Stocks making the biggest moves midday: Vita Coco, Archer-Daniels-Midland, Gilead Sciences and more
Check out the companies making headlines in midday trading. Macy’s — Shares of the department store giant added 3.6% after the company rejected a $5.8 billion proposal by Arkhouse Management and partner Brigade Capital Management to take the retailer private, citing concerns over deal financing and valuation. Archer-Daniels-Midland — The food processor’s shares dropped 24.2%, making the stock poised for its second worst day in its history back to 1972. Archer-Daniels-Midland announced weak fourth-quarter earnings guidance and placed Chief Financial Officer Vikram Luthar on administrative leave amid an investigation into the company’s accounting practices. Elsewhere, Goldman Sachs downgraded shares to neutral from buy. SolarEdge Technologies — Shares of SolarEdge Technologies rose 4% after the solar company announced plans to cut 16% of its workforce worldwide in an attempt to trim operating expenses. The reductions will affect about 900 employees. B. Riley Financial — Shares slipped 2.5% after Bloomberg reported the U.S. Securities and Exchange Commission is investigating the financial services company’s deals with a client who was connected to a securities fraud. Spirit Airlines , JetBlue Airways — The airline stocks moved during Monday’s trading session, following their Friday announcement that they will appeal a federal judge’s ruling last week that blocked their planned merger. Spirit Airlines rallied 19.5%, while JetBlue added 0.2%. StoneCo — Shares of the Brazilian payments company rose more than 1.8% following an upgrade to a buy rating from Goldman Sachs. “Stone is our preferred name within Brazil payments, given its superior revenue and earnings growth outlook,” the bank wrote. Gilead Sciences — The biopharmaceutical stock plunged 10.2% after its lung cancer drug Trodelvy failed to meet its primary endpoint of overall survival in a phase 3 trial. The company said in a statement that it intends to identify metastatic non-small cell lung cancer patients that could benefit from the drug. Union Pacific , Norfolk Southern — The railroad companies respectively added 1.6% and 2.6% following an upgrade to outperform from market perform at Bernstein. The financial firm cited an attractive entry point and a constructive outlook on the next freight cycle as catalysts for the change. J.B. Hunt — The transportation stock gained 4.5% after UBS upgraded shares to buy from neutral. The firm said the company’s “intermodal margin performance is likely at a bottom” and that with a stronger freight cycle, shares could see a modest gain this year followed by a larger move up in 2025. Advanced Micro Devices — Shares of the semiconductor company fell 3.5% after Northland Capital Markets downgraded the stock to market perform from buy, citing an inflated valuation. Analyst Gus Richard noted that pricing and demand could slow, pressuring the company’s revenue growth. SentinelOne — The cybersecurity stock popped 5.8% higher following an upgrade from BTIG to buy from neutral. The financial services firm highlighted the security market’s higher growth potential this year as a catalyst. Vita Coco — The coconut water company tumbled 6.1% after William Blair downgraded shares to market perform from outperform. The firm said ongoing shipping conflicts in the Red Sea and the Suez Canal will pressure its profits. — CNBC’s Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Pia Singh and Samantha Subin contributed reporting. This post has been syndicated from a third-party source. View the original article here.
