In midday trading, several companies captured investors’ attention for various reasons. SoFi Technologies saw its shares surge by 9.8% following the announcement of a $2 billion agreement with Fortress Investment Group to expand its loan platform business. Sirius XM Holdings also experienced a boost of over 8% after Berkshire Hathaway disclosed that it had increased its position in the company, acquiring about 3.6 million shares. Additionally, stocks connected to cryptocurrencies saw an increase as bitcoin exceeded $66,000, with Mara Holdings and Coinbase witnessing gains of more than 4% and 7%, respectively.
On the flip side, AppLovin’s stock dipped by 1% after Goldman Sachs downgraded it to neutral from buy, stating that the risk-to-reward ratio was more balanced following recent outperformance. Boeing faced a 1% decline in its stock price after announcing plans to cut about 10% of its workforce, equal to approximately 17,000 employees. The company also revealed that it would delay the delivery of its still-uncertified 777X wide-body plane and projected a wider-than-expected loss for the third quarter due to ongoing challenges such as a machinist strike.
Ibotta, a mobile platform offering cash-back rewards, saw its shares rise by 5.5% following an upgrade from Goldman Sachs to buy from neutral. The investment bank highlighted Ibotta’s promising growth opportunities, particularly through partnerships with major retailers like Walmart and Instacart. Flutter Entertainment, an online gambling company, experienced a 4% increase in its stock price after Wells Fargo upgraded shares to overweight from equal weight, advising investors to take advantage of the recent dip. Bank of America also resumed coverage of the FanDuel parent company with a buy rating.
Conversely, Caterpillar’s stock dropped by 1.7% after Morgan Stanley downgraded shares to underweight from equal weight, citing potential de-stocking ahead and a negative risk/reward outlook. Hims & Hers Health witnessed a 6.8% increase in its stock price following the U.S. Food and Drug Administration’s decision to allow compounding pharmacies to sell their versions of Eli Lilly’s weight loss drug Mounjaro. Overall, various companies across different sectors experienced fluctuations in their stock prices during midday trading, with factors such as corporate announcements, upgrades, and downgrades impacting investor sentiment.
