Stocks making the biggest moves midday: PerkinElmer, Boeing, Global Payments, Bumble and more
Check out the companies making headlines in midday trading Monday.
Boeing — Shares of the plane maker rallied 6.1% after CNBC reported the Federal Aviation Administration has approved inspection protocol revisions that should allow the jet maker to resume deliveries of its 787 Dreamliner. Separately, Boeing defense workers will vote on a new proposed labor agreement on Wednesday, aiming to avert a strike.
Target — The retail stock rose 1.3% after Wells Fargo upgraded Target to overweight from equal weight. The firm said investors are too down on the stock, which it considers a “proven share gainer.”
PerkinElmer — Shares of PerkinElmer jumped 5% after the diagnostics and life sciences company reported better-than-expected sales and profit for the second quarter. It also announced plans to divest some of its non-core units to the private equity firm New Mountain Capital for $2.45 billion in cash.
Advanced Micro Devices — Several semiconductor stocks surged, with Advanced Micro Devices gaining 2.5%. Shares of Micron Technology gained 1.1%, Nvidia rose 1.5%, and Intel advanced 1.8%.
Global Payments — Shares of the financial technology company rose 4.6% after a better-than-expected quarterly report. Global Payments reported $2.36 in adjusted earnings per share on $2.28 billion of revenue. Analysts surveyed by Refinitiv had penciled in $2.34 in earnings per share on $2.07 billion of revenue. Global Payments also announced a deal to buy EVO Payments for $34 per share.
Colgate-Palmolive — The consumer products company gained 3% following a Wells Fargo upgrade to equal weight from underweight. The firm said Colgate-Palmolive’s bottom line could show signs of improvement going forward.
Nio — Shares advanced 2.3% after the Chinese electric vehicle company and its rival Li Auto all reported an increase in July car deliveries. Li Auto surged 3.8%.
Check Point Software Technologies — Shares fell 4.5% after the cybersecurity firm reported disappointing billings revenue. Billings came in at $570.6 million, below a StreetAccount estimate of $578.3 million. That overshadowed better-than-expected earnings and revenue for the previous quarter.
Bumble — The dating app company’s stock slipped 5.2% on the back of a downgrade from Jefferies to a hold, citing a decline in paying subscribers going forward.
Jacobs Engineering Group — Shares declined 5.7% after the international technical professional services firm reported calendar second quarter earnings. Jacobs lowered guidance for fiscal year 2022, citing foreign currency translation adjustments, despite otherwise surpassing expectations in its report.
— CNBC’s Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting