Brendan McDermid | Reuters
Check out the companies making headlines midday Monday:
Devon Energy, Marathon Oil, Exxon Mobil, Chevron — Energy stocks surged after a drone strike attack wiped out about half of Saudi Arabia’s daily crude production. The attack sent oil prices skyrocketing more than 11% while the broader stock market fell. Devon and Marathon Oil rose 7.6% and 9.6%, respectively. Exxon and Chevron both gained more than 1.5%.
Uber, Lyft — An analyst at HSBC upgraded the two ride-sharing services to buy from hold, noting that regulatory concerns are priced in, “whilst we continue to see a lot of optionality around product improvements for both Uber and Lyft.” Uber rose 4.1% while Lyft climbed 5.1%.
Raytheon — Raytheon shares rose 3.2% after a J.P. Morgan analyst upgraded the defense giant to overweight from neutral. The analyst said there is “upside” to the company’s valuation.
Zoom Video Communications — The video-conferencing company’s stock rose about 1% after an analyst at Baird initiated it with an outperform rating. “We acknowledge the premium valuation, but believe that is justified by the industry-leading growth, estimate upside potential, strong profitability and significant Zoom Phone potential,” according to the analyst.
Aurora Cannabis — An analyst at Stifel downgraded the Canadian cannabis company to sell from hold, sending the stock down more than 6%. “We believe Aurora’s financing efforts will be challenged against the backdrop of overwhelmingly negative investor sentiment towards the sector, damaged credibility, and limited catalysts near-term to drive enthusiasm for the shares,” said the analyst.
New Relic — Shares of the software company dropped more than 10% after a cut in revenue guidance. The company said it expects fiscal-year revenue to range between $586 million and $593 million. New Relic had issued guidance ranging between $600 million and $607 million.
General Motors — General Motors dropped 3% after about 48,000 United Auto Workers union members went on strike after contract talks with the auto giant broke down. This is the first time the union declared a strike at GM in about 12 years.