Autodesk, Micron Technology, AMC Networks, and More
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Key Takeaways
The S&P 500 and Nasdaq posted small gains at midday, adding to their all-time highs set Friday.
Autodesk shares advanced on a report activist investor Starboard Value has taken a big stake in the software maker.
Micron shares jumped after Bank of America analysts boosted their price target.
AMC Networks announced it was selling $125 million in debt, sending shares tumbling.
U.S. equities were up slightly at midday, with the S&P 500 adding to their record setting performance on Friday. The Dow also posted a small gain.
Autodesk (
ADSK
) shares jumped on a report that
activist investor
Starboard Value has taken about a
half a billion dollar stake
in the design software maker and is calling for changes.
Shares of Micron Technology (
MU
) hit a new high in intra-day trading as Bank of America boosted its price target, calling the chipmaker its “top US memory company” because of
demand for artificial intelligence
(AI) semiconductors.
An upgrade from UBS lifted shares of Best Buy (
BBY
). UBS said the electronics retailer should benefit from new products and consumers upgrading their appliances.
AMC Networks (
AMCX
) shares plunged after the cable TV network announced it was selling $125 million in convertible senior notes in a private offering.
Shares of Louisiana-Pacific (
LPX
) tumbled on a downgrade from Goldman Sachs, which warned the building materials supplier faced macroeconomic pressures and tough competition.
Shares of Freeport-McMoRan (
FCX
) and other mining companies were lower along with the prices of gold and copper.
Oil futures rose. The yield on the 10-year Treasury note gained. The U.S. dollar was up versus the yen, but fell to the euro and pound. Most major cryptocurrencies traded in negative territory.
