Midday movers: Autodesk, Broadcom, Best Buy rise; Coinbase falls
Investing.com -- U.S. stock futures were mixed Monday, as investors awaited more crucial economic data as well as speeches from a number of Federal Reserve officials.
Here are some of the biggest U.S. stock movers today:
Autodesk (NASDAQ: ADSK) stock rose 5.2% after activist investor Starboard Value acquired a stake worth approximately $500 million in the design-software manufacturer, and is now advocating for changes within the company.
GameStop (NYSE: GME) fell 1% ahead of the video game retailer’s annual meeting later in the session, after it was postponed last week due to a technical glitch resulting from high demand from shareholders.
UBS (NYSE: UBS) stock rose 1.4% after the Swiss banking giant said it will set aside around $900 million to repay investors in Credit Suisse funds that were linked to collapsed supply chain financing firm Greensill Capital, accounting for 90% of what they are owed.
Best Buy (NYSE: BBY) stock rose 3.2% after UBS upgraded its investment stance on the electronics retailer to ‘buy’ from ‘neutral’, citing a positive outlook, supported by the company’s ongoing restructuring efforts.
Primo Water (NYSE: PRMW) stock fell 4% after the packaged water company said it would merge with BlueTriton Brands in an all-stock deal.
Coinbase (NASDAQ: COIN) stock fell 3%, with the cryptocurrency exchange weighed by more losses in bitcoin, the world’s most popular digital currency.
AMC Networks (NASDAQ: AMCX) stock slumped 32% after the entertainment company announced a $125 million convertible offering.
Broadcom (NASDAQ: AVGO) rose 3.7%, adding to recent gains. Shares are up 23% since it reported second quarter results and announced plans for a stock split last week.
Corning (NYSE: GLW) rose 3.6% after analysts upgraded the stock to 'overweight."
Tesla (NASDAQ: TSLA) rose 4.75% following reports that said Shanghai is allowing tests of the company's most advanced autonomous driving software.
Additional reporting by Louis Juricic