MIDDAY MOVES | ASML Falls 8% on China DUV Push; SAP Jumps 7% on Buyback; Forte Bio Soars 40% on Argenx Deal

According to CNBC, ASML slid 8% after The Information reported that China began mass production of domestically made deep ultraviolet chipmaking tools. Memory chip stocks moved broadly higher after chipmaker CXMT debuted in Shanghai, soaring more than 466%; SK Hynix dropped more than 8%, SanDisk slid 11% and Micron Technology lost 5%. SAP, whose ADRs trade on the New York Stock Exchange, jumped more than 7% after saying it would start the second part of a 10 billion-euro stock buyback announced in January, according to FactSet StreetAccount. Energy stocks followed oil prices lower after the U.S. and Iran agreed to pause attacks against each other for now, with Chevron and ExxonMobil down about 1% each and APA and Devon Energy off between 1% and 3%. Forte Biosciences rallied about 40% after agreeing to be acquired by Argenx of Holland for $2.2 billion in cash, or $77 per share, a 40% premium to Forte's Friday close of $54.78; the deal is expected to close in the third quarter, while U.S.-listed Argenx shares fell about 2%. Rivian Automotive popped 5% after Piper Sandler upgraded it to overweight from neutral with a $20 price target, citing raised delivery guidance and the smooth R2 SUV launch. Brown-Forman climbed almost 4% after rejecting another unsolicited $32-per-share takeover offer from Sazerac, saying the $15 billion bid wasn't "actionable." Baker Hughes rose 6% after posting better-than-expected second-quarter earnings and revenue. Amkor Technology fell 7% ahead of after-hours results. D-Wave Quantum added 5% after announcing an AT&T partnership to use its annealing quantum computers for AI efforts, while IonQ and Rigetti Computing gained 6% and 7%. MapLight Therapeutics plunged 68% after a Phase 2 schizophrenia trial failed to meet its primary endpoint.