Midday trading has seen several companies making headlines in the stock market. One such company is SoFi Technologies, whose shares have been fluctuating as traders digest the company’s latest quarterly results. SoFi reported a significant beat in third-quarter revenue and raised its outlook for the full year. The company’s revenue of $531 million surpassed the estimated $512.1 million from LSEG. SoFi attributed its boosted revenue to higher-than-expected student loan originations for the quarter. Despite the positive results, SoFi’s shares were last down 1%, after initially being up as much as 14%.
Meanwhile, McDonald’s shares gained 2.3% after the company exceeded expectations on both top and bottom lines in the third quarter. Global same-store sales grew by 8.8%, surpassing analysts’ estimates. Although there was a slight dip in U.S. traffic, McDonald’s U.S. same-store sales rose by 8.1%.
On the other hand, the shares of General Motors (GM) and Stellantis fell slightly as the autoworkers strike appeared to be coming to a close. Stellantis reached a deal with the union on Saturday, while GM made an agreement on Monday, according to sources. Additionally, Ford’s shares were down 2% as a result of its deal last Wednesday.
In the real estate sector, Spirit Realty Capital saw a 6.6% increase in its stock after announcing its acquisition by Realty Income for $9.3 billion in an all-stock deal. However, Realty Income shares dropped 8% in response.
Another company experiencing positive stock movement is Western Digital, with shares jumping 6% after performing better than expected in the fiscal first quarter. The data storage company also announced its plan to create two independent, publicly traded companies for data storage in the hard drive and flash markets.
On Semiconductor, however, saw its stock plummet by 18% after its current-quarter guidance failed to meet Wall Street expectations. The company’s guidance for earnings per share and revenue fell below analysts’ consensus estimates, overshadowing a third-quarter report that exceeded expectations.
Revvity, a scientific product maker, tumbled 17% after delivering a weak quarterly report and soft full-year guidance. The company’s earnings per share and revenue were slightly lower than anticipated, leading to a reduction in full-year guidance.
In other news, Invitation Homes, a home leasing company, rose nearly 1% following an upgrade to outperform by Oppenheimer. The firm’s analysis suggests that stabilization in rent growth and occupancy can positively impact the stock in 2024.
L3Harris, a defense stock, saw a 2.8% increase in its shares after receiving an upgrade from Raymond James to outperform from market perform. The upgrade was based on the company’s better-than-expected earnings report and improving fundamentals.
Eastman Chemical’s shares advanced by 2.7% following an upgrade to overweight from neutral by JPMorgan. The bank believes that the company will experience an earnings rebound in 2024.
AbbVie, a biopharmaceutical company, climbed 4.3% after Barclays upgraded its shares to overweight from equal weight. Barclays stated that the sell-off of AbbVie stock had gone too far.
In contrast, Tesla, an electric vehicle maker, experienced a 3.7% decline in its shares. Bernstein reiterated its underperform rating, stating that the outlook for Tesla stock remains uncertain.
Arcellx, a biotechnology company, traded 4% higher after TD Cowen initiated coverage with an outperform rating. TD Cowen believes that the company is positioned for further upside.
Vale, a Brazilian metals and mining company, saw its shares rise by 1% after Citi upgraded it to buy from neutral. Citi cited recent underperformance and the arrival of a strong seasonal period for iron ore as reasons for the upgrade.
Femsa, a Mexican beverage company, recorded a 3.5% increase in its shares following an upgrade to overweight from equal weight by Barclays. Barclays noted that Femsa has the potential to return cash to shareholders.
Lastly, Saia, a transportation stock, rose 3.4% after receiving an upgrade to outperform from peer perform by Wolfe Research. The firm sees an opportunity to buy into a stock with a long-term growth story due to a recent slide in share prices.
Overall, these companies have attracted attention in midday trading with their latest earnings reports, acquisitions, and analyst upgrades. Investors will continue to monitor stock movements and market trends closely.
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