Evan Spiegel, Co-Founder and CEO of Snap Inc., speaks during the New Work Summit in Half Moon Bay, California, USA on Monday, February 25, 2019.
David Paul Morris | Bloomberg | Getty Images
Take a look at the companies making headlines on Monday lunchtime:
Devon Energy, WPX Energy – Devon's shares rose 11.1% while WPX rose 16.4% after the two companies announced their intention to merge. The all-stock transaction will give the combined company, which will keep Devon's name, an enterprise value of approximately $ 12 billion.
Cleveland-Cliffs, ArcelorMittal – Shares in the two mining companies rose 11.6% and 10.6% respectively after Cleveland-Cliffs agreed to buy ArcelorMittal's US operations for $ 1.4 billion. The deal, which is expected to close in the fourth quarter of 2020, makes Cleveland-Cliffs the largest flat steel producer in North America.
Sina Corp – Sina shares fell 5.9% after the Chinese social media giant announced it would go private in a deal that valued the company at $ 2.59 billion. New Wave Holdings, controlled by the chairman and CEO of Sina, is paying $ 43.30 per share in cash for the parent company of Weibo, the Chinese version of Twitter.
Snap – Snap shares rose more than 4% after Guggenheim switched the social media company to buy neutral. "We assume that the rating scale will be tilted in favor of software in the next 12 months, and therefore view current software multipliers as positive goals for our Internet coverage," the company said in a note.
Virgin Galactic – The space tourism company's stock rose 24.8% after receiving buy ratings from Bank of America and Susquehanna. With the new ratings, Virgin Galactic receives eight out of eight purchase ratings from Wall Street companies. Bank of America gave the stock a price target of $ 35 per share and Susquehanna gave the stock a price target of $ 20 per share. Bank of America described the space company's growth potential as "unparalleled".
UPS – UPS stocks rose 1.8% after KeyBanc upgraded the stock from sector weight to overweight. The company praised new UPS CEO Carol Tome in a message to customers and expects free cash flow to accelerate in the coming year.
Chevron – The integrated oil giant's stock rose 2.9% after Bank of America upgraded the company into a buy. "We believe CVX has returned to a level where the risk / reward is attractive," the company said in a statement to customers. Bank of America cut its price target on the stock from $ 101 to $ 96. The new target is 31% above the current retail value.
Pinterest – Social media shares rose 2.7% after Guggenheim started reporting on Pinterest with a buy recommendation. In a communication to customers, the company said that Pinterest had "oversized" the growth prospects in the digital advertising market and made improvements to its product.
Plug Power – The fuel cell maker's shares rose more than 13% after a Morgan Stanley analyst switched the company from equal weight to overweight. The analyst also raised his target price on the stock from $ 10.25 per share to $ 14 per share, up 20% from Friday's close over the next 12 months. "We believe that if PLUG can produce green hydrogen at a relatively low cost, its customers … will likely adopt PLUG's fuel cell products even faster, given the zero-carbon profile of fuel cells that use green hydrogen," he said Analyst.
– CNBC's Maggie Fitzgerald, Pippa Stevens and Yun Li contributed to this report.