Check out some of the companies that made the biggest moves midday: ASML — The semiconductor manufacturing equipment maker’s stock fell 8%. The Information reported that China has begun mass production of domestically produced deep ultraviolet chip manufacturing tools. Memory chip stocks — After chipmaker CXMT debuted as a public stock in Shanghai, its stock price rose significantly, soaring more than 466%. SK Hynix stock fell more than 8%, SanDisk stock fell 11%, and Micron Technology stock fell 5%. SAP — Shares of the German software company, whose American depositary receipts are traded on the New York Stock Exchange, rose more than 7% after the company announced in January that it would begin the second round of a 10 billion euro (US$11.37 billion) share buyback, FactSet Street Account Services said. Energy stocks — The group followed oil prices lower after the U.S. and Iran agreed to suspend mutual attacks. Chevron and ExxonMobil shares each fell about 1%. Shares in APA and Devon Energy fell between 1% and 3%. Forte Biosciences — The biotech stock rose about 40% after agreeing to be acquired by the Netherlands’ Argenx for $2.2 billion in cash, or $77 per share. The deal is expected to close in the third quarter and represents a 40% premium to Forte’s closing price of $54.78 on Friday. Argenx’s U.S.-listed shares fell about 2%. Rivian Automotive — The electric car maker’s stock jumped 5% after Piper Sandler upgraded Rivian from neutral to overweight. The company’s $20 price target assumes a 26% upside from Friday’s closing price. Analyst Alexander Potter highlighted Rivian’s recent strengthened delivery guidance and smooth launch of the R2 SUV. Brown-Forman — Shares rose about 4% after the maker of Jack Daniel’s whiskey rejected another unsolicited $32-per-share takeover offer from Sazerac that was first offered earlier this year. The Louisville, Kentucky-based distilling company said the $15 billion bid was not “feasible” and did not align with the board’s “vision for Brown-Forman’s future.” Baker Hughes — Shares rose 6% after Baker Hughes posted better-than-expected earnings and earnings in the second quarter. Chief Executive Officer Lorenzo Simonelli said in a statement that the company expects to reach the midpoint of its full-year forecast thanks to “favorable underlying fundamentals as we continue to operate through the uncertainties in the Middle East.” Amkor Technology — Shares fell 7% as the semiconductor packaging and testing company is scheduled to release quarterly numbers after the market closes. D-Wave Quantum — The company announced a partnership with AT&T on Monday, with plans to use its annealing quantum computer to boost the telecom giant’s AI efforts. D-Wave stock rose 5%, while IonQ and Rigetti Computing stock rose 6% and 7%, respectively. Maplight Therapeutics — Shares of the clinical-stage biotech company fell 68% after results from a Phase 2 trial of its schizophrenia drug showed that once-daily dosing failed to meet primary endpoints and mild side effects occurred more frequently than a placebo. — CNBC’s Darla Mercado, Ananya Chettiar and Fred Imbert contributed reporting
