Check out the companies making headlines in midday trading.
RPT Realty shares surged 19% 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 stock advanced 7% 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 5% after announcing positive results for its treatment for patients with atrial fibrillation, or abnormal heartbeats.
CrowdStrike fell more than 3% 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.
Industrial stock 3M saw a 5% jump after Bloomberg reported that the company 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.
Akero Therapeutics added 4% in midday trading. UBS initiated coverage of Akero with a buy rating, saying the biotech company’s treatment for non-alcoholic steatohepatitis could tap into an underappreciated market opportunity.
Shares of Alibaba Group 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.
Chinese electric car company Xpeng saw a 3% jump in shares after announcing its acquisition of Didi’s smart electric car development business in an exchange of shares worth $744 million. Xpeng plans to develop an electric car for launch next year under a new mass market brand.
UGI, a natural gas and propane distributor, rose 2% on 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 offers a “sufficiently attractive” valuation.
Stocks tied to the semiconductor industry rose as a group Monday. Micron Technology and Marvell Technology each added 2%, while NXP Semiconductors rose more than 1%.
These are just a few of the companies making waves in midday trading. Stay tuned for more updates as the day progresses.
– CNBC’s Alexander Harring, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh, and Samantha Subin contributed reporting.