Hot Stocks: DKNG rises on upgrade; PDCE rises on buyout offer; AAPL, FL fall
zimmytws
Major market indexes were mixed during Monday's midday session as traders focused on the U.S. debt ceiling negotiations, which may drag on ahead of the default deadline.
Looking at specific stocks, DraftKings (NASDAQ:DKNG) rose following an analyst upgrade, while Apple (NASDAQ:AAPL) and Foot Locker (NYSE:FL) fell following a downgrade.
Meanwhile, PDC Energy (NASDAQ:PDCE) rose after Chevron (NYSE:CVX) agreed to buy the firm in an all-stock deal valued at $6.3B.
In other developments, Plug Power (NASDAQ:PLUG) soared after securing three European contracts for its 5 MW green hydrogen-producing electrolyzers.
Gainers
DraftKings (DKNG) share soared about 9% after UBS boosted its rating to Buy from Neutral, dismissing investor concerns about valuation and adding that expansion into new markets might drive development. The price target was raised to $30 per share from $19 each.
PDC Energy (PDCE) shares rose nearly 9% after Chevron (CVX) announced plans to buy the company for $72/share. According to the terms of the transaction, PDC Energy (PDCE) stockholders will get 0.4638 Chevron (CVX) shares for each PDC share; Chevron will issue 41M common shares in the transaction.
Plug Power (PLUG) stock rose more than 11% after the company landed three 5 MW electrolyzer projects with Ardagh Glass Limmared AB, Hydro Havrand, and the APEX Group for the first-ever use of industrial-scale green hydrogen in glass manufacturing, aluminum recycling, and steel manufacturing processes.
Decliners
Apple (AAPL) shares fell about 0.5% after Loop Capital downgraded it to Hold from Buy due to the possibility of "material" negative risk to June quarter revenue relative to the company's guidance and Wall Street projections. The price target remains intact at $180 per share.
Foot Locker (FL) shares fell more than 6% after Citi analyst Paul Lejuez downgraded the stock to Neutral from Buy and reduced his price target to $30 from $48 citing disappointing Q1 earnings results and a reduction in full-year guidance. In addition, Morgan Stanley analyst Alex Straton maintained an Equal-Weight rating but reduced the price target from $33 to $30.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.
More on the markets

S&P 500: Next Upside Targets - Week Starting 22nd May (Technical Analysis)
Morgan Stanley doesnât buy the bullish technical signal of the S&P 500 breaking above 4200
4 stocks to watch on Monday: Meta, Micron and more
Cathie Woodâs ARKK hits new monthly high, but capital flows are not following