Check out the companies making headlines in midday trading.
Alibaba, JD.com, Pinduoduo — Shares of Chinese companies listed publicly in the U.S. surged as Beijing signaled support for the stocks. The Chinese government said it supports the listing of businesses overseas and that its crackdown on technology companies should end soon, according to Chinese state media. Alibaba jumped about 27%, JD.com added around 30% and Pinduoduo rallied roughly 46%.
AeroVironment — The defense stock jumped 9% after NBC News reportedthat the White House was considering supplying drones made by AeroVironment to the Ukrainian government to help fend off Russian forces.
Lockheed Martin — Shares of the defense contractor dropped 6.5% after Bloomberg News reported that the Pentagon would cut its request for F-35 fighter jets in the new fiscal budget proposal.
Boeing — Boeing shares rallied about 4% after Baird added the aerospace company to its bullish fresh picks list. While the company’s stock is down year-to-date, investors should buy the dip as deliveries of the 737-Max are expected to resume in China even amid the recent surge in Covid-19 cases, analysts wrote.
Micron Technology — The semiconductor stock surged more than 6% in midday trading. Bernstein analysts upgraded Micron to outperform, saying the firm will see huge gains after supply issues are resolved later this year.
Spotify — The streaming company’s stock price jumped more than 6% in midday trading. Spotify signed a stadium and shirt sponsorship deal on Tuesday with Spanish soccer team FC Barcelona. The team members will wear the Spotify logo on their uniform shirts for the next four years.
Starbucks — Shares of Starbucks climbed about 5.5% after the coffee giant announced CEO Kevin Johnson’s retirement following five years on the job and said that Howard Schultz will return as interim CEO. JPMorgan analysts also upgraded Starbucks to overweight and said its shares could rally 22% despite recent China restrictions.
Nvidia — The chipmaker’s stock price surged more than 4% in midday trading. Analysts at Wells Fargo added Nvidia to their “signature picks” list, saying the stock’s recent tumble has created an attractive risk/reward profile. Wells Fargo also expects upbeat announcements at Nvidia’s upcoming investor day.
Nike — The sportswear company’s stock price spiked 4.2% in midday trading. Bernstein said Tuesday that supply chain issues have created a buying opportunity in Nike, which analysts expect will maintain its top position in China.
NortonLifeLock — Shares for NortonLifeLock tumbled more than 11% in midday trading after Britain signaled that the cybersecurity company’s $8.6 billion deal to acquire competitor Avast may get an “in-depth” probe by antitrust regulators.
— CNBC’s Hannah Miao, Jesse Pound and Samantha Subin contributed reporting