Stocks making the biggest moves midday: Intuitive Machines, U.S. Steel, Victoria’s Secret and more
Check out the companies making headlines in midday trading: Intuitive Machines — Shares soared 51% after the space exploration company secured a roughly $5 billion space network contract from NASA. United States Steel — The U.S. steel producer saw shares jump more than 2% after news that a U.S. security panel has reportedly granted Nippon Steel permission to refile its plans to purchase the firm for $14.1 billion. The move is likely intended to push a decision on the politically controversial takeover past the presidential election in November. Victoria’s Secret — The intimate apparel maker gained 5% after Barclays upgraded shares to equal weight from underweight, citing a more balanced risk/reward backdrop. The bank now sees more than 6% upside for the stock. VF Corp — Shares climbed 4% following an upgrade to overweight from equal weight at Barclays. The investment firm said VF Corp should start to see benefits from last year’s CEO change this fall. Medical Properties Trust — Shares dropped more than 4% after Medical Properties Trust said it anticipates an additional impairment of about $430 million in its fiscal third quarter following its settlement with tenant Steward, which had filed for Chapter 11. McGrath RentCorp — Shares fell 3%, hitting a new 52-week low, after the business-to-business rental company terminated its merger with WillScot Holdings. McGrath will receive a termination fee of $180 million, as per the terms of the agreement. ResMed — Shares of the medical device company, whose equipment treats obstructive sleep apnea, shed 5.7% after being downgraded to underperform from peer perform at Wolfe Research. The firm anticipates decelerating revenue growth due to increased competition from Eli Lilly’s GLP-1 medication. Casella Waste Systems — The recycling company fell 5% after announcing a $400 million public offering of its Class A common stock. — CNBC’s Sean Conlon, Michelle Fox, Lisa Han, Yun Li, Jesse Pound and Pia Singh contributed reporting.
