Stock Market Update: Midday Trading Highlights
Petroleum refiners Valero Energy and Marathon Petroleum gained 1.5% and 1.2% respectively, as West Texas Intermediate and Brent crude prices reached their highest levels since November 2022. The oil services ETF and S&P 500 Energy Index both rose 1%.
Shares of chip designer Arm Holdings declined 5.4% following its blockbuster Nasdaq debut. Bernstein initiated coverage of the company with an underperform rating, stating that it’s too early to label Arm as an AI winner.
The pharmaceutical company Moderna lost over 7% as its co-founder and board chairman sold shares worth approximately $1.64 million. Pfizer, a pharmaceutical peer, announced a 24% vaccination rate expectation for Covid-19 shots in the U.S., while Moderna’s updated Covid vaccines have been approved in both the U.S. and the U.K.
Shares of electric vehicle maker Tesla slipped 2.3% after Goldman Sachs lowered its earnings estimate, citing potential price cuts and lower margins.
The payment platform PayPal slipped 1.8% following a downgrade to market perform by MoffetNathanson, which highlighted challenges as a new CEO takes the helm.
Luxury retailer Ralph Lauren saw its shares rise over 1% after Guggenheim upgraded the stock to buy from neutral, citing several cyclical tailwinds that could benefit its earnings.
Shares of Enphase Energy lost 2.1% after Citi lowered its price target, although it maintained a buy rating. The new price target implies 41% upside from Friday’s close.
Shares of cybersecurity stock Tenable Holdings gained 2% after TD Cowen initiated coverage with an outperform rating, stating that the company is well positioned to benefit from tailwinds in a $25 billion total addressable market.
Tax software stock Vertex climbed 2.4% after Morgan Stanley resumed coverage with an overweight rating, emphasizing the growth opportunity following a strong investment cycle.
Shares of food delivery service DoorDash added 1.6% after Mizuho upgraded the company to buy from neutral, citing continued market share gains and expanded partnerships with various grocery providers.
Memory and storage semiconductor maker Micron Technology gained 1% after Deutsche Bank upgraded the stock to buy from hold, citing its pricing power in direct random access memory and potential to surpass revenue and earnings expectations.
Entertainment company Paramount Global fell 3.7% as Raymond James began research coverage with a market perform rating, while giving peers Disney and Warner Bros Discovery outperform ratings.
Simply Good Foods
Food and beverage company Simply Good Foods added over 4% after Morgan Stanley upgraded the stock to overweight, highlighting its diverse product offering and shifting consumer preferences towards healthier choices.
Satellite company Iridium Communications jumped more than 5% following an upgrade from Deutsche Bank to buy from hold, which identified an attractive entry point for the stock.
Digital innovations solutions company ASGN rallied 5% as Wells Fargo initiated research coverage with an overweight rating, encouraging investors to buy the dip.
Contributing reporters: Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, and