Micron, AMC, And More Big Midday Moves

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It was announced that the company's stock had lost 3% following what the firm referred to as KBW's downgrade from outperform to market perform. KBW cited pressure from “small risks” accruing, which includes possible regulatory scrutiny of its Cash App business.

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Tesla

Electric vehicle maker Tesla shares fell more than 1.5% after Elon Musk announced the company's fifth price cut since the beginning of the year. According to the New York Times, Tesla's Model 3 will receive a $7,500 tax credit for its Model 3 as a result of tougher U.S. standards. In addition to this, the EV maker also announced Sunday it would open a new Megafactory in Shanghai that will be able to manufacture 10,000 Megapacks - which are big batteries - each year.

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Pioneer Natural Resources

Exxon Mobil has held informal talks with Pioneer Energy to acquire it, sending Pioneer shares soaring nearly 6%. There was a 0.6% drop in Exxon shares.

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Micron Technology

As a result of Samsung Electronics' announcement that it will cut memory chip production in the near future, Micron Technology's shares gained 8%. It is expected that the move will accelerate the return of the supply-demand balance and a possible rebound in the chipmaking sector. Approximately 8% of the gains came from Western Digital.

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Excelerate Energy, EQT, and other gas stocks 

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Natural gas futures rose, boosting Excelerate Energy, EQT, and other gas stocks. EQT gained 3.7%, Matador Resources gained 2.9%, and Excelerate gained more than 1%. Moreover, the stock was rated a buy by Deutsche Bank in a new report, which said it is trading below its industry peers.

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Apple, Google, Microsoft

 
It was a bad day for major technology companies during the trading session that took place on Monday. There was a 2% decline in the price of Apple's stock, a 2.8% decline in Alphabet's stock, and a 1.4% decline in Microsoft's stock.

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Taiwan Semiconductor

As a result of the company's first decline in monthly revenue in four years, shares of the chip giant fell 2.2% at midday. Since the start of the year, the stock has gained roughly 17%. Investor interest in generative artificial intelligence prompted Bank of America to upgrade its price target on the company last month.

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New Fortress Energy

Traders initiated new buy recommendations for New Fortress after Deutsche Bank initiated a buy rating. The bank believes the company is well positioned in the liquefied natural gas sector.

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Nikola

According to Evercore ISI, which reiterated an in-line rating on the company, the shares fell by 3% on Friday after the firm cut its price target by half, saying that there are too many headwinds facing the company.

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Five Below

In response to Roth MKM's statement that Five Below may be helped by the success of the new “Super Mario Bros. Movie,” a movie that saw stronger box office results than anticipated, shares of the discount retailer gained 3.9%.

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AMC Entertainment, IMAX, Cinemark Holdings 

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In the wake of the box office success of “The Super Mario Bros. Movie,” which was made by Universal Pictures, shares of major theater chains were up on Monday. Box Office Mojo reported that the film earned more than $200 million in the United States, according to its box office results. In the past week, AMC's stock price surged by 6.7%, IMAX gained 2%, and Cinemark gained 5.7%. 

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