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Check out the companies making the biggest moves midday:
Apple — The tech giant saw its shares rally 2.91% after Morgan Stanley reiterated the stock as overweight. The Wall Street firm said Apple would fare better than other technology companies in the event of an economic downswing, thanks to its loyal user base.
Continental Resources — Shares of the U.S. oil producer rose 8.68% after chairman and founder Harold Hamm and his family reached a deal to acquire shares of Continental Resources it doesn’t already own for $74.28 per share.
Fox Corp, News Corp — Fox shares dropped 9.41%, while News Corp gained 3.4% after Rupert Murdoch formed a special committee to explore a possible deal that would put his two media companies back together. On Monday, Credit Suisse downgraded Fox to neutral from outperform on the news.
Netflix — Netflix’s stock rose 6.57%. Wells Fargo reiterated its equal weight rating on the streaming service ahead of the company’s earnings this week. Last week, Netflix announced it will launch a new ad-supported service for $6.99 a month.
Splunk — Shares of the software company climbed 3.81% following a report that activist investor Starboard Value has a roughly 5% stake in it. Starboard also has plans for Splunk to help boost its stock price, according to the Wall Street Journal.
Kroger — Share of the supermarket chain slid 2.43% after being downgraded by Northcoast to neutral from buy. The firm’s analysts cited reservations about Kroger’s merger with Albertsons getting approval.
Cloudflare — Cloudflare’s stock jumped 13.17% after Wells Fargo upgraded the IT service management company to overweight from equal weight. Wells Fargo said the decline in shares this year has created an attractive entry point, and believes the company will benefit from an increased focus on consolidation.
SunPower, Sunnova – Shares of SunPower and Sunnova gained about 0.36% and 2.15%, respectively, after Susquehanna initiated coverage of the solar and renewables companies with a positive rating. The firm’s analysts said they will benefit from the Inflation Reduction Act.
Credit Suisse — Shares of bank Credit Suisse rose 3.64% on a weekend report that it is preparing to sell part of its Swiss bank to raise capital. The bank also recently agreed to pay $495 million to settle a case related to mortgage-linked investments in the U.S. Further, Christian Meissner, its investment bank chief, is set to leave the firm in the coming weeks, according to Bloomberg.
Speculative tech stocks — South American e-commerce stock Mercadolibre surged 12.39%, while Chinese tech stock Pinduoduo jumped 4.84%. U.S. names Okta and Zscaler popped 5.92% and 7.37%, respectively. Treasury yields inched downward on Monday and investors turned to more risk-on trades.
Bank stocks — Several bank stocks moved higher Monday on positive earnings for the sector. Bank of America, which topped estimates on better-than-expected bond trading, rallied 6.06%. Bank of NY Mellon gained 5.08% following its earnings beat and Signature Bank, set to report earnings on Tuesday, jumped 5.56%.
— CNBC’s Alex Harring, Carmen Reinicke, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.
Image and article originally from www.cnbc.com. Read the original article here.