economy
Stocks Making the Biggest Moves Midday: Moderna, ON Semiconductor, Rocket Lab, Eli Lilly, Sandisk & More
Here are the companies making headlines in midday trading.
TL;DR
- Software stocks, including Microsoft, Salesforce, and Palantir, saw gains despite a broader tech sector slump.
- Moderna jumped 11% after outlining a long-term strategy focused on mRNA oncology and rare disease treatments.
- The healthcare sector outperformed, with Veeva Systems and Eli Lilly rallying 7% each.
- ON Semiconductor announced a $7 billion all-stock deal to acquire Synaptics, causing ON Semiconductor shares to slide 23%.
- Memory stocks like Micron, Sandisk, Seagate Technology, and Western Digital fell amidst a tech sell-off.
- Chipmakers were also hit, with Arm Holdings and Marvell Technology declining, alongside Advanced Micro Devices, Intel, and Broadcom.
- Rocket Lab rose 5% after securing launch services for two NASA missions.
- Energy stocks declined as oil prices dropped.
- Crocs shares increased nearly 7% following an upgrade from Piper Sandler.
- Robinhood gained 4% after BTIG initiated coverage with a buy rating.