Stocks making the biggest moves midday: Snap, Devon Energy, Virgin Galactic, UPS, Chevron & more

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Dealmaking activity sparked rallies in Devon Energy and Cleveland-Cliffs. Plug Power surges on an analyst upgrade.
Evan Spiegel, co-founder and chief executive officer of Snap Inc., speaks during the New Work Summit in Half Moon Bay, California, U.S., on Monday, Feb. 25, 2019.

Check out the companies making headlines midday Monday:

Devon Energy, WPX Energy — Shares of Devon jumped 9% while WPX gained 13% after the two companies announced their intention to merge. The all-stock transaction gives the combined company, which will retain Devon's name, an enterprise value of roughly $12 billion.

Cleveland-Cliffs, ArcelorMittal —Shares of the two mining companies jumped 9.3% and 10.5%, respectively, after Cleveland-Cliffs agreed to buy ArcelorMittal's U.S. operations for $1.4 billion. The deal, which is expected to close in the fourth quarter of 2020, will make Cleveland-Cliffs the largest flat-rolled steel producer in North America.

Sina Corp — Sina stock popped more than 6% after the Chinese social-media giant said it will go private in a deal that values the company at $2.59 billion. New Wave Holdings, which is controlled by Sina's chairman and CEO, will pay $43.30 per share in cash for the parent of Weibo, Chinese version of…
Fred Imbert
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