Stocks making the biggest moves midday: Lennar, Coinbase, and Array Technologies
D.R. Horton, Lennar, PulteGroup — Homebuilder stocks moved higher on Monday after KeyBanc double upgraded the sector to overweight from underweight.
Analyst Kenneth Zener said that homebuilders, which have underperformed this year, tend to rebound sooner and more sharply than the broader market. Shares of Lennar rose about 2%, while D.R. Horton gained over 2%, and PulteGroup jumped nearly 4%.
Array Technologies — The solar stock jumped over 3% after Piper Sandler upgraded Array Technologies to overweight from neutral, saying the company has more upside ahead on an improved forward outlook
Coinbase — Shares of the cryptocurrency exchange fell more than 7% as the price of bitcoin dipped to its lowest level since June and traders continued unwinding short positions following the completion of the Ethereum merge. Stocks also fell Monday ahead of the Fed decision this week. Crypto prices are largely macro driven, and Coinbase’s revenue relies heavily on trading fees.