Check out the companies making headlines in midday trading.
Energy stocks – Oil stocks rose again Monday as futures for West Texas Intermediate crude traded above $81 per barrel. Shares of Diamondback Energy rose 3%, while Halliburton climbed 4.9%. Solar stocks also moved higher, with Sunrun and Enphase Energy jumping more than 6%.
Freeport-McMoRan – Shares surged 6% and were among the biggest gainers in the S&P 500. The stock’s jump comes amid a rally in the energy and industrials sector and a pop in copper prices.
SoFi Technologies — Shares of the online personal finance company surged more than 10% after Morgan Stanley initiated coverage with an overweight rating. The Wall Street firm is bullish on SoFi’s student loan refinancing business and said the potential approval of SoFi’s bank charter application is another possible catalyst for a boost.
Aspen Technology — The industrial software maker’s stock jumped 9% after it announced a deal with Emerson Electric to merge with two of its software businesses. The cash-and-stock deal is valued at about $160 per share.
Cleveland-Cliffs — Shares of Cleveland-Cliffs gained more than 5% after the steel producer announced it would acquire Ferrous Processing and Trading, a scrap metal company. The acquisition will mark Cleveland-Cliffs’ entrance into the scrap business.
DraftKings — Shares of the sporting betting company popped nearly 4% after Citi initiated coverage with a buy rating. The Wall Street firm said the company is the “market leader” in betting.
Southwest Airlines — The air carrier’s stock price slid more than 1% after it canceled more than 2,000 flights over the weekend, blaming air traffic control issues, bad weather and its own staffing shortage.
Coinbase — The cryptocurrency exchange saw its shares fall jump more than 5% as bitcoin extended a two-week rally toward an all-time high. Coinbase’s stock tends to trade in tandem with cryptocurrency prices because most of its revenue is derived from trading fees.
— CNBC’s Yun Li, Maggie Fitzgerald, Jesse Pound and Hannah Miao contributed reporting