Stocks making the biggest moves midday: Block, Truist, PepsiCo, Rivian and more
Exciting developments are taking place in the world of business, with several companies making headlines in midday trading. Let’s dive into the positive news surrounding these organizations and explore the reasons behind their recent successes.
Skechers, the renowned shoe company, experienced a 2.6% gain after UBS reiterated its buy rating on the company’s shares. UBS praised Skechers’ brand and products, highlighting their ability to resonate with global customers. This reaffirmation from UBS reflects the confidence in Skechers’ continued growth and success.
Palantir Technologies, a leading data analytics and software company, saw its shares rise nearly 2% following a significant contract win. The U.S. Army awarded Palantir a $250 million contract to develop artificial intelligence and machine-learning capabilities until 2026. This partnership not only showcases Palantir’s expertise in cutting-edge technologies but also solidifies its position as a trusted partner for government organizations.
PepsiCo, the beverage giant, delighted investors by posting a third-quarter earnings beat. The company reported adjusted earnings of $2.25 per share on $23.45 billion in revenue, surpassing analysts’ expectations. This impressive performance demonstrates PepsiCo’s ability to navigate challenging market conditions and deliver strong financial results.
The solar industry also experienced a surge, with solar companies rallying and the Invesco Solar ETF (TAN) on track for its best day since March 21. SolarEdge and First Solar, two prominent players in the sector, witnessed significant stock price increases. Additionally, sustainability-focused real estate investment trust Hannon Armstrong advanced 7%, buoyed by Baird’s optimistic outlook, which suggests the stock could have 81% upside potential.
Electronic Arts (EA), the video game publisher, received a boost as Bank of America upgraded its rating from neutral to buy. The rebranding of EA’s FIFA franchise has been well-received, creating additional upside for the stock. This upgrade reflects the positive sentiment surrounding EA and its ability to captivate gamers worldwide.
While defense stocks L3Harris Technologies and Northrop Grumman experienced a slight pullback, their recent gains following the Israel-Hamas war highlight their importance in the defense and aerospace sectors.
Rivian, the electric vehicle manufacturer, witnessed a rise of over 5% after UBS upgraded the stock to buy from neutral. This upgrade comes at an opportune time, as a recent selloff has created an attractive entry point for investors. Rivian’s commitment to sustainable transportation solutions positions it well for future success.
Truist Financial’s shares jumped more than 6% following reports of potential talks to sell its insurance brokerage business to private equity firm Stone Point in a $10 billion deal. This potential transaction showcases Truist’s strategic decision-making and its commitment to optimizing its business portfolio.
Block, a payments stock, experienced a 5.5% increase after Bank of America reiterated its buy rating. Analyst Jason Kupferberg cited the stock’s cheap valuation and strong fundamentals as catalysts for potential upside. This positive outlook reflects the confidence in Block’s ability to navigate the evolving payments landscape successfully.
While biotech company Akero Therapeutics faced a setback with its cirrhosis drug failing to meet a primary benchmark, it’s important to note that setbacks are a natural part of the industry. Companies like Akero continue to push boundaries and work towards groundbreaking medical advancements.
Unity Software, a video game software company, added 3.2% as it announced the retirement of CEO John Riccitiello. This change in leadership follows a controversial pricing change announced in September. James Whitehurst will step in as Unity’s interim CEO, bringing fresh perspectives to the company.
Arm Holdings, a semiconductor company, experienced a 2% increase after receiving bullish calls from Deutsche Bank and JPMorgan. These firms initiated coverage of Arm Holdings with buy ratings, emphasizing the company’s revenue growth potential. This positive reception highlights Arm Holdings’ position as a key player in the semiconductor industry.
Ameris Bancorp, a banking institution, received an upgrade from D.A. Davidson, leading to a 2.9% rise in its shares. D.A. Davidson praised Ameris’ healthy capital levels and their ability to withstand unrealized losses tied to rising rates. This upgrade reflects the confidence in Ameris’ financial stability and growth prospects.
These companies’ recent achievements and positive developments demonstrate their resilience, innovation, and commitment to delivering value to their stakeholders. As they continue to make strides in their respective industries, investors and consumers alike can look forward to exciting opportunities and advancements.