Stocks making the biggest moves midday: Nio, Braiin, AppLovin, SpaceX, SK Hynix & more
π AppLovin stock tumbled 12%, becoming the worst-performing S&P 500 member at the start of the week.
π Biogen shares added nearly 2% after Truist upgraded the biotech name to buy from hold.
π Nio U.S. shares rose 3% following a Goldman Sachs upgrade to buy with a $7 price target.
π SpaceX shares dropped nearly 4% to a post-IPO low despite FAA clearing flight tests.
πΎ SK Hynix U.S. shares fell 8% after a volatile debut, while Seoul-listed shares sank over 15%.
ποΈ Shopify and Deckers Outdoor Group both rose 2% after Jefferies upgraded them to buy.
π¨ MGM Resorts International gained over 1% amid private acquisition talks with Barry Diller's People.
β½ Energy stocks rallied as oil prices jumped over 4% following geopolitical developments in the Strait of Hormuz.
π Broader semiconductor and memory stocks faced pressure as investors re-evaluated the AI trade viability.
Bullish Signals
- Nio received a Goldman Sachs upgrade to buy with a new $7 price target suggesting 46% upside from Friday's close.
- Biogen shares gained nearly 2% after Truist upgraded the stock to buy ahead of upcoming drug trial data releases.
- MGM Resorts International rose more than 1% following reports of private acquisition talks with Barry Diller's People.
- Shopify and Deckers Outdoor Group both advanced 2% after Jefferies upgraded them to buy citing strong fundamentals and innovation.
- Energy stocks rallied broadly as oil prices surged over 4% due to geopolitical tensions in the Strait of Hormuz.
Risk Factors
- AppLovin stock tumbled 12%, marking its sixth daily loss in seven sessions and making it the worst-performing S&P 500 member at the start of the week.
- SpaceX shares fell nearly 4% to a fresh post-IPO low, losing more than 13% over the past week despite regulatory clearance.
- SK Hynix U.S.-listed shares tumbled 8% after their debut on Nasdaq, while Seoul-listed shares posted their worst day in history with a drop of over 15%.
- Memory and chip stocks faced sector-wide pressure as investors questioned the viability of the artificial intelligence trade.
Full Analysis
AppLovin shares tumbled 12% in midday trading, marking the worst performance among S&P 500 members at the start of the week. The decline pushed the software company on pace for its sixth daily loss within a seven-session span, highlighting significant short-term pressure on its stock price.
Biogen shares gained nearly 2% following an upgrade from Truist, which moved the rating to buy from hold. Analysts anticipate potential upside as Biogen prepares to release new data from investigational drug trials, suggesting positive market reaction to upcoming clinical developments.
Nio's U.S.-listed shares rose 3% after Goldman Sachs upgraded the China-based electric vehicle company from neutral to buy. The bank cited expectations for fast volume growth, a premium margin profile, and a strong profit and free cash flow turnaround this year, setting a new price target of $7 that implies 46% upside.
SpaceX shares fell to a fresh post-IPO low, dropping nearly 4% in midday trading and losing over 13% for the week. This decline occurred despite the Federal Aviation Administration closing an investigation into the company, which clears the path for upcoming flight tests as early as this week.
SK Hynix's U.S.-listed shares tumbled 8% following a volatile debut on Nasdaq where they initially popped nearly 13%. Seoul-listed shares sank more than 15%, posting their worst day in history, while broader memory and chip stocks faced pressure as investors questioned the viability of the artificial intelligence trade.
Shopify and Deckers Outdoor Group shares both advanced after Jefferies upgraded them to buy. Analysts highlighted Shopify's strong fundamentals and agentic commerce tailwinds, while noting Deckers' upside potential driven by product innovation in its Hoka sportswear brand. Shopify rose 2% and Deckers advanced 2%.
MGM Resorts International shares rose more than 1% after reports indicated private talks with Barry Diller's People regarding a potential acquisition. Diller made an offer to buy the company in early June, though MGM has not yet publicly responded to the proposal.
Energy stocks rallied as oil prices surged more than 4% following President Donald Trump reinstating a blockade on Iranian ships in the Strait of Hormuz. Valero Energy rose by 4%, ConocoPhillips climbed nearly 3%, and major players like Exxon Mobil and Chevron also posted gains.
The article concludes with contributions from CNBC reporters Michelle Fox, Christina Cheddar Berk, Alex Harring, and Fred Imbert, providing a snapshot of midday market movements across various sectors including technology, healthcare, automotive, aerospace, retail, hospitality, and energy.