Check out the companies making headlines in midday trading.
Spotify — The streaming company saw shares rise 2.8% after KeyBanc upgraded Spotify to overweight from sector weight. The firm said in a note to clients that the company was still showing faster growth than potential competitors.
Terminix — Terminix added 1% after Bank of America double upgraded the stock to buy from underperform. Bank of America said the pest control stock’s weakness this year creates a “solid buying opportunity,” while it sees a “positive risk-reward” today.
Boeing — Shares of the aircraft maker slipped 2%, dragging on the Dow, after Ryanair ended talks over a purchase of 737 MAX 10 jets. The deal would have been worth tens of billions of dollars, Reuters reported.
Match Group — The online dating company’s stock jumped 6.6% after announcement that Match will be added to the S&P 500 benchmark. As of Sept. 20, Match Group will replace Perrigo Company in the large-cap equity index.
Netflix — Shares of the streaming service gained about 3.3% after Atlantic Equities hiked its price target on it to $780 from $690, the highest among major Wall Street analysts and 32% above where the stock closed on Friday. Atlantic raised its subscriber projections for 2024 and said it expects Netflix to have 311 million subscribers in 2025, compared with 209 million at the end of the second quarter.
Coinbase — The crypto services company’s stock dropped 3.9% as the price of bitcoin plummeted about 10% on the day it became legal tender in El Salvador – though the rollout didn’t go smoothly, with the country disconnecting its government-run bitcoin wallet early in the morning for software enhancements. The same day, $800 million worth of derivatives that were long on bitcoin were liquidated, according to Glassnode. Coinbase stock trades in tandem with the bitcoin price.
State Street — The financial firm saw shares fall roughly 4% after announcing its plans to acquire Brown Brothers Harriman & Co. for $3.5 billion in cash, including its including its custody, accounting, fund administration, global markets and technology services. The deal is expected to close at the end of the year.
PPG Industries — Shares of the paint maker dropped 3% after the company warned of supply chain disruptions and higher input costs that could weigh on sales this quarter. The company said it expects third-quarter sales to be $275 million, lower than the company’s forecast at the start of the quarter by about $225 million.
Johnson & Johnson, Merck, Amgen — Large-cap pharmaceutical stocks fell after Morgan Stanley downgraded them, saying they have limited upside. The firm changed its ratings on Johnson & Johnson, Merck and Amgen to equal weight from overweight. The stocks fell about 1.7%, 2% and 2.4%, respectively.
— CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed reporting
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