The Tesla logo on a Supercharger battery fast charging station of Tesla Motors, an electric vehicle company.
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Check out the companies that make headlines during afternoon trading.
Diamondback energy — Shares of the exploration and production company declined approximately 3% during a dip in oil prices. At one point on Monday, the West Texas Intermediate crude future, the US oil benchmark, fell more than 4%. NOV, western and Schlumberger decreased by about 2%. Natural Resources Pioneer and Devon Energy each fell about 1.7%.
Tesla — Electric vehicle stock subsequently increased by more than 2% Jefferies upgraded the company to buy off hold. The Wall Street firm said Tesla was “leading the way on earnings momentum and capital allocation.” Jefferies raised his price target from $700 to $850 per share.
Coinbase Shares of the cryptocurrency exchange’s shares rose by about 7.2% ahead of the quarterly earnings report, which will release it Tuesday. Since Coinbase generates most of its revenue from trading, the share price is closely tied to the price of bitcoin, which: reached $46,000 on Monday for the first time since May and broke the 200-day moving average.
Robin Hood — Shares of the new public online brokerage rose nearly 4% in midday trading Monday. Robinhood’s stock has been volatile since the IPO and is getting a lot of attention from the crowd of retail investors.
Tyson Foods — Tyson Foods shares added 8.3% after the beef and poultry producer reported better-than-expected quarterly earnings. The company posted quarterly earnings of $2.70 per share, well above the consensus estimate of $1.62 per share, according to Refinitiv.
Sanderson Farms Shares of Sanderson Farms rose 7.2% after the poultry producer announced it would be acquired by private food producer Cargill and agricultural investment company Continental Grain for $203 a share. The cash deal represents an 11.3% premium to the stock’s closing price on Friday.
Victoria’s Secret — Shares of Victoria’s Secret gained 7.2% after JPMorgan Chase started reporting of the lingerie retailer with an overweight rating. The company said the stock’s current price is a “compelling entry point” and noted that the company is the largest player by market share in the lingerie category.
Dardena Restaurants — Shares of the restaurant business fell more than 4% after Evercore ISI has downgraded its stock to in-line of surpass. The company said in a note to customers that inflation, including rising wages, will hurt stocks as the economic recovery progresses.
— Tanaya Macheel, Maggie Fitzgerald, Jesse Pound and Yun Li of CNBC reported
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