Check out the companies making headlines in midday trading: Tesla — Shares of the electric vehicle company dropped 3% after sales in May declined in several European markets. Reuters reported that Tesla suffered weaker sales in Sweden, France, Spain, Denmark and the Netherlands, but improved in Norway, boosted by the revamped Model Y. Advertising stocks — Advertising stocks were lower Monday following a report in The Wall Street Journal that Meta Platforms plans to use artificial intelligence to fully automate its ads by the end of the year. Shares of Omnicom Group lost 4%, while WPP and Interpublic shed 2% each. Steel stocks — Steel stocks were higher after President Donald Trump doubled tariff rates on imports to 50%. Cleveland-Cliffs soared more than 24%, while Nucor and Steel Dynamics each climbed 10%. Blueprint Medicines — Shares surged 26% after the biopharmaceutical company agreed to be acquired by Sanofi for $129 per share in a deal worth approximately $9.5 billion. Shares of Sanofi were fractionally lower. Sports betting stocks — Online sports betting stocks took a hit after Illinois lawmakers passed a budget that included a tax hike. DraftKings dropped more than 5%, while Flutter Entertainment and Rush Street Interactive slipped more than 3% and 1%, respectively. The Roundhill Sports Betting & iGaming ETF (BETZ) fell 1.6%. Auto stocks — Shares of automakers slipped after Trump doubled tariffs on steel. General Motors and Ford tumbled nearly 5%, while Stellantis shed 3.5%. BioNTech — Shares advanced 18% on a multibillion-dollar deal with Bristol Myers Squibb to partner and co-develop an experimental cancer drug. The deal includes an upfront payment of $1.5 billion. Applied Digital — The digital infrastructure company’s shares soared more than 40% after entering two 15-year lease agreements with CoreWeave , a cloud services provider backed by Nvidia . Applied Digital expects to generate $7 billion in total revenue from the leases over the 15-year term. CoreWeave jumped about 6% on the news. — CNBC’s Alex Harring, Yun Li, Michelle Fox, Lisa Kailai Han and Jesse Pound contributed reporting.
Add A Comment