Midday Stock Moves: Snap, Apple, Boeing, And More

‍Snap

Shares of the tech company rose nearly 13% on Monday, the company's best day since November. The stock price of Snapchat increased amid reports that U.S. lawmakers are preparing legislation that would give Vice President Joe Biden the ability to ban TikTok, one of the company's major competitors.

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Apple

Goldman Sachs initiated coverage of the big technology stock as a buy, which resulted in shares rising more than 3% in the process. There is a possibility that Apple's business with its services could give it a boost.

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Credit Suisse

Financial Times reported that Harris Associates sold its entire stake in Credit Suisse, which resulted in a 1% decline in shares. David Herro, the Harris Associates chief information officer, said that there are questions about the franchise's future as well as large outflows from the wealth management unit of the company.

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Boeing

Several reports emerged that Boeing's MAX and 787 aircraft may have to be delayed by as much as a year as a result of software issues, which caused shares of the company to drop 1.6%.

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RH

This furniture retailer, which used to be called Restoration Hardware, saw its stock dip more than 2% after Jefferies downgraded it from a buy rating to a hold rating. Wall Street research firm Capital Economics said luxury housing is having a hard time stabilizing, which will have an impact on the company's business going forward.

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BioMarin Pharmaceutical

The stock of BioMarin dropped by more than 6% after competitor BridgeBio Pharma published positive trial data for its candidate to treat achondroplasia, the most common form of dwarfism, which could pose a challenge to BioMarin's Voxzogo medication.

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Emerson Electric

Following UBS' upgrade to buy from neutral, shares rose about 3%. There is an overdosing of the derating of Emerson Electric according to a Wall Street firm.

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Vir Biotechnology

Following a JPMorgan upgrade from neutral to overweight, the biotech stock increased by 1.4% following the upgrade. According to the firm, the company has a strong pipeline of drugs and specifically mentioned its trials for the treatment of hepatitis B as well as flu.

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Domino’s Pizza

Shares of Domino's Pizza advanced more than 4%. According to Gordon Haskett, who downgraded the stock from a buy rating to a hold rating on Friday, and lowered its price target, the pizza chain will find it difficult to “succeed in resuming a higher than 6-10% average annual growth in system sales” in the coming months.

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