Stocks making the biggest moves midday: Caterpillar, Lands’ End, Micron and more

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Check out the companies making headlines in midday trading.

Caterpillar, Apple, 3M — Trade sensitive stocks fell on Tuesday after President Donald Trump suggested he may want to delay a trade deal with China until after the 2020 presidential election. Trump later said Tuesday’s market drop is “peanuts” and won’t force him to make a bad China trade deal. Shares of Caterpillar fell 2.4%, Apple dropped 2.5% and 3M sank 1.8%.

Lands’ End — Shares of the clothing company soared 13% after reporting same store sales growth of 8.3% or the third quarter. Analysts expected no growth. Lands’ End also reported earnings per share 2 cents above estimates and gave a better-than-expected current-quarter earnings outlook.

Nvidia, Micron, Advanced Micro Devices — Shares of chip stocks fell as escalated trade tensions between the U.S. and China threatens companies that count on business from Chinese telecom giant Huawei, which is a big customer of U.S.-made semiconductors for smartphones and laptops. Shares of Nvidia fell 2.3%, Micron ticked 3% lower and Advanced Micro Devices dropped 1.5%.

Cleveland-Cliffs, AK Steel — Shares of mining company Cleveland-Cliffs fell more than 12% after it announced it would buy AK Steel in a $1.1 billion stock deal, an announcement that the sent steel manufacturing’s stock up more than 5%. The combined company will pair Cleveland-Cliffs’ mining operations with AK Steel’s steel production.

Coupa — The software company fell more than 5% after reporting a larger-than-expected loss for its third quarter earnings. The company that makes software that helps businesses with their finances and spending reported a loss of 42 cents per share, compared to the loss of 17 cents in the same period last year. Coupa said total expenses climbed 46% this quarter.

Roku — Shares of the streaming video device-maker gained more than 5% after Needham raised its target on the stock to $200 from $150. The new target represents a 37% upside. The firm said that the company should be valued like other “internet aggregators” such as YouTube and Facebook. On Monday the stock plunged 15.2% after Morgan Stanley downgraded Roku to underweight.

Boston Beer Co. — Shares of the beverage company gained 3% after UBS upgraded the stock to a buy rating. The firm also lifted its price target to $440, based on expectations of double-digit revenue and earnings growth, helped by demand for the company’s hard seltzers.

Audentes Therapeutics— Shares of the biotechnology company surged more than 100% on news Audentes agreed to be bought by Japan’s Astellas Pharma for about $3 billion in cash or $60 per share. That’s a premium of more than 100% for the U.S.-based gene therapy company.

Netflix — The streaming platform fell 1% after Citi transferred coverage to an analyst with a neutral rating. The analyst said the stock could drop 15% if the streaming giant is forced to spend more on content.

Plug Power — Shares of Plug Power tanked more than 10% after the maker of fuel-cell technology commenced a 40 million share secondary stock offering.

Programming Note: For more on Coupa Software, watch CEO Rob Bernshteyn’s interview on Mad Money tonight at 6 p.m. ET.

— CNBC’s Pippa Stevens and Michael Sheetz contributed reporting.

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