Markets

Stocks Making the Biggest Moves Midday: Apple, Cigna, Affirm and More

Adam Jeffery | CNBC

Here are the stocks making headlines in midday trading.

Apple – Shares of the tech giant fell 2.8% after a judge ruled that Apple could not force app developers to use in-app purchasing. The decision will allow developers to direct users to pay through another platform and cut out Apple, which takes a percentage of in-app purchases.

Cigna – The health insurance stock dropped 4% after Bank of America double downgraded Cigna to underperform from buy. The firm said in a note to clients that uncertainty about Cigna's future earnings meant investors should back away.

Affirm – Shares of the payments company soared about 31% after issuing quarterly results. Affirm reported revenue of $261.8 million in the fiscal fourth quarter, beating analysts' expectations and marking a 71% growth. The buy now, pay later company also issued an upbeat guidance for the current quarter.

Aspen Aerogels – Shares of the materials company rose over 5% after Piper Sandler initiated coverage of Aspen with an overweight rating. The investment firm said Aspen, which makes fire-suppression products used in the oil and gas industry, could become a key supplier to the electric vehicle industry.

Take-Two Interactive – The video game stock slipped 1.4% after Take-Two announced that the latest version of its "Grand Theft Auto" franchise would be delayed by four months to "allow additional time to further polish the final products."

Toyota Motor – Shares of the Japanese automaker dipped 1.6% after Toyota cut its full-year production guidance. The company said the spread of Covid-19 in Asia was causing a shortage of parts for vehicles.

Sunrun – Shares of the residential solar installer jumped more than 4% after Needham initiated coverage on the company with a buy rating. The firm said Sunrun will benefit from electric vehicle adoption, a focus on energy resiliency, rising utility rates and heightened environmental awareness. The firm has a $75 target on the stock, which is 60% above where shares closed on Thursday.

Oatly – The alterative milk company Oatly gained over 7% after Cowen initiated coverage of the stock as an outperform, saying it has a long runway for growth and noting its global footprint, particularly as a first mover in Asia, as a "significant opportunity." Credit Suisse also added Oatly to its list of top outperform picks on Thursday.

Dave & Buster's – Shares of Dave & Buster's gained more than 6% after BMO raised its price target on the stock to $58 from $54 after the company's quarterly earnings report. The new price target is a new Street high. BMO said Dave & Buster's "cash flow outlook provides broader capital allocation opportunities."

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