An employee brings a television to a customer's car at a Best Buy store in Orlando, Florida.
Paul Hennessy | SOPA pictures | LightRakete | Getty Images
Check out the companies that are making headlines in midday trading.
Energy stocks – Energy stocks topped the S&P 500 on Monday as oil prices rose on supply concerns fueled by a pickup in demand as pandemic conditions around the world gradually relax. Cimarex, Cabot, Diamondback and Marathon Oil gained over 6%. Occidental added more than 7%. Halliburton was not far behind with more than 5% profit.
Financials – Financial institution stocks also rallied as the benchmark ten-year government bond yield climbed over 1.5% at times on Monday morning. Lincoln National and M&T Bank were up over 5%, while MetLife was up about 4%. State Street added more than 3%. Bank stocks tend to benefit from rising interest rates because they enable higher margins and profits.
Best Buy – Best Buy's shares rose 4.8% after Piper Sandler raised her price target on the stock from $ 146 per share to $ 150. The new forecast implies an upward movement of 43.2% from the closing price of Best Buy on Friday. Piper Sandler named Best Buy "one of our top coverage ideas" and said Best Buy's new membership program was "one of the most fascinating initiatives BBY has launched in over 5 years".
Altice – Shares in the broadband and video company fell more than 6% after Credit Suisse downgraded the stock from above-average to neutral. The Wall Street company said Altice could have negative effects from its aggressive fiber building strategy in the short term.
Carnival Corp. – The cruise company's shares rose 4.7% after the company released an upbeat business update on Friday. Carnival said his "trips are already cash flow positive" and expects the positive trend to continue. The company reported a US GAAP net loss of $ 2.8 billion and an adjusted net loss of $ 2.0 billion for the third quarter of 2021.
Vaccine Makers – Covid-19 vaccine makers fell as Singapore reported a daily record of Covid cases, hitting five new daily highs in the past week. The two main vaccines used in Singapore are those developed by Pfizer-BioNTech and Moderna. Pfizer is roughly unchanged on Monday, but BioNTech and Moderna fell 6.8% and 4.7%, respectively. Novavax also lost over 7% and CureVac lost over 3%.
Acceleron Pharma – Acceleron shares rose 4.8% after Bloomberg reported Friday that the company was in talks to acquire it by an unnamed large pharmaceutical company for about $ 180 a share. Bristol-Myers Squibb, which already owns 11.5% of Acceleron, is reportedly one of the potential candidates being considered.
– CNBC's Hannah Miao, Maggie Fitzgerald and Yun Li contributed to the coverage
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