Modern CEO Stephane Bancel
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Here are the stocks that are making notable moves in the midday trading.
GameStop – The shares of the traditional retailer fell more than 20% with the frantic trading fueled by Reddit in February. After rising more than 1,600% in January, the stock is returning some of its meteoric gains, although apparently synthetic. GameStop is heavily restricted to the Robinhood stock trading app.
Modern – Biotech stocks fell 8% after Bank of America downgraded stocks from neutral to underperforming. The company analyst said in a note that the move was largely due to concerns about the assessment.
AMC Entertainment – AMC Entertainment’s stock rose more than 6% on Monday, continuing its rise since last week fueled by retail investors obsessed with Reddit trying to squeeze out the heavily sold name. AMC removed any obstacles from trade restrictions on the Robinhood stock trading app.
Pan American Silver, Coeur Mining – Mining stocks followed silver’s rise on Monday as the precious metal became a hot spot among social media retailers. Coeur Mining and Pan American Silver shares rose 19% and 9.7%, respectively.
Ford – Automobile shares jumped 5% after the company announced a strategic partnership with Alphabet, Google’s parent company.
Tesla – The shares of the electric vehicle company gained more than 2% after Piper Sandler more than doubled its target for the shares from $ 515 to $ 1,200. “2020 was a year of rupture for TSLA, but in our opinion, the fireworks are not over,” said the company. The new target is about 47% above where the shares are currently traded.
Stitch Fix – Shares in the online-style services company fell more than 12% after Stifel downgraded the shares to a wait rating. The downgrade is a valuation call after the rise of more than 40% of the shares this year. In the long run, the company remains optimistic about the company’s prospects, saying the business will be in a “stronger post-pandemic position”. The company raised its target for the shares from $ 64 to $ 83, a figure slightly below where the shares traded on Monday.
Virgin Galactic – Space travel company’s shares rose 17% in Monday’s trading, surpassing $ 50 a share, after the space travel company announced it would refit its aborted flight test in December as early as February 13. lead to end above its previous highest closing price, according to FactSet. Virgin Galactic shares more than doubled last month and have risen more than 180% in the past 12 months.
Williams-Sonoma – Shares in the home goods retailer fell 3.7% after UBS downgraded its shares to sell neutral. The investment firm said in a note that Williams-Sonoma’s recent performance has raised expectations very high for next year.
CureVac – The biotechnology company’s stock price rose nearly 10% after Bayer announced it would help with the manufacture of the CureVac Covid-19 vaccine. The companies have already partnered.
– Pippa Stevens, Maggie Fitzgerald and Michael Sheetz of CNBC contributed to this story.