Take a look at the companies making headlines in midday trading. Super Micro Computer, Deckers Outdoor – The two technology companies and sneaker design company will be added to the S&P 500 on March 18, S&P Dow Jones Indices announced on Friday, sending shares of the two companies each up 27% and nearly 3%. Computer and Deckers Outdoor will replace Zions Bancorpation and Whirlpool, which will be added to the S&P MidCap 400 Index. Macy’s — Shares of Macy’s soared 16% after Arkhouse Management said it and Brigade Capital Management increased their bid for the department store. The companies are now offering $24 a share for the Macy’s shares they don’t already own, about 14% higher than their previous offer of $21 a share. The new offer values the company at $6.6 billion. APPLE — Apple shares fell nearly 3% after European Union regulators fined the iPhone maker nearly $2 billion and said it violated competition law by preventing app developers from informing iOS users of alternative music subscription options. Cryptocurrency stocks – Coinbase and Microstrategy’s performance is tied to the price of Bitcoin, rising 6% and 8% respectively as the cryptocurrency approaches all-time highs. However, miners are waiting to see what happens as the upcoming Bitcoin halving, which will see mining companies’ revenues slashed, puts pressure on investors. Marathon Digital’s discount price is slightly above the flat line. Riot Platforms, Cipher Mining and CleanSpark each fell 5%, and Iris Energy fell 6%. DoorDash — Shares of DoorDash rose more than 5% after Royal Bank of Canada upgraded its rating on the food delivery company to outperform from sector perform. Royal Bank of Canada (RBC) cited the food delivery platform’s potential for new partnerships, particularly with Lyft. Lyft — Shares of the ride-sharing platform rose 6% after Royal Bank of Canada upgraded the stock to outperform from sector perform. The bank highlighted the company’s position in a “stable duopoly,” upcoming food delivery opportunities and optimistic 2024 EBITDA forecasts. Kyverna Therapeutics — Shares of the biopharmaceutical company fell 1.8% after Wells Fargo, JPMorgan Chase and Morgan Stanley issued overweight ratings. The latter sees biopharmaceutical companies’ cell therapies targeting autoimmune diseases as a catalyst. Citibank downgraded Ferrari to “sell” from “neutral”, citing concerns that the company is overvalued, sending the company’s shares down 2.7%. Li Auto – The Chinese automaker’s U.S.-listed shares fell more than 12% last week after the company reported disappointing February deliveries. The company’s shares soared more than 25% last week after reporting better-than-expected profits. Dutch Bros – Shares of Dutch Bros rose 1.4% after coffee chain Piper Sandler upgraded the company to “overweight” from “neutral”. The company likes Dutch Bros’ equity raise in September, its same-store sales strength and its announcement that it will test and implement mobile order and pay this year. American Airlines – Shares of American Airlines fell more than 3% after the airline ordered 260 new narrow-body jets, including 85 Boeing 737 Max 10 aircraft. American Airlines also said it would convert an order for 30 Boeing 737 Max 8 aircraft to the larger 737 Max 10 model. Ford — Shares of the automaker rose 4.3% on strong February sales data compared with a year ago. Ford’s growth has been driven by rising sales of electric and hybrid vehicles. —CNBC’s Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Yun Li, Jesse Pound and Samantha Subin contributed reporting.
