Hot Stocks: PXD and ARVL rises on M&A news; Tupperware drops on delisting fears; AAPL, BIDU falls; SMG gains
recep-bg
The major market averages in the United States fell in intraday trading on Monday as fears of a recession grew and investors looked ahead to key inflation data this week.
Following individual stocks, Pioneer Natural Resources (NYSE:PXD) and Arrival (NASDAQ:ARVL) shares were higher on merger and acquisition news.
Meanwhile, Scotts Miracle-Gro (NYSE:SMG) rose after the company stated that it expects to achieve a net leverage ratio "comfortably below" the credit facility covenant of 6.5x in the fiscal year 2023 Q2.
Among the losers are Apple (NASDAQ:AAPL), whose Mac shipments fell 40% year on year, according to IDC, and Baidu (NASDAQ:BIDU), which fell after the company sued Apple (AAPL) and other app developers for counterfeit versions of its Ernie bot program.
In the meantime, Tupperware (NYSE:TUP) shares fell on delisting risk.
Gainers
Pioneer Natural Resources (PXD) shares increased by more than 6% after Exxon Mobil (NYSE:XOM) held preliminary talks about acquiring the company.
Arrival (ARVL) stock jumped more than 22% after the company announced a merger with Kensington Capital Acquisition Corp. V for a pro forma enterprise value of $524 million. "This transaction provides a potentially significant capital infusion as well as additional support in bringing our XL Van to market," said Arrival CEO Igor Torgov. "We are excited to collaborate with Kensington to meet our production targets as we aim to commercialise our XL Van by the end of 2024."
Scotts Miracle-Gro (SMG) shares were higher 5% as it expects to achieve a net leverage ratio "comfortably below" the credit facility covenant of 6.5x for 2Q2023.
Decliners
Apple (AAPL) shares slipped more than 2% as the company's sales performed worse than the overall PC market in the first quarter, dropping more than 40% year-over-year.
Tupperware Brands (TUP) fell more than 45% after revealing the engagement of financial advisors to assess the company's situation and ability to continue operations.
Baidu (BIDU) dropped about 5% after suing Apple (AAPL) and other app developers over fake versions of its Ernie bot programme that were available on Apple's app store.
To track Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.