Several companies made headlines in midday trading, with notable movements in their stock prices. Hertz Global saw a 4% decline after being downgraded by Goldman Sachs to a sell rating from neutral. Block, a financial services stock, also lost nearly 2% following a downgrade to underweight from equal-weight at Morgan Stanley, which cited high market penetration and limited additional opportunity as reasons for the change. In contrast, Zeta Global rose 17% after Morgan Stanley upgraded the software firm to an overweight rating, with expectations of positive revisions to valuation and estimates going forward. Wayfair saw a more than 3% increase after an upgrade from Evercore ISI to an outperform rating, attributing the rise to market share gains in the recovering home furnishing space. Levi Strauss’s shares rallied 16% after topping first-quarter expectations and raising its profit guidance for the full year, while Conagra Brands climbed 5% after exceeding analysts’ estimates for its fiscal third-quarter earnings and revenue.
However, not all companies fared well in midday trading. Lamb Weston’s shares plunged nearly 20% after missing its third-quarter earnings and revenue, attributing the disappointing results to lower than expected adjusted earnings and revenue. In contrast, Alaska Air Group gained 5% following news that it had received $160 million in compensation from Boeing after the grounding of the 737 Max 9. Grindr, the LGBTQ-focused dating app, climbed 2.5% after Raymond James initiated coverage with an outperform rating, citing reasons such as its moat, consumer base, and margins to be optimistic on the stock. HubSpot saw a nearly 10% increase after reports that Alphabet was in talks to make an offer for the marketing software company, even though no offer had been submitted yet. Additionally, Solventum, a health-care stock, rose 4.5% in its first positive day of trading since being spun off from 3M on Monday.
In the solar sector, companies like Enphase Energy, First Solar, and SolarEdge Technologies saw increases in their stock prices during Thursday’s session as the yield on the benchmark 10-year Treasury moved lower. Enphase Energy rose 7%, First Solar popped 6%, and SolarEdge Technologies advanced more than 7%. Overall, the movements in these various companies reflect the ongoing fluctuations in the stock market, influenced by factors such as analyst ratings, earnings reports, and industry trends. Investors continue to monitor these developments to make informed decisions about their investment portfolios and capitalize on potential opportunities in the market.
