In midday trading, several companies made headlines with significant stock market movements. Palantir and Dell Technologies surged 13% and nearly 5%, respectively, following the announcement that both stocks would join the S&P 500 before the open on Sept. 23. Palantir is set to replace American Airlines, while Dell will take the place of Etsy. Summit Therapeutics saw a 65% surge in its biotech stock after announcing that its lung cancer drug candidate outperformed Merck’s Keytruda in a phase three clinical trial, causing Merck shares to dip 1.5%.
JetBlue Airways experienced an 8% increase in its stock price after Bank of America analyst Andrew Didora upgraded the firm to neutral from underperform. Didora cited JetBlue’s “self-help initiatives,” including revenue improvement strategies, as a reason for the upgrade. Boeing’s stock rose nearly 4% after the company reached a deal with a factory workers union, potentially avoiding an expensive strike. MarineMax shares also saw a 4% increase following a Citi upgrade to buy from neutral, with analysts predicting that the boat dealer will benefit from the Federal Reserve cutting interest rates.
Arm Holdings gained 5% after the Financial Times reported that Apple plans to use Arm’s next-generation chip design in the iPhone 16, set to debut on Monday. United States Steel saw a 3% rise in its shares after a JPMorgan upgrade to overweight from neutral. The firm believes that the recent pullback presents a buying opportunity and anticipates further price movements depending on the outcome of the company’s planned sale to Nippon Steel. Cannabis stocks also saw an increase after former President Donald Trump expressed support for legalizing adult marijuana use in Florida. Tilray Brands advanced 6%, while AdvisorShares Pure US Cannabis ETF increased over 9% and the Amplify Alternative Harvest ETF rose over 6%.
In summary, the midday trading session was marked by significant movements in various companies’ stock prices. Palantir, Dell, Summit Therapeutics, JetBlue Airways, Boeing, MarineMax, Arm Holdings, United States Steel, and Cannabis stocks all experienced notable changes due to a variety of factors, including news announcements, analyst upgrades, and market developments. These fluctuations highlight the volatility and constantly evolving nature of the stock market, with investors reacting to new information and developments in real-time.
