Check out the companies making headlines in midday trading: Apple — The stock added 2.2% as sentiment on tech shares broadly rose Monday. President Donald Trump announced on Friday that several electronic devices and components will be exempt from U.S. tariffs . The policy benefits Apple given that the majority of the iPhone maker’s products are manufactured in China. Several Wall Street analysts were relieved following the exemption , but said Apple still faces growth concerns amid a weaker macroeconomic environment. China tech stocks — U.S. shares of Chinese tech firms gained on the heels of the Trump administration’s move to exempt smartphones, computers and semiconductors from “reciprocal” tariffs. Shares of e-commerce giants Alibaba and PDD advanced 5.8% and 4.7%, respectively, while others such as JD.com rose 4.8%. Baidu advanced 3%. Palantir Technologies — The software stock climbed 4.6% after NATO announced it had finalized its acquisition of Palantir’s Maven Smart System, an artificial intelligence-enabled warfighting system. NATO expects to use the system within its Allied Command Operations within the next 30 days. Viking Therapeutics — The clinical-stage biopharma stock surged 10.6% after Pfizer said on Monday that it was stopping development of its daily weight loss pill known as danuglipron. Pfizer’s decision comes after a patient experienced a liver injury possibly caused by the drug during a trial. Traders are now speculating the company may try to enter the GLP-1 space via an acquisition. Viking has oral and injectable GLP-1 drugs in clinical trials. Goldman Sachs — Shares jumped 1.9% after the investment bank’s first-quarter results beat Wall Street’s expectations on the top and bottom lines. Goldman Sachs earned $14.12 per share on revenue of $15.06 billion, above the $12.35 per share and revenue of $14.81 billion that analysts surveyed by LSEG were expecting. Dell Technologies — The computer hardware stock rose about 4% after the news over the weekend that some of the tariffs on technology products from China have been rolled back, at least temporarily . Intel — Shares gained nearly 3% after the chipmaker announced it is going to sell its majority stake in Altera to private equity firm Silver Lake. The deal is expected to close in the second half of this year. Best Buy — The electronics retailer soared 2.2% on the back of the White House’s exemption of electronic goods from reciprocal tariffs. — CNBC’s Hakyung Kim, Jesse Pound, Lisa Kailai Han and Pia Singh contributed reporting.
Add A Comment