Several companies were making headlines in midday trading, with First Solar slipping 8% after Jefferies cut its price target on the stock and predicted that the company’s third-quarter report would disappoint. Solar systems maker Enphase Energy also slid 4% during trading. Toronto-Dominion Bank saw its shares drop 3.8% following reports that the bank is expected to pay around $3 billion in penalties and have limits placed on its U.S. business due to money laundering charges. On a more positive note, GXO Logistics saw its shares rise more than 14% after reports surfaced that the company is exploring a potential sale.
Celsius Holdings, the energy drink maker, surged more than 13% after receiving positive commentary from research shops following a conference. Stifel pointed to accelerating energy drink trends driven by comparables, innovation, and pricing. Piper Sandler’s latest teens survey showed Celsius as a favorite among the cohort. Tesla’s stock was little changed ahead of the company’s robotaxi event, where investors expected announcements about a Cybercab robotaxi prototype and advancements in driver assistance features and artificial intelligence capabilities. American International Group saw its shares gain about 1% after an upgrade to overweight from JPMorgan, citing more reasonable earnings per share forecasts and an improved valuation.
CVS Health’s stock rose 1.8% following an upgrade from Barclays to overweight from equal weight, which noted a compelling margin recovery opportunity for the pharmacy chain. However, 10x Genomics, the single-cell market leader, saw its stock price plummet over 25% after announcing expectations for third-quarter revenue to decline slightly from the previous year. The company’s CEO mentioned challenges due to recent changes to commercial processes and organization, particularly in the Americas. PayPal’s stock slipped 2.9% after a Bernstein downgrade to a market perform rating from outperform, citing uncertainty about upside potential after a significant rally and concerns about competition in the peer-to-peer payments business.
Overall, the midday trading session saw a mix of positive and negative movements for various companies. While some stocks experienced declines, others saw significant gains following positive developments or upgrades from analysts. The market remains dynamic, with companies navigating challenges such as supply chain issues, legal penalties, and disruptions from organizational changes. Investors are keeping a close eye on upcoming events and announcements, such as Tesla’s robotaxi event, for potential impacts on stock prices and market sentiment. Analysts continue to provide insights and recommendations on individual stocks based on their evaluations of company performance and market trends.
