Several companies experienced significant stock movements during midday trading:
– Intuitive Machines witnessed a 51% surge in shares following the acquisition of an approximately $5 billion space network contract from NASA.
– United States Steel’s shares rose over 2% after a report suggested that a U.S. security panel allowed Nippon Steel to refile its acquisition plans for the company, a deal valued at $14.1 billion. This move appears to be aimed at deferring the decision on the contentious takeover until after the presidential election in November.
– Victoria’s Secret saw a 5% increase in its stock price due to Barclays upgrading the company’s shares to equal weight from underweight, highlighting a more favorable risk/reward balance. Barclays now anticipates a potential upside of over 6% for the stock.
– VF Corp experienced a 4% rise in shares after receiving an upgrade to overweight from equal weight by Barclays. The investment firm expects VF Corp to benefit from last year’s CEO transition starting this fall.
– Medical Properties Trust’s shares dropped by more than 4% following the announcement of an anticipated additional impairment of approximately $430 million in the fiscal third quarter. This follows a settlement with tenant Steward, who had filed for Chapter 11 bankruptcy.
– McGrath RentCorp’s shares declined by 3%, reaching a new 52-week low, after the business-to-business rental company terminated its merger with WillScot Holdings. As a result, McGrath will receive a termination fee of $180 million, as stipulated in the agreement.
– ResMed saw a 5.7% decrease in shares after being downgraded to underperform from peer perform by Wolfe Research. The firm predicts slower revenue growth due to increased competition from Eli Lilly’s GLP-1 medication.
– Casella Waste Systems’ shares fell by 5% following the announcement of a $400 million public offering of its Class A common stock.
These updates were provided by CNBC’s Sean Conlon, Michelle Fox, Lisa Han, Yun Li, Jesse Pound, and Pia Singh.
