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People walk by Ralph Lauren’s Fifth Avenue Polo store in New York City.
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Check out the companies making headlines in midday trading.

Square — Jack Dorsey’s payments company saw its shares surge 11.5% after the firm announced plans to buy Australian fintech company Afterpay in a $29 billion, all-stock deal as it looks to expand further into the booming installment loan market. The price tag marks a roughly 30% premium to Afterpay’s last closing price. Square also reported second-quarter earnings of 40 cents per share, up from a loss of 3 cents per share over the same period last year. The company’s gross profit increased 91% from a year ago, which marked a record quarterly growth rate.

Payments stocks — Stocks of payment tech firms that provide card issuer processing and network services to banks are sinking in response to the news of Square’s buy-now-pay-later acquisition of Afterpay. Global Payments shares sank 8% despite reporting second quarter earnings of $2.04 that beat analysts’ expectations $1.90. FIS shares fell 4% and Fiserv shares are down 3.4%.

Robinhood — Shares of the newly public stock trading app rose 4% following its Nasdaq debut last week. ARK Invest’s Cathie Wood purchased about $65 million worth of Robinhood shares on Friday in three ARK funds, a major vote of confidence from the innovation investor.

Moderna, Pfizer, BioNTech — Pfizer shares rose 2.7% and its partner BioNTech’s shares jumped 6% after it raised prices for its Covid-19 vaccines in Europe. However, shares of Moderna, which also raised prices in Europe, lost about 1%. The Food and Drug Administration is under pressure to give both vaccines full approval, which could happen within the next month for Pfizer and BioNTech.

Under Armour — Shares of the apparel company rose 3.5% after investment firm Baird named the stock a fresh pick. Under Armour is well-positioned to beat expectations when it reports earnings on Tuesday and has upside due to its underperformance versus Nike, Baird said.

Ralph Lauren — Shares of the apparel retailer gained 3.5% after Goldman Sachs initiated coverage of the stock with a buy rating. The bank highlighted Ralph Lauren’s strength from direct-to-consumer digital sales and said it’s “upbeat” about the company’s turnaround.

First Solar — The solar power systems maker saw its shares rise 2% after Susquehanna Financial upgraded it to “positive” from “neutral,” citing upbeat management comments on solar module demand and pricing.

Capri Holdings — Shares of Capri Holdings added 2% after MKM upgraded the stock to buy from hold. The Michael Kors and Versace parent company reported quarterly earnings Friday and raised its annual revenue forecast. “Following a string of quarters of better than expected sales and earnings (despite headwinds from wholesale and Europe), we have increased conviction that CPRI’s playbook is working in what has been a ‘show-me story’ of its execution on acquisitions,” MKM said.

Tesla — Tesla shares are rising as Wall Street analysts continue to view the stock with optimism through earnings season and Fed uncertainty. On Monday Goldman Sachs included Tesla in companies with strong balance sheets it’s advising clients to buy.

 — CNBC’s Hannah Miao, Maggie Fitzgerald, Jesse Pound and Yun Li contributed reporting

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