Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the opening bell, October 25, 2018 in New York City.
Drew Angerer | Getty Images
Check out the companies making headlines midday Monday:
Symantec — Symantec dropped 10.6% after CNBC’s David Faber reported, citing sources familiar to the matter, that deal negotiations with the semiconductor company Broadcom had stalled. Sources said Symantec refused to accept less than $28 a share from Broadcom.
Crocs — The shoe company’s stock jumped 6.9% after an analyst at Piper Jaffray upgraded it to overweight from neutral, citing increased summer business, and improved pricing, among other drivers.
Galapagos NV — Shares of Galapagos NV soared 17.2% after U.S. drugmaker Gilead Sciences increased its stake in the Belgium-based pharmaceutical. Gilead will pay $158.43 per share, nearly a 10% premium from Friday’s close, to increase its stake in Galapagos to 22% from 12.3%. Gilead will invest a total of $5.1 billion, including $3.95 upfront and a $1.1 billion equity investment.
Uniti Group — The real estate company’s stock slid more than 4% after Bloomberg News reported it and telecommunications services company Windstream are “far apart” in resolving a lease issue that helped trigger Windstream’s bankruptcy.
Callon Petroleum — Shares of Callon Petroleum fell 15.9% after the oil and gas company said it will acquire Carrizo Oil & Gas in a deal valued at $3.2 billion deal, or $13.12 per Carrizo share.
Hillenbrand — DA Davidson upgraded Hillenbrand to buy from neutral, sending the stock up 7.4%. The analyst said he is “positively disposed” to the company’s acquisition of plastics equipment maker Milacron, which was announced on Friday. The analyst added Hillenbrand is trading at “a reasonable valuation.”
Molson Coors — Molson Coors’ stock fell 1.3%, hitting a new 52-week low after Bank of America double downgraded the stock to underperform from buy, citing concerns that the beer maker would have to increase spending to remain competitive in the increasingly-expensive market.
General Electric — Shares of General Electric slipped 1% after UBS downgraded the industrial conglomerate to neutral from buy. The firm cited lower interest rates and weakness in the power market as it lowered its price target to $11.50 per share from $13 per share.
Boeing — The aerospace company’s stock pulled back 1% after American Airlines removed the 737 Max jet from its flight schedule through early November. American joined other airlines like United in halting flights involving the plane.
—CNBC’s Mallika Mitra, Jesse Pound, Marc Rod and Elizabeth Myong contributed to this report.