Check out the companies making the biggest moves midday: Chipmakers — Semiconductors were volatile on Monday as investors circulated money between the sector and other markets. The VanEck Semiconductor ETF (SMH) fell as much as 3.1% and was last up 2.5%. Nvidia stock fell 0.6%, recovering from a 1.4% drop. Micron shares pared earlier losses to trade 2% lower. TopBuild — Shares of the insulation and building materials maker fell 12% at the beginning of the week, the worst pace since March 2020. The move comes as investors brace for TopBuild to be acquired by QXO. The deal was announced in April. Comcast — Shares rose 6% after the company announced it would separate its NBCUniversal and Sky media portfolios. The spinoff is expected to be completed within about a year and will see Comcast co-CEO Mike Kavanaugh assume a leadership role at NBCUniversal and former Comcast Chief Financial Officer Michael Angelakis to head the carrier. Rocket Lab, Iridium Communications — Shares of both companies soared after Rocket Lab announced it would acquire Iridium. Rocket Lab said the merger will combine its launch capabilities with Iridium’s satellite communications network. Rocket Lab stock rose more than 9%, and Iridium stock rose more than 21%. AppLovin — Shares rose more than 4% after Raymond James initiated coverage of the digital advertising platform with a strong buy rating and $640 price target. Entering the e-commerce advertising market represents a “significant long-term growth opportunity” for AppLovin, the company said. SpaceX — Shares rose 2% after Nasdaq announced Friday that it would add SpaceX to the Nasdaq 100 index before trading on July 7. The company’s inclusion could lead to a wave of demand for ETF purchases. Charter Communications — Shares of the home internet provider rose 11.4% following a Bloomberg report Friday that the company and SpaceX had entered into exclusive talks on consumer phone products. Charter may operate some of SpaceX’s consumer mobile phone traffic through its terrestrial internet infrastructure, the report said. Alphabet — The darling of the “Magnificent Seven” started trading on the Dow Jones Industrial Average, sending its stock up 4%. Alphabet replaces Verizon in the 30 Blue Chip Index. Verizon Communications — Shares of the telecommunications company fell 7% after the company predicted a second-quarter loss of $700 million to $800 million. This estimate is due to the company’s classification of the business it contributed as part of its joint venture with UK-based BT Group as held for sale. If the decline continues, it will be the worst day since July 17, 2023, when the stock price fell 7.5%. Martin Marietta Materials — Shares fell 6% after the company announced an agreement to merge with Lhoist North America for $13.5 billion in cash. The natural resources building materials company said Royst will expand its industrial minerals portfolio. TeraWulf — The stock fell 3% even after Citi initiated coverage with a buy rating. Analysts at the bank said the company has addressed a major bottleneck in powering data centers, making it an attractive AI trade strategy. Quantinuum – The quantum computing stock fell more than 2% even as a number of Wall Street firms initiated bullish coverage of the company. JP Morgan calls Quantinuum “a leader in quantum computing with industry-leading two-qubit gate fidelity.” Quantinum listed on the Nasdaq earlier this month. It was formed in 2021 through the merger of Honeywell’s quantum computing business and Cambridge Quantum. Doximity — Shares of the online platform for medical professionals fell 1.4% following a double downgrade by Bank of America from buy to underperform. The bank recognizes the execution risks associated with its pivot to artificial intelligence, as well as the uncertainty of its revenue and profit trajectory. — CNBC’s Darla Mercado, Ananya Chettiar and Michelle Fox contributed reporting.
