Broadcom — Shares of the chipmaker were up 6% after Apple announced an expansion of the two companies’ partnership. The multiyear deal will exceed $30 billion and lead to 15 billion U.S.-made chips. It also includes an expansion of a Broadcom facility in Fort Collins, Colorado. Apple’ s stock was also rising, but just by 1%. Moderna — The biotech giant’s shares shed 7% after Morgan Stanley reiterated its equal-weight rating on the stock. The firm raised its price target to $39 from $33, citing higher estimates for Covid and flu vaccines. “We see vaccines and [individualized neoantigen therapy] as the key valuation drivers of the company,” Morgan Stanley said. Alibaba — Chinese tech stocks bucked the sell-off trend on Wednesday as investors surged into that sector. U.S.-traded Alibaba shares rose more than 11%, while shares of JD.com and Baidu each jumped more than 4%. MasTec — Shares jumped 6% after the data center power infrastructure company agreed to acquire Superior Group , an electrical contractor. The cash-and-stock deal is valued at about $1.65 billion. Levi Strauss — The denim manufacturer’s stock dropped about 2% as traders awaited the company’s quarterly report. Analysts polled by StreetAccount see second-quarter revenue coming in at $1.52 billion, reflecting a 5.1% increase year over year, and earnings of 24 cents per share. Near-term options suggest the stock could swing more than 9% on results, according to StreetAccount. FuelCell Energy — Shares tumbled about 12% after the fuel cell company announced an upsized public offering of 10.7 million shares at $21 apiece to raise $225 million in gross proceeds. Energy stocks — Shares of energy companies were boosted as U.S. oil prices surged after President Donald Trump said the ceasefire with Iran is over. Diamondback Energy ‘s stock jumped more than 3%. APA Corp. ‘s stock advanced 2%, while Occidental Petroleum ‘s rose 4%. Chevron ‘s stock was up 1%. Cruise lines, airlines — Meanwhile, companies that are exposed heavily to fuel prices fell as oil rose. Carnival Corp. ‘s stock was off 4%. Shares of Norwegian Cruise Line , United Airlines and Delta Air Lines each declined around 2%. Bath & Body Works — Shares of the retailer fell more than 6% after Goldman Sachs downgraded the stock to sell from neutral. Analysts at the bank said the company’s expansion into third-party distribution could cannibalize its own retail business. Estée Lauder — Shares declined 3% after the cosmetics manufacturer revealed in a regulatory filing that its estimated costs for restructuring plans now total $1.75 billion. Previous estimates from the company anticipated the costs would be around $1.55 billion. — CNBC’s Nick Wells and Darla Mercado contributed reporting.
