Stocks making the biggest moves midday: Roku, Wells Fargo, Deere, Apache & more

Market Insider

A shopper carries an Insignia Roku TV television at a Best Buy Co. store in Louisville, Kentucky, U.S.,

Luke Sharrett | Bloomberg | Getty Images

Check out the companies making headlines midday Monday:

Roku — Shares of the streaming video device-maker plunged 16% after Morgan Stanley downgraded Roku’s stock to underweight. The firm said the risk versus reward of Roku is “skewed to the downside” after the stock’s more than 400% climb this year.

Wells Fargo — Shares of the United States-based bank slid more than 1% following a downgrade to underperform at Raymond James. The firm said it expects the bank’s revenue to shrink in 2020, which would be the fourth straight year of contraction, and that the stock remains expensive despite declining profitability.

Deere — An analyst at Bank of America downgraded the stock to underperform from neutral, sending Deere down 1.2%. The analyst cited the company’s “disappointing” earnings outlook for the downgrade.

Apache — Shares of the oil exploration and production company plummeted more than 12% after the company said that “further testing and evaluation will be conducted” at its drilling site in Suriname. The stock is currently trading at its lowest level since 2001.

Macy’s — The landmark department store retail gained 0.6% as the start of the holiday season sent American consumers on the hunt for Cyber Monday bargains. Others suggested that any one-day gain in Macy’s could instead be the result of short sellers covering their positions and locking in a hefty year-to-date profit thanks to the stock’s 2019 decline of 48%, the worst performance of any S&P 500 component.

ADT —ADT fell 1% in midday trading after Bank of America Merrill Lynch downgraded the stock from buy to neutral on the heels of its 52% rally in 2019. Analysts Gary Bisbee and Jay Hanna wrote that they see few catalysts in the near term that could usher a significant move higher in the alarm maker’s equity.

Marathon Oil — Shares of the oil company gained more than 2% on the back of a surge in oil prices. Ahead of Thursday’s bi-annual meeting of OPEC and its allies, WTI crude and global benchmark Brent both moved higher based on hopes that the cartel will extend production cuts. Halliburton, Schlumberger, Diamondback Energy and Concho Resources all gained more than 1%.

McDermott International — Shares of the engineering and construction company jumped more than 5% on news it reached a forbearance agreement with its creditors. The forbearance agreement, which was reached with holders of more than 35% of McDermott’s senior notes due in 2024, runs through Jan. 15, 2020.

—CNBC’s Pippa Stevens, Michael Sheetz and Tom Franck contributed to this report.

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