Stocks making the biggest moves midday: Macy’s, Super Micro Computer, Lyft, DoorDash and more
Check out the companies making headlines in midday trading. Super Micro Computer , Deckers Outdoor — The technology firm and athletic footwear designer respectively popped 27% and nearly 3% after S & P Dow Jones Indices announced Friday that the two stocks would be added to the S & P 500 on March 18. Super Micro Computer and Deckers Outdoor will replace Zions Bancorpation and Whirlpool , which will move to the S & P MidCap 400 Index. Macy’s — Shares skyrocketed 16% after Arkhouse Management said it and Brigade Capital Management have raised their offer for the department store . The firms are now offering to acquire Macy’s stock they don’t already own for $24 per share, about 14% more than its previous offer of $21 per share. The new offer values the company at $6.6 billion. Apple — Apple shed nearly 3% after European Union regulators fined the iPhone maker nearly $2 billion and said that it violated competition laws by preventing app developers from informing iOS users of alternative music subscription options. Crypto stocks — Coinbase and Microstrategy , whose performances are tied to the price of bitcoin, rose 6% and 8%, respectively, as the cryptocurrency edged closer to its all-time high . Miners sat the rally out, however, as the upcoming bitcoin halving — when mining companies’ revenue will be slashed — weighed on investors. Marathon Digital traded just above the flat line. Riot Platforms , Cipher Mining and CleanSpark each fell 5%, and Iris Energy lost 6%. DoorDash — Shares jumped more than 5% after RBC upgraded the food delivery company to outperform from sector perform. RBC cited the food delivery platform’s potential for new partnerships, particularly with Lyft. Lyft — The ride-sharing platform added 6% after RBC upgraded the stock to an outperform rating from sector perform. The bank highlighted the company’s position within a “stable duopoly,” upcoming food delivery opportunities and optimistic 2024 EBITDA estimates. Kyverna Therapeutics — Shares of the biopharmaceutical firm slid 1.8% after being initiated at an overweight rating at Wells Fargo, JPMorgan and Morgan Stanley. The latter cited the biopharma’s cell therapy for autoimmune disease as a catalyst. Ferrari — Shares of the luxury automaker fell 2.7% after Citi downgraded them to sell from neutral, citing concerns that the company is overvalued. Li Auto — U.S.-listed shares of the Chinese automaker slid more than 12% after the company reported disappointing February deliveries last week. It had soared more than 25% last week after reporting an earnings beat. Dutch Bros — Shares moved 1.4% higher after the coffee chain was upgraded to overweight from neutral at Piper Sandler. The firm likes the equity raise Dutch Bros did in September, its same-store sales strength and the announcement it will test and implement its mobile order and pay this year. American Airlines — The aircraft carrier stock slipped more than 3% after the firm placed orders for 260 new narrow-body jets , including 85 of Boeing’s 737 Max 10 planes. American also said it would convert orders for 30 of Boeing’s 737 Max 8 planes into its larger 737 Max 10 model. Ford — The automaker rose 4.3% on the heels of strong February sales data compared with the same month a year prior. Ford’s gains were led by increases in sales of electric and hybrid vehicles. — CNBC’s Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Yun Li, Jesse Pound and Samantha Subin contributed reporting.
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