Stocks making the biggest moves midday: Brighthouse Financial, Lennar, Apple, FedEx and more
Check out the companies making the biggest moves midday: Brighthouse Financial — The insurance company soared 26% after Bloomberg News reported, citing people familiar with the matter, that a group led by Aquarian Holdings was in talks to pay $65 to $70 per share for Brighthouse Financial. Scholastic — The publisher’s stock fell nearly 11%. Scholastic posted a loss per share of $2.52 for the fiscal first quarter, excluding items, wider than the loss of $2.13 per share seen in the same period a year prior. Newmont , Orla Mining — Shares of Newmont and Orla Mining moved in opposite directions after Newmont announced that it sold its stake in Orla for $439 million . Newmont rose more than 4%, while Orla fell about 7%. SolarEdge Technologies — The solar stock climbed 4%, adding to its massive 24% surge for the week. The move comes after the Federal Reserve lowered its benchmark rate on Wednesday. Solar stocks tend to perform well when monetary policy is loosened, as it lets companies in the space borrow at a lower cost. FedEx — Shares popped 3% on the back of a better-than-expected earnings report for the fiscal first quarter. FedEx earned an adjusted $3.83 per share on $22.24 billion in revenue, while analysts polled by LSEG forecast $3.59 in earnings per share and $21.66 billion in revenue. Intel — The tech stock pulled back 2% after a blockbuster day that saw shares skyrocket 22%. The rally came after Nvidia said it will invest $5 billion in Intel as part of a deal to co-develop data center and PC chips with the troubled chipmaker. However, Citi downgraded the shares to sell from neutral Friday, saying the stock is pricing in success in its leading-edge foundry business that it believes has minimal chance to succeed. Lennar — Shares dropped 3.7% after the homebuilder’s third-quarter revenue came in weaker than expected, with the company posting $8.81 billion against the $9.00 billion that analysts surveyed by LSEG were expecting. Earnings, however, topped estimates, coming in at $2.29 per share compared to the consensus estimate of $2.10 per share. Apple — JPMorgan hiked Apple’s price target to $280 from $255, boosting the stock 3%. The Wall Street firm said demand for Apple’s new slate of iPhones, which went on sale Friday, is strong based on early sales across Asia. Klaviyo — Shares rose more than 4% after Morgan Stanley upgraded the email platform company to overweight from equal weight, saying Klaviyo has an expanded market opportunity to support durable growth. — CNBC’s Alex Harring, Yun Li, Sean Conlon, Michelle Fox, Fred Imbert and Sarah Min contributed reporting.
