Stocks making the biggest moves midday: Boeing, Tesla, CarMax, Apache & more

Stock Market

A line of Boeing 737 fuselages, eventually bound for Boeing’s production facility in nearby Renton, Wash., sit on flatcar rail cars at a rail yard Tuesday, April 9, 2019, in Seattle.

Elaine Thompson | AP

Check out the companies making headlines in midday trading:

Boeing — Shares of Boeing jumped nearly 3% after the Chicago-based aviation giant ousted CEO Dennis Muilenburg, effective immediately. The move comes as Boeing is struggling to regain the trust of regulators and the public after two fatal crashes of the 737 Max jets. Chairman David Calhoun will become CEO on Jan. 13.

Tesla — The electric automaker’s stock surpassed $420 a share during trading Monday, about 16 months since CEO Elon Musk tweeted that he had “funding secured” to take the company private at that price. While a Securities and Exchange Commission lawsuit regarding the tweet saw Musk lose his role as Tesla’s chairman and pay a $20 million fine, the company has bounced back on a strong performance to end 2019.

CarMax — Shares of the used car seller slid more than 3%, accelerating Friday’s 6% loss, as the Street continued to react to the company’s third quarter results reported on Friday. While the company beat revenue estimates, EPS came up short. Shares are still up more than 40% for the year.

3M — Shares of the industrial conglomerate rose more than 1% after J.P. Morgan upgraded its rating on 3M to neutral from underweight. J.P. Morgan noted that the stock has underperformed since late 2017, the firm said “we think for the time being the focus will shift towards fundamentals as the relative earnings revision curve is probably more stable now.”

Apache — Shares of the oil exploration and production name surged more than 12% after the company announced a joint venture with France’s Total S.A. to develop offshore wells in Suriname. The two companies will each hold 50% ownership of the 1.4 million acre site.

JD.com — JD.com’s stock climbed 3.1% in early trading Monday after Reuters reported that it was exploring an initial public offering for its logistics unit. JD Logistics could have a market cap of more than $30 billion, with the offering raising between $8 billion and $10 billion, according to the report. JD.com spun off the logistics unit into a standalone entity in 2017.

Cincinnati Bell — Shares of Cincinnati Bell surged nearly 35% after the communication systems provider said it has agreed to be acquired by Brookfield Infrastructure Partners in a deal valued at about $2.6 billion including debt. Under the deal’s terms, Cincinnati Bell shareholders will receive $10.50 per share in cash, 36% higher than Cincinnati Bell’s Friday close. Shares of Brookfield rose more than 1%.

Sarepta Therapeutics — Shares of Sarepta rose nearly 9% on Monday morning after the company announced that it was licensing a gene therapy internationally to Roche. As part of the deal, Sarepta will receive an upfront payment of $1.15 billion in cash and equity and is eligible for further milestone payments and royalties. Sarepta still has the rights to the therapy, which is used to treat Duchenne muscular dystrophy, in the United States.

— CNBC’s Yun Li, Pippa Stevens and Jesse Pound contributed to this report.

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