A row of Fiat Chrysler Automobiles (FCA) 2017 Chrysler Pacifica minivan vehicles are displayed for sale at a car dealership in Moline, Illinois, on July 1, 2017.
Daniel Acker | Bloomberg | Getty Images
Check out the companies making moves midday Tuesday:
Fiat Chrysler — Shares of Fiat Chrysler jumped 7.3% later that the automaker announced it is trying to merge with Renault. The deal would give each company a 50% stake in the merged firm, which are the third-largest automaker in the world. Reuters reported that the board members of both companies are going to have an informal meeting early next week to determine whether to proceed with the merger.
Beyond Meat — Shares of Beyond Meat surged 8 percent following the alternate meat manufacturer said Tuesday it has signed a deal to begin producing its own fermented meat replacements in Europe next year. The stock has skyrocketed more than 240percent since its initial public offering in early May.
Visa, Mastercard — Shares of Visa and Mastercard rose 0.7% and 0.8% respectively after a Barron’s report emphasized the credit card companies as leaders in the digital-payments space along with PayPal.
Advanced Micro Devices — Shares of Advanced Micro Devices surged 9.8% after the chip maker announced a slew of new chips coming in July, including many new third-generation Ryzen PC chips. AMD touted its new products as a superior to a central processing unit (CPU) from Intel. Stifel and Cowen reaffirmed their buy ratings on the AMD after the statement, citing their optimism on its new product lineup.
Total Systems Services and International Payments — Shares of International Payments fell 3% and stocks of Total System Services climbed 4.8% after CNBC reported that the payment tech firms have agreed on a stock merger of equals. Global Payments CEO Jeffrey Sloan is going to be the head of this new business. The companies are expected to announce as soon as Tuesday morning.
Activision Blizzard — The stock rose 2.9% after Goldman Sachs updated the game-maker to “buy” from “neutral.” Goldman Sachs told investors that a “potential inflection in ATVI’s earnings trajectory” because of the launch of new content, the forthcoming release of Diablo Immortal and COD Mobile and the prospect of future content.
J.B. Hunt — Shares dropped 2.4% after Bank of America reduced its rating on J.B. Hunt’s stock to neutral from buy. Bank of America said the logistics firm is facing several challenges in the year ahead, like increasing rail costs.
Roku — Roku inventory dropped 7.3% after Stephens downgraded the digital media firm’s stocks to “equal-weight” from “overweight.” The company said Roku’s inventory is getting a heightened risk given its current run and its greater valuation, but what they’re monitoring continues to look strong in their opinion. In a note to investors, Stephens analysts said that “speculation about Roku as a potential acquisition target, investor focus on active user growth, progress on the international front and scarcity of investible streaming names” are the biggest risks to the downgrade.
Anaplan — Shares of software programmer Anaplan shot up 18.2% after the company reported first quarter earnings that were stronger than anticipated, according analysts surveyed by FactSet. The business also raised its 2019 earnings forecast to a range of $326 million to $331 million, a 5 percent increase on the high end from its previous advice.
SeaWorld Entertainment — The stock jumped 17.6% after SeaWorld declared $150 million in share buybacks while longtime investor Hill Path Capital increased its position to 34.5%. SeaWorld will also add three Hill Course directors to its board.
— CNBC’s Yun Li contributed reporting.