Stocks making the biggest moves midday: Alibaba, AeroVironment, Boeing and more
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Check out the companies making headlines in midday trading.
Alibaba, JD.com, Pinduoduo — Shares of Chinese companies listed publicly in the U.S. surged as Beijing signaled support for the stocks. The Chinese government said it supports the listing of businesses overseas and that its crackdown on technology companies should end soon, according to Chinese state media. Alibaba jumped about 27%, JD.com added around 30% and Pinduoduo rallied roughly 46%.
AeroVironment — The defense stock jumped 9% after NBC News reported that the White House was considering supplying drones made by AeroVironment to the Ukrainian government to help fend off Russian forces.
Lockheed Martin — Shares of the defense contractor dropped 6.5% after Bloomberg News reported that the Pentagon would cut its request for F-35 fighter jets in the new fiscal budget proposal.
Boeing — Boeing shares rallied about 4% after Baird added the aerospace company to its bullish fresh picks list. While the company's stock is down year-to-date, investors should buy the dip as deliveries of the 737-Max are expected to resume in China even amid the recent surge in Covid-19 cases, analysts wrote.
Micron Technology — The semiconductor stock surged more than 6% in midday trading. Bernstein analysts upgraded Micron to outperform, saying the firm will see huge gains after supply issues are resolved later this year.
Spotify — The streaming company's stock price jumped more than 6% in midday trading. Spotify signed a stadium and shirt sponsorship deal on Tuesday with Spanish soccer team FC Barcelona. The team members will wear the Spotify logo on their uniform shirts for the next four years.
Starbucks — Shares of Starbucks climbed about 5.5% after the coffee
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