Companies Making Headlines in Midday Trading
FuboTV
The streaming provider skyrocketed by 251% after confirming a deal to merge its online live TV operations with Walt Disney. The new venture will be 30% owned by FuboTV and 70% by Disney, forming the second-largest digital pay-TV provider after YouTube TV.
Pony AI
The China-based self-driving vehicle company saw a 2.6% increase in its stock after announcing plans to launch robotaxi services in Hong Kong as part of its global expansion.
Paycor
Shares of payroll services provider Paycor surged by 23% following reports of advanced acquisition talks with larger competitor Paychex. Sources suggest a deal may be announced soon.
T-Mobile
The telecom stock experienced a 3% decline after a downgrade to equal weight from Wells Fargo, citing slowing growth in key metrics and a high valuation compared to competitors.
Dutch Bros
Shares of the coffee chain rose by 2.5% after receiving an upgrade to outperform from Baird, anticipating positive momentum in the new year.
Capri Holdings
Shares of the parent company of Coach and Michael Kors jumped by 8% after an upgrade to outperform from BMO, citing improved sentiment.
Other Companies in the Spotlight
- VeriSign: The internet stock increased by 2.5% following Warren Buffett’s Berkshire Hathaway buying more shares for $4.1 million over 12 consecutive sessions.
- American Airlines: The carrier stock gained 3.2% after an upgrade to buy from TD Cowen, setting a new price target of $25.
- Citigroup: The bank stock rose by 2.5% following an upgrade to overweight from Barclays, with a positive outlook for large-cap banks.
- Chip stocks: Chipmakers saw gains after Foxconn reported record revenue, with companies like Taiwan Semiconductor and Micron Technology surging.
- MicroStrategy: The bitcoin proxy increased by nearly 12% after announcing capital raise plans to acquire more bitcoin.
- Plug Power: The developer of hydrogen fuel cell systems gained 20% after the U.S. Department of the Treasury released tax credits for clean energy companies.
- Chewy: Shares rose by 3.1% after an upgrade from Mizuho, citing short-sighted concerns around ad spend.
Contributors: Sean Conlon, Michelle Fox, Alex Harring, Yun Li, Sarah Min, Jesse Pound, and Samantha Subin