Macy’s — Shares jumped 21% after Macy’s, according to sources received a buyout offer for $5.8 billion from two investment firms. Other department store chains also rose on the report, with shares of Nordstrom and Kohl’s each gaining more than 5%.
Cigna Group, Humana — Cigna Group reportedly ditched its attempt to acquire competitor Humana after the two failed to agree on price. Cigna shares advanced 16%, while Humana shares slid 1.6%.
Shake Shack — Shares of Shake Shack jumped 7.4% after the company announced CEO Randy Garutti will retire from his position in 2024.
Broadcom — The stock advanced 8.8% after Citi resumed coverage of Broadcom with a buy rating, citing strength from the VMware acquisition. The Wall Street firm said its “AI business will offset the correction in the semi business.” Its $1,100 price target implies 16% upside.
Eli Lilly — The pharma stock dropped more than 3% after a study published in the Journal of the American Medical Association showed patients who withdrew from weight loss drug tirzepatide regained weight over time. In response, Eli Lilly on Monday said participants who took the placebo regained weight at 14.8% at 88 weeks, meaning tirzepatide led to “sustained weight loss” compared to the placebo.
Snap — Shares rose more than 4.6% after Wells Fargo upgraded them to overweight from equal weight. The Wall Street bank said the company’s efforts to rebuild its ad platform will boost the stock.
DoorDash — Shares of the food delivery company got a boost, rising 2.2%, after news that it will join the Nasdaq-100 index — which consists of the largest non-financial companies listed on the Nasdaq stock exchange. Being included in the popular Nasdaq-100 could increase a stock’s profile, while boosting its trading volume. Passive fund managers and active managers that use the Nasdaq-100 as a benchmark have to buy all of its constituents.
Nike — Shares of the shoe and apparel company rose 2.6% after Citi upgraded Nike to buy from neutral. Citi said in a note to clients that Nike’s strategy for controlling costs should help it top Wall Street earnings estimates in next week’s quarterly report. Barclays also named Nike a best idea for 2024.
Best Buy — Shares added 2.2% after Jefferies upgraded the retail giant to buy from hold. The Wall Street firm said the “replacement cycle” for pandemic purchases will start going, and set a price target representing 20% upside from Friday’s close.
AbbVie — Shares added 1.6% after Goldman Sachs upgraded the company to buy from neutral. The firm cited AbbVie’s revenue outlook for its Humira franchise is resilient in spite of new entrants.
Pinterest — Shares added 1.5% following an upgrade by RBC to outperform from sector perform. Analysts see a long-term opportunity in Pinterest as internet-based ad platforms chase impulse shopping’s $241 billion ad spend.
Campbell Soup — Shares gained 1.5% after Campbell Soup reported first-quarter earnings that topped estimates. It reported adjusted earnings of 91 cents per share, better than the LSEG consensus estimate of 88 cents earnings per share. Revenue of $2.52 billion came in line with the estimate.
Paramount Global — The stock dropped 3.6% after the New York Times on Sunday reported media mogul Shari Redstone is in talks to sell her controlling stake in National Amusements, the parent company of Paramount Global.
Semiconductors — Stocks tied to the semiconductor industry popped during midday trading. Applied Materials jumped 5%. KLA and Lam Research gained more than 4%. Micron Technology also rose more than 4%.
Crypto stocks – Shares of crypto-related equities tumbled as the price of bitcoin headed for its worst day since August. Exchange operator Coinbase and bitcoin proxy Microstrategy fell about 6% each, while bitcoin miners dropped double digits. Riot and Marathon, the largest mining stocks, lost 12% and 11%, respectively. Wall Street favorite CleanSpark and Iris Energy were down by 15% and 11%, respectively.
