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LivestreamMenuBroadcom — 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 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 JD.com and Baidu each jumped more than 4%. MasTec — The data center power infrastructure company jumped 6% after agreeing to acquire Superior Group , an electrical contractor. The cash-and-stock deal is valued at about $1.65 billion. Levi Strauss — The denim manufacturer 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 — The fuel cell company tumbled about 12% after announcing an upsized public offering 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 jumped more than 3%. APA Corporation advanced 2%, while Occidental Petroleum rose 4%. Chevron was up 1%. Cruise lines, airlines — Meanwhile, companies that are exposed heavily to fuel prices fell as oil rose. Carnival Corporation was off 4%. Norwegian Cruise Line , United Airlines and Delta Air Lines each declined around 2%. Bath & Body Works — 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. Estee Lauder — The cosmetics manufacturer declined 3% after it revealed in a regulatory filing that its estimated costs for restructuring plans now total $1.75 billion. Previous estimates from the company anticiapted the costs would be around $1.55 billion. — CNBC’s Nick Wells and Darla Mercado contributed reporting.
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