An exterior view of the new Dutch headquarters of international technology company 3M in Delft, the Netherlands, November 5, 2014.
Koen van Weel | AFP | Getty Images
Check out the companies making headlines in midday trading.
Palo Alto Networks – Cybersecurity stock surged more than 4% after the S&P Dow Jones Indices announced in the after-hours session on Friday that it will replace Dish Network in the S&P 500 effective June 20. dish network down about 1%.
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3M – Shares of the industrial maker fell 3% after the judge in the company’s multi-district lawsuit over so-called “forever” chemicals agreed to delay the first trial by three weeks to allow the parties to finalize a claims settlement with municipal water utilities, reported Bloomberg on Monday.
Coinbase – Shares of the crypto exchange and services company plunged 10% after the U.S. Securities and Exchange Commission sued crypto exchange Binance on Monday, alleging that Binance and its co-founder Changpeng Zhao had billions of dollars in investor funds with them commingled with their own and in violation of securities laws.
EPAM systems – Shares of the software development company plunged 18% after it lowered its forecast on a further deterioration in near-term demand. Guidance for second-quarter earnings per share ranged from $2.33 to $2.40, slightly below FactSet’s estimate of $2.43. Also, earnings estimates and full-year sales estimates for both the second quarter and the full year were lowered, coming in below analysts’ estimates.
Amedisys – Shares of the healthcare company rose 14% after it received an unsolicited takeover bid from Optum, a subsidiary of UnitedHealthto acquire Amedisys for $100 per share in cash. shares in Option care healthwhich has a competing agreed bid to buy Amedisys, rose 7%.
ImmunoGen — Shares of the biotechnology company rose 5% after results from Elahere’s ovarian cancer treatment showed an approximately 35% reduction in the risk of disease progression or death compared to chemotherapy.
CH Robinson worldwide – The transport company fell about 5% after trade magazine FreightWaves reported that it had chosen Ford’s David Bozeman as its next CEO. Bozeman is currently vice president of customer service and enthusiast brands at Ford.
Equitrans Midstream Corporation – The natural gas supplier rose 4.5% in midday trade after being twice upgraded to ‘overweight’ by Morgan Stanley earlier in the day. The bank cited potential growth in the stock following wording in the Fiscal Responsibility Act, a debt ceiling law that would allow the Mountain Valley Pipeline to be completed.
Ford Motor Co. — The automaker’s shares rose nearly 2% after Citi upgraded Ford to buy from neutral. According to Citi, the overall increase in demand for cars in the US is reason for optimism about Ford.
Spotify – Spotify rose 3% after the music-streaming company announced it was laying off 200 employees, mostly in its podcast division, or about 2% of its workforce.
Goal — The big retailer’s stock fell more than 2% after KeyBanc downgraded the retailer from “overweight” to “sector weight,” and warned that resuming student loan repayments could weigh on Target’s margins.
dollar general – Shares fell 2.7% after Morgan Stanley downgraded the discount retailer’s stock from overweight to equal weight on Sunday. The company said Dollar General is not as resilient as expected. Last week, Dollar General reported it missed quarterly earnings and lowered its guidance citing a “challenging” economic environment.
Apple – Shares of the iPhone maker surged more than 1% to hit an all-time high as the company kicked off its annual global developer conference in Cupertino, California. Apple is widely expected to introduce its long-awaited “Reality Pro” virtual and augmented reality headset.
— CNBC’s Yun Li, Alex Harring, Jesse Pound, Samantha Subin and Brian Evans contributed coverage.
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