A worker in a Lennar house under construction.
Justin Sullivan | Getty Images News | Getty Images
Check out the companies making the biggest moves Monday noon:
DR Horton, Lennar, Pulte Group – Homebuilder stocks rose on Monday after KeyBanc dual upgrade the sector to overweight instead of underweight. Analyst Kenneth Zener said homebuilders, which have underperformed this year, tend to rebound earlier and stronger than the broader market. Shares of Lennar rose around 2%, while DR Horton gained more than 2% and PulteGroup jumped nearly 4%.
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Network technologies — Solar stock jumped more than 3% after Improved Piper Sandler Array Technologies will move from neutral to overweight, saying the company has more upside ahead on an improving outlook.
SunOpta — SunOpta shares rebounded more than 5% after being named Cowen’s first choice. Analyst Brian Holland, who has a buy rating on the stock, wrote in a note that “the company’s agnostic stance and capital execution provide strong growth undervalued by the market.” Its price target of $15 implies a 55.9% upside from Friday’s close.
Open door technologies – Opendoor fell 6% after Bloomberg report the buyer lost money on 42% of its August resales. Like others in the housing business, the company is facing headwinds, including a housing recession and mortgage rates above 6%.
Auto area – AutoZone shares fell more than 2% as traders eyed a mixed quarterly earnings report. The company’s gross margins of 51.5% were slightly below a StreetAccount estimate of 51.9%. Still, AutoZone earned $40.50 per share in the prior quarter, beating a forecast of $38.51 per share.
NCR – NCR shares fell nearly 3% after being downgraded to equal weight after overweighting by Morgan Stanley. The company said the path to creating shareholder value was “less clear and longer” after the enterprise payment solutions company announced on Friday that it would separate into two companies.
Wix – Shares of Wix soared 11% after activist investor Starboard Value disclosed a 9% stake in the web development platform company. According to ReutersStarboard told Wix how to improve operations at the company, which lost half of its value this year.
Coinbase – Shares of the cryptocurrency exchange fell more than 7% as the bitcoin price plunged to its lowest level since June and traders continued to unwind short positions after the completion of the Ethereum merger. Shares also fell on Monday ahead of the Fed’s decision this week. Crypto prices are largely macroeconomic, and Coinbase’s revenue is highly dependent on trading fees.
Gamco Investors – Shares of the Mario Gabelli-led investment firm plunged nearly 12% after announcing after the bell on Friday that it was voluntarily delisting from the New York Stock Exchange. Gamco has applied to have its common stock listed on the OTCQX platform, operated by OTC Markets Group.
Ralph Lauren — The luxury apparel and homeware maker rose nearly 2% after an investor update showed high-single-digit sales growth.
—CNBC’s Alexander Harring, Sarah Min, Jesse Pound, Tanaya Macheel and Yun Li contributed reporting.