Companies making headlines in midday trading:
– Altice USA fell over 12% after Wells Fargo downgraded the stock, expressing skepticism about its merger and acquisition prospects.
– Tesla’s stock dropped nearly 2% following reports of its plans for a low-cost car and competition from Chinese EV makers.
– Krispy Kreme saw a 6% jump in shares after an upgrade from Piper Sandler, citing the doughnut chain’s partnership with McDonald’s.
– Enphase Energy shares dropped 5% after a downgrade from Citi highlighting limited corporate liquidity and weakening trends.
– Cinemark surged 4.4% after a double upgrade from Wells Fargo, attributing the rise to increased demand and a positive outlook for the movie industry.
– Snowflake climbed 2.5% following an upgrade from Rosenblatt due to strong customer interest.
– Ollie’s Bargain Outlet rose 4.5% after an upgrade from Loop Capital, praising its valuation compared to peers and store expansion potential.
– Agilent Technologies gained nearly 3% following an upgrade from Stifel, attributing the rise to good instrument demand and attractive valuation.
– Shockwave Medical shares rose 2% after Johnson & Johnson announced plans to acquire the medical device maker for $12.5 billion.
– McDonald’s stock slipped less than 1% after announcing the acquisition of all 225 restaurants from its Israel franchise amidst declining sales in the Middle East.
Altice USA saw a significant drop in its stock price after Wells Fargo downgraded it, citing skepticism about the company’s merger and acquisition prospects. Tesla’s stock also fell after reports of its plans for a low-cost car, which could impact its growth as a mass-market automaker. On the other hand, Krispy Kreme shares rose following an upgrade by Piper Sandler, driven by the doughnut chain’s partnership with McDonald’s. Enphase Energy and Plug Power both saw downgrades from Citi, leading to a decrease in their stock prices. Cinemark’s stock climbed after a double upgrade from Wells Fargo, based on rising demand and a positive outlook for the movie industry.
Snowflake’s stock rose after an upgrade from Rosenblatt, citing strong customer interest. Ollie’s Bargain Outlet also saw an increase in its stock price after an upgrade by Loop Capital, highlighting its cheap valuation compared to peers and potential for expansion. Agilent Technologies’ stock also rose after an upgrade from Stifel, driven by good instrument demand and an attractive valuation. Shockwave Medical’s shares increased following Johnson & Johnson’s announcement of its acquisition of the medical device maker for $12.5 billion. McDonald’s saw a slight dip in its stock price after purchasing all 225 restaurants from its Israel franchise, following a decline in sales in the Middle East due to boycotts.
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