Tesla, Nuance Communications, Uber and more

Check out the companies that own the noon trade.

Tesla: Tesla shares appeared close to 3% after Canaccord Genuity updated the shares to buy, citing Tesla’s innovations in battery life. Canaccord also raised its 12-month pricing target on Tesla to $ 1,071 per share, from $ 419 per share. The new target implies a recovery of almost 60% for the electric vehicle manufacturer.

Nuance Communications: Nuance’s share price rose more than 16% in midday trading after Microsoft announced it would buy the voice recognition company for $ 56 per share, about 23% above where they go close its shares on Friday. The deal, another sign that Microsoft wants to grow through acquisitions, is worth about $ 16 billion and about $ 19 billion including debt.

Uber —Travel giant shares rose 3.3% after posting record gross bookings in March. Uber said its mobility segment, or travel business, recorded its best month since March 2020, with an annual rate of $ 30 billion. This increased by 9% over the previous month.

Alibaba: Shares in the U.S. of the Chinese internet giant jumped more than 9% after Chinese regulators hit the company with a $ 2.8 billion fine. The fine accounts for about 4% of Alibaba’s revenue for 2019. The action is part of a broader control of Internet companies by Chinese regulators.

United Airlines: The airline’s shares fell 4% after United Airlines announced it expected to report $ 3.2 billion in first-quarter revenue, 66% less than the same quarter in 2019. According to FactSet, analysts at Wall Street was expecting $ 3.352 billion.

Chipotle: The chain’s restaurant stock price rose more than 1% after Raymond James updated the shares to outperform the market. The Wall Street firm said Chipotle sales have been fully involved in strengthening industry trends over the past few weeks of touring, adding that there is a “significant increase” in stock prices. CNBC’s Jim Cramer said the stock is still a buy, though it is reaching an all-time high.

Qualcomm: Chip stocks fell 1.6% after Evercore ISI dropped the company from its overrun line. Evercore said that after Qualcomm’s three-digit run since Apple’s settlement, most of the upward cycle of the 5G smartphone is priced in stocks. Qualcomm and Apple resolved a copyright and patent dispute in April 2019.

Plug Power – Morgan Stanley resumed coverage of the hydrogen fuel cell company at the same weight, dropping shares by more than 8% in the noon trade. The Wall Street firm said it sees a “modest” rise in Plug Power shares.

– with reports from Jesse Pound, Yun Li and Tom Franck of CNBC.