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Eduardo Munoz | Reuters
Check out the companies making headlines midday on Monday:
Roku — Shares of Roku surged more than 7% after Needham raised its price target on the streaming platform. The investment bank cited Roku’s growing “value proposition” among advertisers as a key reason for upside in Roku shares.
Capri Holdings – The designer retail company’s stock fell 5% after Versace, a subsidiary of Capri Holdings, issued an apology after facing criticism in China for one of its t-shirts. The business faced backlash for the t-shirts which listed Hong Kong and Macau, Chinese territories, as separate countries.
Amgen — Shares of Amgen surged more than 5% after the biotech company won a lawsuit Friday that would protect the two patents on its rheumatoid arthritis drug Enbrel, according to a press release. The win would prevent its rival Novartis subsidiary Sandoz from selling a similar drug next year.
Deere — Shares of Deere dropped nearly 3% after the U.S. Agriculture Department said the U.S. corn harvest will be bigger than previously forecast this year. The farm equipment maker came under pressure as soybean and corn futures took a hit on the report as analysts had expected the government to lower its estimate of corn production.
Occidental Petroleum – Shares of Occidental Petroleum is down more than 4% after Evercore ISI downgraded the energy producer to in line from outperform. The firm said the acquisition of Anadarko Petroleum makes Occidental larger, but significantly less valuable.
Bank stocks — Shares of J.P. Morgan, Bank of America, Goldman Sachs and other major banks fell Monday as investors saw falling bond yields and tariffs as a sign of trouble ahead for the economy. As recession fears ratchet up, chances that the Federal Reserve will cut interest rates again do, too. A lower Fed Funds rate puts pressure on banks’ ability to make money by making loans at higher interest rates than what they pay depositors.
Cloudera – The cloud data company’s stock dropped 3.4% after announcing that it had made an agreement with investor Carl Icahn to appoint two of his employees to the board of directors. Icahn, who holds 18% stake in the company, agreed not to seek further board representation and to limit his stake to no more than 20%.
Nektar Therapeutics – Shares of Nektar Therapeutics tanked nearly 11%, extending its slide after the company said in an earnings call Thursday evening it had manufacturing errors for a cancer drug that is currently in clinical trial. The stock plunged a whooping 29% on Friday.
— CNBC’s Kate Rooney and Elizabeth Myong contributed reporting.