Stocks making the biggest moves midday: Apollo, GE, GameStop and more
Here are the stocks making headlines in midday trading.
Apollo Global Management – Shares of the private equity firm gave back earlier gains and declined more than 4% after the company announced that it will merge with Athene Holding in an all-stock transaction. The deal values Athene Holdings, a retirement services company, at around $ 11 billion. Shares of the company spiked more than 6%.
General Electric – GE stock rose 5% in midday trading after a report said the industrial company is nearing a $ 30 billion-plus deal to combine its aircraft-leasing business with Ireland’s AerCap Holdings as it looks to simplify its business. The Wall Street Journal reported over the weekend that GE is close to a deal to combine the largest remaining unit of GE Capital, once a vast lending operation. Shares of AerCap jumped 15%.
GameStop – Shares of the video game retailer continued its volatile trading on Monday, jumping nearly 40%. The company announced that former Chewy executive Ryan Cohen will lead a committee to shape GameStop’s transition to e-commerce.
Delta Air Lines, American Airlines, Southwest and United Airlines— Shares of the airlines rose on Monday amid optimism about the Covid pandemic. The Senate passed a $ 1.9 trillion stimulus bill and Covid vaccinations topped 3 million over the weekend. Shares of Delta Air Lines rose over 3.%. Shares of American climbed 5%, while Southwest rose more than 4%. United Airlines gained more than 6%.
McAfee – Shares of the cybersecurity company rallied more than 14% in midday trading following news that it sold its enterprise business to privately held Symphony Technology Group for $ 4 billion in cash.
Disney – The media and theme park stock jumped about 5% after California eased Covid rules, paving the way for Disneyland to reopen on a limited basis in April. The Centers for Disease Control and Prevention also said Monday people who’ve been fully vaccinated against Covid-19 can meet safely indoors without masks, further boosting reopening hopes.
VF Corp – Shares of the apparel and footwear company jumped close to 4% after Pivotal Research upgraded the stock to buy from hold. The Wall Street firm said VF has a favorable setup right now after its brand North Face went through a transition.
Coca-Cola – The beverage stock rose 2.7% after RBC Capital Markets upgraded Coca-Cola to outperform from market perform. The firm said in a note that the company should benefit from increased mobility as Covid restrictions are eased around the world.