The USS Truxton (DDG-103) destroyer sits in dry dock at the General Dynamics Corp NASCO shipyard facility on the Elizabeth River in Norfolk, Virginia, January 9, 2018.
Luke Sharrett | Bloomberg | getty images
Check out the companies making headlines in afternoon trading.
spotify – Shares of the music streaming service company fell 2.5% after Redburn Atlantic downgraded the streaming giant to neutral from buy. The firm said Spotify’s new audiobook offering doesn’t fit its original forecast for margin expansion, as well as increasing competition from Amazon.
zscaler – Shares of the cloud security company rose 4.2% after an upgrade to an overweight rating from Barclays. As a catalyst, analyst Saket Kalia cited a new growth opportunity in the Secure Access Service Edge, or SASE, cybersecurity segment.
Mirati Therapeutics – Shares of the cancer drug company fell more than 5% after Bristol Myers Squibb announced a deal to acquire Mirati for $48 per share, with the right to a contingent value of up to $12 per share. Mirati’s stock closed at $60.20 per share on Friday.
Tesla – The automaker’s stock fell 2.3% in Monday trading after news that the company reported a 10.9% year-on-year sales decline in China last month, according to China Passenger Car Association data.
upon wearing – The sneaker maker rose more than 1% after Baird upgraded the stock to outperform from neutral. The firm said Own’s recent investor day reinforced its confidence in the health of the brand and its upcoming three-year growth pipeline.
motorola solutions — Motorola added 3.3% after Bank of America gave the stock a buy rating. The bank cited solid pricing power, strong growth and a sustainable order pipeline.
datadog — Datadog dropped 3.6% after Bank of America cut cloud stocks from buy to neutral, citing the risk of declining revenue from demand checks.
Oil Stocks – Energy stocks rose after the Israel-Hamas conflict escalated over the weekend. shares of halliburton, CF Industries And hess Each increased by 6.5%, 5.5% and 5% respectively.
Defense Stocks – Similar to the energy sector, defense stocks also gained momentum due to the escalating conflict between Palestine and Israel. Northrop Grumman, L3Harris Technologies And general mobility increased by 10.8%, 9.1% and 8.4% respectively.
Airline Stocks – Broadly speaking, airline names were lower after several major airlines suspended service to Israel following this weekend’s attacks. United Airlines While there was a decline of 5.3% Delta Airlines And American Airlines Declines of 4.5% and 5.3% respectively.
— CNBC’s Yun Li, Tanaya Machel, Sarah Min and Jesse Pound contributed reporting.
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