Check out the companies with the biggest moves at noon: KLA Corp. — The semiconductor equipment maker soared 4% after Jefferies raised its 12-month price target to $1,500 from $1,200, saying “AI continues to drive spending with acceleration to C26/C27[wafer fabrication equipment]” and citing KLA’s “outsized exposure to the leading edge.” Immunome — The biotech company soared 20% after announcing positive results from a Phase 3 trial of valegacestat, a drug aimed at treating desmoid tumors. “These study results demonstrate that valegacestat provides best-in-class results in a convenient, once-daily oral medication that has the potential to help patients take back their lives,” CEO Clay Segal said in a statement. Zillow Group — Shares fell 8% after reports that Google is testing a new format for displaying listings directly in search results. Abercrombie & Fitch — The retailer increased 6% on top of an 18% increase from last week. The stock appears to be benefiting from potential market rotation from technology to other parts of the market. Year-to-date, the stock remains 20% lower. TILRAY — Marijuana stocks fell 3%, reversing some of last week’s rally on news that President Donald Trump will direct federal agencies to classify marijuana from its current Schedule I designation to a less stringent Schedule III designation. Las Vegas Sands and Marriott International — The hospitality giants each rose 2.1% after receiving acquisition target upgrades at Goldman Sachs. The bank said Marriott will benefit from strong performance among high-end consumers, while Las Vegas Sands will gain momentum from sustained momentum in Macau. Rocket Lab — Shares fell 7%, reversing previous gains, on reports that SpaceX is aiming to go public in 2026 after receiving an $800 billion valuation in its latest funding round. Alibaba, Baidu — New data showing a slowdown in China’s economy hurt the stocks of e-commerce and internet services companies based in the country. China’s retail sales slowed to 1.3% year-on-year in November from 2.9% in October, data showed. Industrial production also fell short of expectations, increasing by 4.8% versus the expected 5% increase. Alibaba fell 3% and Baidu fell 4%. ServiceNow — Shares fell 4% after Bloomberg News reported that the software platform is in talks to buy cybersecurity company Armis for about $7 billion, citing people familiar with the matter. iRobot — The maker of the Roomba vacuum robot plunged 72% after declaring bankruptcy over the weekend. Through the Chapter 11 process, Hong Kong-based Picea will acquire iRobot. —CNBC’s Scott Schnipper contributed reporting.
