Boston Scientific Corp.
Chitose Suzuki
Discover the top-performing companies in midday trading.
RPT Realty — Shares of RPT Realty jumped 19% following the announcement that Kimco Realty will acquire the real estate investment trust in a $2 billion all-stock deal. Kimco CEO Conor Flynn stated that approximately 70% of RPT’s portfolio aligns with their key strategic markets. The deal is expected to close in early 2024.
Mister Car Wash — Piper Sandler upgraded Mister Car Wash to overweight from neutral, leading to a 7% increase in the car wash stock. The firm believes that investors have been overlooking the company’s growth potential.
Boston Scientific — Following the announcement of positive results for its treatment for patients with atrial fibrillation, Boston Scientific saw a 5% jump in its shares. The medical device maker’s treatment addresses abnormal heartbeats.
CrowdStrike — Morgan Stanley downgraded CrowdStrike shares from overweight to equal weight, causing a more than 3% decrease in the stock’s value. The downgrade was based on caution and concerns about potentially slowing revenue growth prior to the software company’s upcoming earnings report.
3M — Bloomberg reported that 3M has reached a tentative $5.5 billion settlement in lawsuits over its combat earplugs, leading to a 5% increase in the industrial stock. The settlement is expected to resolve legal disputes related to the effectiveness of the earplugs for military personnel.
Akero Therapeutics — UBS initiated coverage of Akero Therapeutics with a buy rating, resulting in a 4% increase in the biotech company’s shares. The buy rating is based on UBS’s belief that Akero’s treatment for nonalcoholic steatohepatitis has the potential to tap into an underappreciated market opportunity.
Alibaba Group, JD.com — Shares of Alibaba and JD.com increased over 2% each following the Chinese government’s announcement of measures to stimulate the stock market, which included reducing the tax on trading.
Xpeng — Chinese electric car company Xpeng saw a 3% increase in its shares after announcing the acquisition of Didi’s smart electric car development business. The exchange of shares is valued at $744 million, and Didi will become a strategic shareholder of Xpeng. Additionally, Xpeng plans to launch an electric car under a new mass market brand in the coming year.
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