Stocks making the biggest moves midday: AT&T, Nvidia, SailPoint Technologies and more

Finance

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A pedestrian walks in front of an AT&T location in New York.
Scott Mlyn | CNBC

Check out the companies making headlines in midday trading Monday:

AT&T — Shares of AT&T jumped more than 7% after the telecom giant announced that it closed its transaction with Discovery to spin off its WarnerMedia business. The combined company is called Warner Bros. Discovery. It began trading on the Nasdaq on Monday under the new ticker symbol WBD. JPMorgan also assigned an overweight rating to AT&T.

Nvidia — Nvidia’s stock sank 6.1% after Baird downgraded the chipmaker to neutral from outperform, citing concerns about order cancelations driven in part by a slowdown in consumer demand for PCs.

Sailpoint Technologies — The cybersecurity company saw shares soar 29% after announcing Monday it will be acquired by private-equity firm Thoma Bravo for $6.9 billion, or $65.25 per share. The all-cash deal is expected to close in the second half of 2022.

Occidental Petroleum — Energy stocks were among the top decliners in the S&P 500, as oil prices dropped amid fears Covid lockdowns in China would depress global demand. Occidental Petroleum and Diamondback Energy fell 5.9% and 4.9%, respectively, while APA slid 3.8%.ConocoPhillips lost more than 4%.

Microsoft, Apple — Shares of tech giants were lower Monday as the 10-year Treasury yield climbed to its highest level since January 2019. Microsoft lost 3.7% while Alphabet dipped 2.8%. Apple and Meta Platforms each declined more than 1%.

Coinbase — Shares of the cryptocurrency services company fell 4.2% as the price of bitcoin dropped to its lowest level since March amid a broader sell-off in risk assets. Coinbase’s stock price is tied closely to the price of bitcoin since so much of its revenue being derived from trading fees.

KeyCorp — Regional bank stocks advanced as rates climbed. Regions Financial rose 1.8%, and Zions Bancorporation added 1.2%. KeyCorp, which was also upgraded by Wells Fargo, gained about 0.8%.

JetBlue — Shares of the airline gained 1.3% after the company said it’s cutting back its summer schedule in an effort to avoid flight disruptions, as it works to ramp up hiring this summer to meet a surge in travel demand.

 — CNBC’s Yun Li, Jesse Pound, Samantha Subin and Hannah Miao contributed reporting

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