalize within a year, with Comcast co-CEO Mike Kavanaugh stepping up to lead NBCUniversal, and former CFO Michael Angelakis taking charge of the carrier.
Rocket Lab, Iridium Communications — Both companies’ stocks surged after Rocket Lab revealed its intention to acquire Iridium. The merger aims to merge Rocket Lab’s launch capabilities with Iridium’s satellite communications. Consequently, Rocket Lab saw a jump of over 9%, while Iridium soared by more than 21%.
AppLovin — Shares went up more than 4% following Raymond James’ coverage initiation of the digital advertising platform with a strong buy rating and a price target of $640. According to the company, entering the e-commerce advertising sector could present a “significant long-term growth opportunity.”
SpaceX — Shares were up 2% after Nasdaq confirmed that SpaceX would be added to its Nasdaq 100 index before trading on July 7. This inclusion could spur increased demand for ETF purchases.
Charter Communications — The home internet provider saw an 11.4% increase on Friday after a Bloomberg article indicated that Charter and SpaceX were in exclusive discussions regarding consumer phone products. The suggestion is that Charter might utilize some of SpaceX’s mobile phone traffic through its existing internet infrastructure.
Alphabet — Known as one of the “Magnificent Seven,” Alphabet commenced trading on the Dow Jones Industrial Average, causing its stock to rise by 4%. Alphabet is replacing Verizon in the 30 Blue Chip Index.
Verizon Communications — The telecom giant dropped 7% as it projected a second-quarter loss ranging from $700 million to $800 million. This outlook arose from how it classified its joint venture contributions with UK’s BT Group. If the downward trend continues, this could mark its worst day since July 17, 2023, when the stock fell 7.5%.
Martin Marietta Materials — Shares fell 6% following the announcement of a merger agreement with Lhoist North America worth $13.5 billion in cash. The deal is poised to expand its industrial minerals offerings.
TeraWulf — The stock experienced a 3% drop, despite Citi beginning coverage with a buy rating. Analysts mentioned that the company addressed a significant power bottleneck for data centers, positioning it as an appealing option in AI investment strategies.
Quantinuum — The quantum computing stock saw a decline of over 2%, despite bullish coverage from several Wall Street firms. JP Morgan labeled Quantinuum as “a leader in quantum computing” known for exceptional two-qubit gate fidelity. The company, which began trading on Nasdaq earlier this month, emerged in 2021 from the merger of Honeywell’s quantum computing division and Cambridge Quantum.
Doximity — Shares of this online platform for medical professionals fell by 1.4% following a double downgrade by Bank of America, dropping from a buy to an underperform rating. The financial institution highlighted risks associated with Doximity’s shift towards artificial intelligence and the uncertainty surrounding revenue and profit forecasts.
