A pedestrian walks by an indication in entrance of the Uber headquarters on Could 18, 2020 in San Francisco, California.
Justin Sullivan | Getty Photos
Try the businesses making headlines noon Monday:
Dominion Power, Berkshire Hathaway — Berkshire Hathaway gained 2.2% after the conglomerate mentioned it’s spending $Four billion to purchase the pure fuel transmission and storage belongings of Dominion Power. The deal marked Berkshire’s first for the reason that coronavirus disaster and its largest buy in years after its money pile ballooned to a file of $138 billion. Together with the belief of debt, the deal totals nearly $10 billion. Shares of Dominion fell almost 8%.
Uber Applied sciences — Shares of Uber jumped greater than 4% after the corporate mentioned it might buy food-delivery service Postmates for $2.65 billion in inventory. Postmates is the fourth-largest U.S. meals supply service by market share.
Spotify — The streaming music firm shed 1.3% after Bernstein downgraded the inventory to underperform from market carry out. The agency mentioned in a word to shoppers that its “unlikely Spotify will generate a lot earnings from podcasts,” together with the high-profile cope with Joe Rogan. The inventory has greater than doubled for the reason that starting of April.
Tesla — Shares of the automaker jumped greater than 9% and briefly traded above $1,300 per share after JMP Securities raised its worth goal on the inventory to $1,500 per share. The agency mentioned Tesla’s better-than-expected deliveries for the second quarter confirmed that the corporate was nonetheless on observe for robust progress within the years forward.
Harley-Davidson — Harley-Davidson shares gained 5.2% after a Citigroup analyst initiated protection of the motorbike builder with a purchase score, citing optimism across the firm’s current management modifications. “The brand new CEO, Jochen Zeitz’s observe file and advertising and marketing acumen as CEO of PUMA sporting items (Germany) augurs properly,” the analyst mentioned.
Zoom Video — An analyst at Baird hiked his worth goal on the video-conferencing big to $300 per share from $230 per share. The brand new worth goal implies a 14.1% upside over the subsequent 12 months. “Whereas solely a single-digit p.c of free customers plan to transform to paid, that might nonetheless present a significant increase to enterprise Conferences and Cellphone income, significantly when including worldwide,” in line with the analyst. Zoom shares rose 2.1%.
Immunomedics — Shares of the biopharmaceutical firm jumped greater than 8% on the again of optimistic section Three trial outcomes for Trodelvy, a drug geared toward treating sufferers with metastatic triple-negative breast most cancers. The research, Immunomedics mentioned, confirms the drug “has the potential to alter the usual administration of mTNBC.”
Globus Medical — Globus Medical shares fell 6.3% after Piper Sandler downgraded them to impartial from obese. “We’re frightened concerning the potential affect of a second outbreak of COVID-19 on home backbone procedures, and the Road is modeling GMED recovering pretty rapidly, which presents a poor setup, in our view,” an analyst at Piper wrote in a word.
Regeneron Prescription drugs — Regeneron mentioned its coronavirus antibody cocktail is coming into section Three of trials, which can be carried out with the Nationwide Institute of Allergy and Infectious Illnesses. “We’re happy to collaborate with NIAID to review REGN-COV2 in our quest to additional stop the unfold of the virus with an anti-viral antibody cocktail that could possibly be accessible a lot earlier than a vaccine,” mentioned George Yancopoulos, co-founder of Regeneron. The inventory gained 2.4%.
— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed to this report.