Here are the companies making headlines in Monday’s trading.
Tesla — Shares of Elon Musk’s electric car maker popped 5.5% in midday trading amid a decline in interest rates and after Cathie Wood’s Ark Invest put out a new price target on the stock which calls for it to quadruple in four years. Ark Invest, an active manager of exchange-traded funds and a longtime Tesla fan, said it expects the stock to be worth $3,000 in 2025, up from about $690 Monday morning.
Kansas City Southern, Canadian Pacific — Shares of Kansas City Southern jumped more than 12% on Monday after Canadian Pacific announced that it would acquire its fellow rail company for roughly $25 billion. The deal creates a rail network that connects the U.S., Canada and Mexico. Shares of Canadian Pacific fell by 3.5%.
Sunrun — Shares of Sunrun popped 3% after Susquehanna started covering the stock with a “positive” rating. The Wall Street firm said it sees “strong residential growth” for the solar company.
Dollar General — Shares of the discount retailer climbed about 3.4% after Evercore ISI upgraded the stock to outperform from in line. The Wall Street firm said it sees a “positive inflection” in traffic coming up and calls its risk/reward “compelling.”
PepsiCo — Shares of the beverage and snack giant rose 2.3% following an upgrade from Barclays. The bank hiked its rating on Pepsi to overweight from equal weight, calling for a “multi-year stock appreciation story.” Barclays said it sees a “viable path to accelerating top-line and profit delivery longer-term.”
Snap, Pinterest — Shares of the pair of stocks dipped after Bank of America downgraded Snap and Pinterest to neutral from buy. The Wall Street firm said the social media companies face “tougher” second half revenue growth comparables. Shares of Snap fell 2.5% and shares of Pinterest lost 1.8%.
JetBlue Airways — Shares of the U.S. airline fell nearly 7% in midday trading Monday, underperforming other airline stocks, after it announced that it will offer $650 million in convertible senior bonds set to mature in 2026. JetBlue said that it hopes to use the net proceeds from the sale for general corporate purposes, which “may include the repayment of indebtedness.”
ZoomInfo Technologies — The software stock rose more than 10% after Goldman Sachs initiated coverage of ZoomInfo with a buy rating. The firm praised ZoomInfo’s “balanced business model” in a note to clients.
—CNBC’s Michael Bloom, Maggie Fitzgerald, Yun Li and Tom Franck contributed to this story.
