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LivestreamMenuCheck out some of the companies making the biggest moves midday: ASML — The maker of semiconductor manufacturing equipment slid 8%. China began mass production of domestically made deep ultraviolet chipmaking tools, The Information reported. Memory chip stocks — Shares rose broadly after chipmaker CXMT debuted as a public stock in Shanghai , soaring more than 466%. SK Hynix dropped more than 8%, SanDisk slid 11% and Micron Technology lost 5%. SAP — The German software company whose ADRs trade on the New York Stock Exchange jumped more than 7% after it said it would start the second part of a 10 billion-euro stock buyback announced in January, the FactSet StreetAccount service said. Energy stocks — The group followed oil prices lower, after the U.S. and Iran agreed to pause attacks against each other , for now. Chevron and ExxonMobil fell about 1% each. APA and Devon Energy retreated between 1% and 3%. Forte Biosciences — The biotech stock rallied about 40% after it agreed to be acquired by Argenx of Holland for $2.2 billion in cash , or $77 per share. The deal, expected to close in the third quarter, represents a premium of 40% from Forte’s close of $54.78 on Friday. U.S.-listed shares of Argenx were down about 2%. Rivian Automotive – Shares of the electric vehicle maker popped 5% after Piper Sandler upgraded Rivian to overweight from neutral. The firm’s price target of $20 calls for 26% upside from Friday’s close. Analyst Alexander Potter highlighted Rivian’s recent boost to delivery guidance and the smooth launch of its R2 SUV. Brown-Forman — The maker of Jack Daniel’s whiskey climbed almost 4% after rejecting another unsolicited, $32-per-share takeover offer from Sazerac, first made earlier this year. The Louisville, Kentucky-based distiller said the $15 billion bid wasn’t “actionable” and didn’t align with the board’s “vision for Brown-Forman’s future.” Baker Hughes — Shares were up 6% after Baker Hughes posted better-than-expected earnings and revenue for the second quarter. CEO Lorenzo Simonelli said in a statement that the company also expects to reach the midpoint of its full-year guidance thanks to “favorable underlying fundamentals … as we continue to manage through the Middle East uncertainty.” Amkor Technology — Shares dropped 7% as the semiconductor packaging and testing provider gets set to report quarterly figures after the stock market closes. D-Wave Quantum — The company it announced a partnership with AT & T on Monday with plans to use its annealing quantum computers to bolster the telecom giant’s AI efforts. D-Wave shares added 5% while IonQ and Rigetti Computing gained 6% and 7%, respectively. MapLight Therapeutics — The clinical stage biotech plunged 68% after results from a Phase 2 trial of its schizophrenia treatment showed it failed to meet a primary endpoint when taken once daily , while mild side effects occurred more often than a placebo. —CNBC’s Darla Mercado, Ananya Chetia, Fred Imbert contributed reporting
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