Check out some of the companies making the biggest moves midday: ASML — Shares of the maker of semiconductor manufacturing equipment slid 8%. China began mass production of domestically made deep ultraviolet chipmaking tools, The Information reported. Memory chip stocks — Shares rose broadly after chipmaker CXMT debuted as a public stock in Shanghai , soaring more than 466%. SK Hynix ‘s stock dropped more than 8%, Sandisk ‘s slid 11% and shares of Micron Technology lost 5%. SAP — Shares of the German software company, whose American depositary receipts trade on the New York Stock Exchange, jumped more than 7% after it said it would start the second part of a 10 billion-euro (US$11.37 billion) stock buyback announced in January, the FactSet StreetAccount service said. Energy stocks — The group followed oil prices lower, after the U.S. and Iran agreed to pause attacks against each other . Shares of Chevron and ExxonMobil fell about 1% each. Shares of APA and Devon Energy retreated between 1% and 3%. Forte Biosciences — The biotech stock rallied about 40% after it agreed to be acquired by Argenx of Holland for $2.2 billion in cash , or $77 per share. The deal, expected to close in the third quarter, represents a premium of 40% from Forte’s close of $54.78 on Friday. U.S.-listed shares of Argenx were down about 2%. Rivian Automotive — Shares of the electric-vehicle maker popped 5% after Piper Sandler upgraded Rivian to overweight from neutral. The firm’s price target of $20 calls for 26% upside from Friday’s close. Analyst Alexander Potter highlighted Rivian’s recent boost to delivery guidance and the smooth launch of its R2 SUV. Brown-Forman — Shares climbed almost 4% after the maker of Jack Daniel’s whiskey rejected another unsolicited, $32-per-share takeover offer from Sazerac, first made earlier this year. The Louisville, Kentucky-based distiller said the $15 billion bid wasn’t “actionable” and didn’t align with the board’s “vision for Brown-Forman’s future.” Baker Hughes — Shares were up 6% after Baker Hughes posted better-than-expected earnings and revenue for the second quarter. CEO Lorenzo Simonelli said in a statement that the company also expects to reach the midpoint of its full-year guidance thanks to “favorable underlying fundamentals … as we continue to manage through the Middle East uncertainty.” Amkor Technology — Shares dropped 7% as the semiconductor packaging and testing provider gets set to report quarterly figures after the stock market closes. D-Wave Quantum — The company announced a partnership with AT & T on Monday with plans to use its annealing quantum computers to bolster the telecom giant’s AI efforts. D-Wave shares added 5% while shares of IonQ and Rigetti Computing gained 6% and 7%, respectively. MapLight Therapeutics — The clinical-stage biotech’s stock plunged 68% after results from a Phase 2 trial of its schizophrenia treatment showed it failed to meet a primary endpoint when taken once daily , while mild side effects occurred more often than with a placebo. — CNBC’s Darla Mercado, Ananya Chetia, Fred Imbert contributed reporting
