Broadcom — Shares of the chipmaker rose 6% after Apple announced an expanded partnership between the two companies. The multi-year agreement is worth more than $30 billion and leads to 15 billion U.S.-made chips. It also includes an expansion of the Broadcom facility in Fort Collins, Colorado. Apple stock also rose, but only by 1%. Moderna — The biotech giant’s stock fell 7% after Morgan Stanley reiterated an equal weight rating on the stock. The company raised its price target from $33 to $39, citing higher estimates for coronavirus and influenza vaccines. “We see vaccines and (personalized neoantigen therapy) as the key drivers of the company’s valuation,” Morgan Stanley said. Alibaba — Chinese tech stocks bucked a downward trend on Wednesday as investors flooded the sector. Alibaba shares traded in the U.S. rose more than 11%, while shares of Jingtocom and Baidu each rose more than 4%. MasTec — Shares rose 6% after the data center power infrastructure company agreed to acquire electrical contractor Superior Group. The cash and stock transaction is valued at approximately $1.65 billion. Levi Strauss — The denim maker’s stock fell about 2% as traders awaited the company’s quarterly report. Analysts surveyed by StreetAccount expect second-quarter sales to rise 5.1% from a year ago to $1.52 billion and earnings per share to be 24 cents. Short-term options suggest the stock could move more than 9% depending on performance, according to street accounts. FuelCell Energy — Shares fell about 12% after the fuel cell company announced an enhanced public offering of 10.7 million shares at $21 per share to raise a total of $225 million. Energy stocks — U.S. oil prices soared after President Donald Trump said the ceasefire with Iran was over, sending energy company stocks higher. Diamondback Energy stock rose more than 3%. APA Corporation stock rose 2% and Occidental Petroleum stock rose 4%. Chevron stock rose 1%. Cruise lines, airlines — Meanwhile, companies heavily affected by fuel prices fell as oil prices rose. Carnival Corp.’s stock price fell 4%. Shares of Norwegian Cruise Line, United Airlines and Delta Air Lines each fell about 2%. Bath & Body Works — The retailer’s stock price fell more than 6% after Goldman Sachs downgraded the stock from neutral to sell. Analysts at the bank said the company’s expansion into third-party distribution could cannibalize its own retail business. Estée Lauder — Shares fell 3% after the cosmetics maker disclosed in a regulatory filing that the estimated cost of its restructuring plan now stands at $1.75 billion. The company’s previous estimates had expected the cost to be about $1.55 billion. —CNBC’s Nick Wells and Darla Mercado contributed reporting.
