Skip to main content

Market Insider | Companies Making Headlines - Midday | Stocks making the biggest moves midday: Sotheby's, Array BioPharma, PaySign & more

Fred Imbert




Reusable: Warhol Sotheby's 131114
Andy Warhol’s artwork, ‘Silver Car Crash (Double Disaster)’ is displayed while being auctioned at Sotheby’s on November 13, 2013 in New York City.
Andrew Burton | Getty Images
Check out the companies making headlines midday Monday:
Sotheby’s — Sotheby’s shares jumped 57.2% on news that European art collector Patrick Drahi planned to acquire the art auction house. Drahi will pay shareholders $57 per share, or $3.7 billion in cash to take the company private. If approved, the deal will return Sotheby’s to private ownership after 31 years as a publicly traded company.
Array BioPharma — Array Biopharma jumped more than 50% after Pfizer announced it would acquire the drugmaker for $10.64 billion, or $48 per share. Shares of Array closed Friday at $29.59 per share.
C&J Energy Services — C&J Energy Services jumped more than 17% after announcing it is merging with oilfield services firm Keane Group. The oil and energy service said the combined company will have an enterprise value of about $1.8 billion. However, law firm Halper Sadeh announced it is investigating whether the merger is fair to C&J shareholders.
PaySign — Shares of PaySign fell more than 10% on Monday morning after the stock was downgraded to neutral by BTIG. The stock is up more than 200% this year. “We view that valuation as a fair refection of PAYS’ visible growth prospects,” BTIG said. “We are moving to the sidelines until either new avenues for growth emerge (potentially via acquisition) or a pullback in its share price creates a better entry point.”
Ashford Hospitality Trust — The real estate company’s stock slid 4.4% after an analyst at DA Davidson downgraded it to neutral from buy. The analyst said Ashford’s recent 50% dividend cut adds to the “near-term uncertainty and industry headwinds” the company faces.
Eventbrite — Shares of ticketing platform Eventbrite rose 7.7% after William Blair initiated coverage of the stock with an outperform rating. Blair believes the stock has dropped too far, writing these levels are “an attractive entry point for long-term investors given the duration of the company’s above-average growth prospects.”
Keurig Dr Pepper — Shares of beverage maker Keurig Dr. Pepper rose 4.3% after BMO Capital Markets upgraded the stock to outperform from market perform, citing an attractive valuation relative to its peers.
Mosaic — The largest U.S. producer of potash and phosphate fertilizer climbed more than 4% after Bank of America upgraded it to buy from neutral. The bank highlighted a more constructive outlook for the company’s operations in Brazil.
Disney — The entertainment giant’s stock fell 0.7% an analyst at Imperial Capital downgraded it to in-line from outperform, noting the stock’s 30% tear this year has taken its valuation to “record multiples. ”
Symantec — Mizuho upgraded Symantec to buy from neutral and raised the stock’s price target to $23 per share from $22. The firm says Symantec will be able to “focus on optimizing the business” moving forward. Symantec shares were up 2.6% around $19.85.
Corteva — Shares of the agricultural chemical company gained 4.7% after Deutsche Bank upgraded it to buy from hold after several company guidance cuts due to heavy rainfall in the Midwest and rising trade tensions.
Dow Inc — Dow fell more than 3% after an analyst at BMO Capital Markets downgraded the chemical company to market perform from outperform. The analyst said this year is “turning out more challenging as global trade issues persist.”
—CNBC’s Jesse Pound, Elizabeth Myong, Mallika Mitra and Marc Rod contributed to this report

Source: CNBC

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in