Midday Stock Movers: Tesla, Poly, Coinbase

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Midday Stock Movers: Tesla, Poly, Coinbase

By Sam Boughedda

Investing.com -- U.S. indices are trading lower midday Monday, with the S&P 500 at -0.4%. Here are the midday movers on Monday, March 28th.

Beyond Meat Inc (NASDAQ: BYND ) was downgraded by Piper Sandler to Underweight from Neutral Monday on concerns regarding growing competition. They also lowered the price target on BYND to $29 from $50.

Coinbase Global Inc (NASDAQ: COIN ) shares are trading just under 8% higher midday after reports the cryptocurrency exchange is closing in on a deal to buy 2TM, the parent of Brazilian cryptocurrency brokerage Mercado Bitcoin.

Foot Locker Inc (NYSE: FL ) is 3.7% lower after the company was downgraded to Market Perform from Outperform at Cowen, with analyst John Kernan stating he is more cautious following March data.

Apple Inc (NASDAQ: AAPL ) is at -0.67% on reports it will cut iPhone SE production by approximately 20% next quarter due to weaker than expected demand. 

Poly (NYSE: POLY ), the communications technology company, formerly Polycom and Plantronics, jumped over 40% Monday on news the company has agreed to be acquired by HP (NYSE: HPQ ) for $40 per share.

Tesla Inc (NASDAQ: TSLA ) is trading 6.7% above Friday's close after the electric vehicle leader said it will ask shareholders to vote at its annual meeting to increase the number of additional shares to enable a stock split.

Xpeng Inc (NYSE: XPEV ) reported a narrower than expected quarterly loss, but vehicle deliveries guidance for the first quarter came in lower than expected. The stock is down 2%.

Kaixin Auto Holdings (NASDAQ: KXIN ) surged Monday morning, now trading 29% higher after it announced it has entered into a strategic partnership that sees Beijing Camping Club Sports and Culture Communication Co agree to order at least 20,000 new energy vehicles from Kaixin over the next five years. The value of the vehicles is approximately $938 million.

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