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Check out the companies making headlines in midday trading.
Oil stocks — Petroleum refiners Valero Energy and Marathon Petroleum gained 1.5% and 1.2%, respectively, as West Texas Intermediate and Brent crude prices reached their highest levels since November, 2022. The oil services ETF and S&P 500 Energy Index both rose 1%.
Arm Holdings — Shares declined 5.4% on the back of the company's blockbuster Nasdaq debut Thursday, when it surged nearly 25%. Needham initiated coverage of the chip designer with a hold rating on Friday, saying Arm's valuation looks «full» in a post-smartphone era.
Moderna — The pharmaceutical company lost more than 7% Monday, making it the biggest decliner in the S&P 500. Co-founder and board chairman Noubar Afeyan sold 15,000 shares for approximately $1.64 million, according to a Securities and Exchange Commission filing. Pharmaceutical peer Pfizersaid in a press conference Monday that it expects a 24% vaccination rate for Covid-19 shots in the U.S. this year. Moderna's updated Covid vaccines have been approved in both the U.S. and the U.K.
Tesla — Shares of the electric vehicle maker slipped 2.3% after Goldman Sachslowered its earnings estimate. Analyst Mark Delaney cited the potential for further price cuts and lower margins as reasons for the reduction.
PayPal — The payment platform slipped 1.8% following a downgrade to market perform from outperform by MoffetNathanson. The firm said PayP still faces challenges as a new CEO takes the helm.
Ralph Lauren — The luxury retailer saw its shares rise more than 1% after Guggenheim upgraded the stock to buy from neutral. The Wall Street firm said Ralph Lauren's earnings are set to benefit from several cyclical tailwinds, includingRead more on cnbc.com