Stocks making the biggest midday moves: ASML, SK Hynix, SAP and more

Shares in several large companies moved sharply at midday on Monday as investors reacted to earnings, acquisitions, analyst ratings and geopolitical developments. ASML fell 8% after a report said China had begun mass production of domestically made deep ultraviolet chipmaking tools. Memory chip names also weakened, with SK Hynix down more than 8%, Sandisk off 11% and Micron lower by 5%, while broader semiconductor sentiment remained under pressure. Other notable gainers included SAP, which rose more than 7% after the company said it would begin the second part of a 10 billioneuro share buyback. Forte Biosciences jumped about 40% after agreeing to be acquired by Argenx for $2.2 billion in cash, and Rivian rose 5% after Piper Sandler upgraded the stock. BrownForman added nearly 4% after rejecting a takeover proposal from Sazerac, Baker Hughes gained 6% on stronger quarterly results, and DWave Quantum advanced after announcing a partnership with AT&T. MapLight Therapeutics was the day’s biggest decliner, falling 68% after a Phase 2 schizophrenia drug trial missed its main goal.