Top Stocks Making Headlines in Midday Trading
Several companies are making headlines in midday trading as their stocks experience significant shifts. Here are some of the companies and the latest updates affecting their stock prices:
Holley
Shares of the auto parts manufacturing company gained 5.6% following an upgrade by Jefferies to buy from hold. The investment bank predicts Holley’s sales will increase in the fourth quarter and believes the stock is trading at a significant discount to historical averages.
Target
The retailer’s shares surged 17% after reporting fiscal third-quarter earnings that exceeded expectations. Target reported $2.10 in earnings per share on revenue of $25.4 billion, outperforming analyst projections. However, the company’s comparable sales declined for the second straight quarter.
V.F. Corp
Parent company of The North Face and Vans, V.F. Corp, saw its stock rise 12% after JPMorgan upgraded it to neutral from underweight. The firm suggested that the company could see a boost to profit due to cost-saving measures.
Expedia
The online travel company’s stock added 6.5% and reached a new 52-week high after ValueAct Capital Management acquired stakes in the company.
Dollar Tree
Shares of Dollar Tree gained nearly 3% in midday trading after UBS analyst Michael Lasser expressed optimism about the company’s third-quarter results that are set to release later in the month.
Generac
The power generator company saw a jump of almost 4% after Bank of America upgraded its shares to neutral from underperform, citing fewer lingering risks into next year than previously anticipated.
Disney
Shares of the media conglomerate added 3.5%, driven by confidence from Deutsche Bank about Disney’s growth throughout 2024 and 2025, despite a price target cut and lowered earnings estimates for 2024.
JD.com
The Chinese e-commerce company’s shares jumped more than 8% after posting third-quarter adjusted earnings that surpassed analysts’ expectations, with net revenues also rising from the year-ago period.
Sirius XM
Shares rallied about 7% after it was revealed in a regulatory filing that Berkshire Hathaway held shares of the satellite radio company through the end of the third quarter.
Catalent
The pharmaceuticals company jumped 12% after posting a narrower-than-expected loss per share and a revenue beat in the fiscal first quarter. The company also expects significant new capacity for the production of weight loss drugs between fiscal years 2024 and 2026.
American Eagle Outfitters
Shares of the retailer rose 5% after Bank of America upgraded the company to neutral from underperform, driven by anticipated near-term momentum from stronger-than-expected revenues.
Energizer
On the flip side, Energizer’s stock tumbled more than 7% after JPMorgan downgraded it to underweight from neutral due to concerns over weaker-than-expected guidance for its fiscal first-quarter and full year.
These stock movements reflect the current dynamics in the market and offer insights into the performance and expectations of these companies. This article contains contributions from CNBC’s Michelle Fox, Jesse Pound, Sarah Min, Pia Singh, and Alex Harring.
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