Stocks making the biggest moves midday: Micron, Wells Fargo, Box & more

Traders work on the floor of the New York Stock Exchange (NYSE) on January 6, 2016 in New York City.

Spencer Platt | Getty Images News | Getty Images

Check out the companies making headlines midday Friday:

Alibaba, JD, Baidu — Shares of Chinese companies include Alibaba, JD.com and Baidu plunged as much as 6% after reports the White House is considering ways to limit U.S. investments in China. The discussions, still in the preliminary stages, include possibly blocking all U.S. financial investments in Chinese companies, source told CNBC. Delisting Chinese companies from American stock exchanges would also be one of the options,

Wells Fargo — Shares of Wells Fargo jumped 4% after the bank named Charles Scharf, chairman and CEO of Bank of New York Mellon, as its new chief executive officer and president. Scharf will be tasked with restoring credibility with customers, employees and regulators after the bank’s fake accounts scandal claimed his predecessor, Tim Sloan.

Micron — Shares of the chipmaker dropped 10.3% after the company told shareholders that the trade war with China is hurting Micron’s business with Chinese technology giant Huawei. Micron CEO Sanjay Mehrotra said that, unless restrictions on Huawei let up, the company’s sales declines will worsen in the coming year.

Peloton — The fitness bicycle maker’s stock remained under pressure on Friday, down 5.2%, after falling 11% in its Wall Street debut Thursday. That was the second-largest first-day drop for a so-called “unicorn” IPO this year.

Marathon Petroleum — Shares of Marathon Petroleum rose more than 3% in midday trading after The Wall Street Journal reported that large shareholders Paul Foster and Jeff Stevens are calling for the company to remove CEO Gary Heminger. The two also support a measure by noted activist investor Elliott Management to divided the company into three separate units.

Box — Box was downgraded to “underweight” from “neutral” at JPMorgan Chase. The brokerage cited valuation concerns and intensifying competition for the cloud software company in deciding to cut its rating.

—CNBC’s Yun Li and Michael Sheetz contributed to this report.

Market Insider

Products You May Like

Articles You May Like

Is the Run in Virgin Galactic Over or Just Beginning? It Depends.
The Fed edged toward reversing its easy policies, but it may move slower than some expect
10 Best Stocks for 2021: Where Do Things Stand Halfway Through the Year?
Here are the highlights from Robinhood’s virtual roadshow
With the Worst of the Semiconductor Crunch Over, Xpeng Is Set to Boom

Leave a Reply

Your email address will not be published. Required fields are marked *