Alibaba headquarters in Hangzhou, China on Wednesday, November 10, 2021
Qilai Shen | Bloomberg | Getty Images
Check out the companies that make headlines in the afternoon trade.
Alibaba, JD.com, Pinduoduo – Shares of Chinese companies listed publicly in the US rose after Beijing signaled support for the stock. The Chinese government has said it supports the listing of foreign companies and that its crackdown on technology companies should end soon, Chinese state media reported. Alibaba jumped about 27%, JD.com added about 30% and Pinduoduo added about 46%.
AeroVironment – Defense stocks jumped 9% after NBC News reported that the White House is considering supplying drones made by AeroVironment to the Ukrainian government to help fend off Russian forces.
Lockheed Martin – The defense contractor’s shares fell 6.5% after Bloomberg News reported that the Pentagon will cut its request for F-35 fighter jets in a new budget proposal.
Boeing. Boeing shares rose about 4% after Baird added the aerospace company to his bullish list of new offerings. Analysts write that while the company’s shares have fallen since the start of the year, investors should buy the dip as deliveries of the 737-Max to China are expected to resume even amid the recent spike in Covid-19 cases.
Micron Technology – Semiconductor stocks are up more than 6% at noon. Analysts at Bernstein upgraded Micron’s rating to best, saying the firm will enjoy a huge boost once supply issues are resolved later this year.
Spotify – The streaming company’s share price jumped more than 6% at noon. On Tuesday, Spotify signed a stadium and shirt sponsorship deal with Spanish soccer team FC Barcelona. Team members will wear the Spotify logo on their uniform shirts for the next four years.
Starbucks – Starbucks shares rose about 5.5% after the coffee giant announced the retirement of CEO Kevin Johnson after five years and said Howard Schultz would return as interim CEO. JPMorgan analysts also upgraded Starbucks stock to overweight and said its stock could rise 22% despite recent restrictions in China.
Nvidia – The chipmaker’s share price rose more than 4% at noon. Analysts at Wells Fargo added Nvidia to their “favorites” list, saying the stock’s recent drop has created an attractive risk-reward profile. Wells Fargo also expects upbeat announcements on the upcoming Nvidia Investor Day.
Nike – The sportswear company’s share price jumped 4.2% at noon. Bernstein said on Tuesday that supply chain issues have created an opportunity to buy Nike, which analysts expect will maintain its leading position in China.
NortonLifeLock – Shares of NortonLifeLock fell more than 11% in midday trading after the UK said the cybersecurity company’s $8.6 billion deal to acquire rival Avast could be the subject of an “in-depth” investigation by antitrust regulators.
– CNBC’s Hannah Miao, Jessie Pound and Samantha Subin provided reporting.