Stocks moving the most at midday: Alibaba, Apple and more

Stocks moving the most at midday: Alibaba, Apple and more

Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange on November 11, 2015.

Brendan McDermid | Reuters

Find out which companies are making headlines in the midday business.

Alibaba, Baidu, – Shares of China-based companies fell midday after JPMorgan Chase downgraded stocks to underweight. Their shares fell 9%, 7% and 8%, respectively, amid another shutdown in Shenzhen and fresh delisting fears in the United States.

Apple – The company’s shares fell 2% as one of its biggest suppliers in China announced it would suspend operations in Shenzhen under a new Covid-19 lockdown. KeyBanc also reiterated its outperform rating on tech giant stocks and said iPhone demand remains strong.

Occidental Petroleum, Chevron – Energy companies fell 4% and 3% at midday after Morgan Stanley analysts downgraded stocks to equal weight from overweight. The bank noted that while both companies have outperformed their peers in recent months, they currently offer less attractive relative valuations. Oil prices also fell on Monday.

Ford – Shares of the auto company fell about 1% after Jefferies reiterated its hold rating and lowered its price target. The Wall Street firm cut its price projection on Ford shares to $18 from $20, citing concerns about “a stagflationary environment of higher input costs and continued supply constraints.”

Tyson Foods — Shares of the poultry company fell 2.4% after BMO Capital Markets downgraded market performance to outperform. BMO said it was concerned about the “underlying fundamentals” of beef.

Nike – Shares of the sportswear giant fell 3.4%, deepening losses this year as geopolitical risks continue to weigh on the retailer. On Monday, UBS reiterated a buy rating for Nike, but analysts noted that its China business was not recovering as quickly as the company had expected. Chinese consumers boycotted the American company last year, after several Western companies refused to source cotton from Xinjiang province, citing forced labor issues.

Peloton – The home-based fitness stock fell more than 2% after Morgan Stanley began hedging it with an even weight rating, saying it lacks near-term visibility for Peloton. Still, he said he is leaning higher because his price target of $32 implies an upside of around 50%.

Papa John’s – Shares rose more than 2% after Loop Capital reiterated its buy rating on the pizza chain. The company said same-store sales at Papa John’s have accelerated and may “improve even more soon.”

Robinhood – Shares fell 4% at midday after Goldman Sachs reiterated its neutral buy rating, citing market concerns about the company’s “ability to grow its business and move toward profitability.” The company could be on the verge of a repricing if it can “translate its new product momentum into a return to revenue and user growth,” the analysts wrote.

Netflix – Shares of the streaming giant fell more than 2% to their lowest level since March 2020. Shares of Netflix have recently struggled amid growing competition from other media companies.

– CNBC’s Tanaya Macheel, Yun Li, Hannah Miao and Sarah Min contributed reporting