Stocks making the biggest moves midday: Chevron, Okta, Walgreens, Spirit AeroSystems and more
Check out the companies making headlines in midday trading. Chevron — Chevron shares fell 3.7% after the energy giant agreed to buy Hess in a $53 billion all-stock deal , or $171 per share. The acquisition allows Chevron to develop drilling in Guyana, and it comes approximately two weeks after Exxon Mobil acquired Pioneer Natural Resources in a $59.5 billion all-stock deal. Okta — Okta’s stock shed 8.1%, building on an 11.6% loss during Friday’s session after the cybersecurity firm said hackers accessed its support system and viewed client files. Both Citi and Evercore ISI said the company could suffer in the near term from the attack. Pinterest — The digital platform’s shares added 2.6% on the back of an upgrade to buy from hold by Stifel. The firm said the company has “plenty of room for growth” outside the U.S. market. Walgreens Boots Alliance — Shares popped 3.3% Monday after JPMorgan upgraded shares to overweight from neutral and raised its price target. The firm said it believes Walgreens can remove several overhangs in the coming quarters and improve its performance. e.l.f. Beauty — Shares added 3.5% after Raymond James upgraded shares to strong buy from outperform in a Monday note. Analyst Olivia Tong said the company’s growth remains on track to outpace its categories and retail scanner sales. Tong also highlighted e.l.f.’s acquisition of skincare brand Naturium as an improvement to the company’s mix. Spirit AeroSystems — The aerospace company’s shares gained 2.3% after Bernstein raised its rating on shares to outperform from market perform. The firm is bullish on a turnaround opportunity since Pat Shanahan was named interim CEO earlier this month. EngageSmart — The customer payment solutions company rallied 11.9% after private equity firm Vista Equity Partners agreed to buy the company for $4 billion, or $23 a share. The deal is expected to close in the first quarter of 2024. Textainer Group Holdings — Shares of the marine cargo containers company surged 44.7% after alternative investment firm Stonepeak said it would acquire the leasing container company in a deal valued at $7.4 billion. Textainer shareholders will receive $50 per share in cash. Ultra Clean Holdings — Shares declined 6.2%, reaching a new 52-week low, after the company posted preliminary third-quarter earnings per share that were lower than Ultra Clean’s earlier guidance. Ultra Clean, which develops components and subsystems for the semiconductor industry, cited a sharp decline in business volume for its services segment. FMC Corporation — The insecticide company’s shares tumbled 13.2% after FMC issued third-quarter guidance that’s lower than what it originally called for. FMC also lowered its fourth-quarter and full-year revenue guidance. The revised outlook stemmed from lower sales volume in Latin America, as well as ongoing global destocking effects. — CNBC’s Pia Singh, Samantha Subin, Alex Harring and Sarah Min contributed reporting. This post has been syndicated from a third-party source. View the original article here.
