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Stocks making the biggest moves midday: Tesla, Coinbase, Tyson Foods and more

Stocks making the biggest moves midday: Tesla, Coinbase, Tyson Foods and more

09 Aug 2021

The Tesla logo seen on a Supercharger rapid battery charging station for the electric vehicles company Tesla Motors.

SOPA Images | LightRocket | Getty Images

Check out the companies making headlines in midday trading.

Diamondback Energy — Shares of the exploration and production company slid about 3% amid a dip in oil prices. At one point on Monday West Texas Intermediate crude futures, the U.S. oil benchmark, dipped more than 4%. NOV, Occidental and Schlumberger fell roughly 2%. Pioneer Natural Resources and Devon Energy each declined about 1.7%.

Tesla — The electric vehicle stock rose more than 2% after Jefferies upgraded the company to buy from hold. The Wall Street firm said that Tesla was “leading the way on earnings momentum and capital allocation.” Jefferies hiked its price target to $850 per share from $700.

Coinbase – Shares of the cryptocurrency exchange’s stock jumped about 7.2% ahead of its quarterly earnings report, which it will release Tuesday. Because Coinbase generates most of its revenue from trading, the stock price is closely tied to the price of bitcoin, which reached $46,000 Monday for the first time since May and broke its 200-day moving average.

Robinhood — Shares of the newly public online brokerage popped nearly 4% in midday trading on Monday. Robinhood’s stock has been volatile since its IPO, and it has been getting major attention from the retail investor crowd.

Tyson Foods — Tyson Foods shares added 8.3% after the beef and poultry producer reported a better-than-expected quarterly earnings report. The company posted quarterly earnings of $2.70 per share, well above the consensus estimate of $1.62 per share, according to Refinitiv.

Sanderson Farms — Shares of Sanderson Farms jumped 7.2% after the poultry producer announced it would be acquired by privately-held food producer Cargill and agriculture investment firm Continental Grain for $203 per share. The all-cash deal represents an 11.3% premium over the stock’s Friday closing price.

Victoria’s Secret — Shares of Victoria’s Secret gained 7.2% after JPMorgan Chase initiated coverage of the lingerie retailer with an overweight rating. The firm said the stock’s current price makes a “compelling entry point” and noted the company is the top market share player in the lingerie category.

Darden Restaurants — Shares of the restaurant company dropped more than 4% after Evercore ISI downgraded the stock to in line from outperform. The firm said in a note to clients that inflation, including rising wages, will hurt the stock as the economic recovery progresses.

— CNBC’s Tanaya Macheel, Maggie Fitzgerald, Jesse Pound and Yun Li contributed reporting

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