Check out the companies making headlines in midday trading.
Sphere Entertainment — Shares of the media and entertainment company climbed 11.1% in midday trading after a U2 show debuted its Las Vegas Sphere venue Friday night. Built by Madison Square Garden Entertainment, Sphere is said to be the newest iteration of immersive and futuristic concert experiences, complete with a next-generation wraparound screen.
Bitcoin stocks — Stocks tied to digital currency trading advanced in lockstep with a rally in crypto prices. Notably, Riot jumped 5.9%, while Marathon Digital, Coinbase and MicroStrategy finished modestly higher.
Discover Financial Services — The credit card issuer surged almost 4.9% after it disclosed in an 8K filing with the U.S. Securities and Exchange Commission a consent agreement with the Federal Deposit Insurance Corporation.
Gold and silver miners — Gold and silver miners struggled Monday as prices for the metals slid. Coeur Mining and Hecla Mining both dropped more than 7%. Harmony Gold Mining and Gold Resource shares both fell more than 5%.
Instacart — Maplebear, the food delivery company doing business as Instacart, fell 9.2% in midday trading. On Monday, The Information, citing people familiar with the matter, reported the Wall Street bank that underwrote Instacart’s initial public offering forecast a weak second-half outlook with slower revenue growth and lower profits. Separately, Gordon Haskett initiated coverage of the company with a hold rating.
SolarEdge — Shares erased 5.4% following a downgrade to equal weight from overweight at Barclays. The firm said the company will likely see price cuts in the next year.
Insulet — Shares of the diabetes tech company jumped 3.5% after Jefferies upgraded it to buy from hold. The Wall Street bank said investors should buy the dip after the stock’s underperformance in the first half of 2023.
Norfolk Southern — The railroad stock slipped 2.8% after Bank of America downgraded it to neutral from buy. The bank cited continuing service issues, including a data center outage Friday through Saturday, which are “an increasing risk to future earnings.”
Nvidia — Shares of the artificial intelligence beneficiary jumped around 3% Monday after Goldman Sachs added the semiconductor AI stock to its Americas conviction list for the month. Goldman said it expects Nvidia to “maintain its status as the accelerated computing industry standard for the foreseeable future.”
Meta — The Facebook and Instagram parent advanced 2.2% after Truist reiterated a buy rating on the stock. Truist said Meta should see sustained growth into the fourth quarter.
Apple — The iPhone maker rose 1.5% after JPMorgan reiterated Apple as overweight. The firm said lead times for Apple products have moderated.
Amazon — The e-commerce giant added 1.8% following UBS’ reiteration of a buy rating on the stock. UBS is bullish on Amazon’s Prime video content advertising opportunity.
— CNBC’s Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox, Sarah Min and Scott Schnipper contributed reporting.
Source: Finance - cnbc.com
