Stocks making the biggest moves midday: Home Depot, Fisker, SolarEdge and more
Check out the companies making headlines in midday trading. Azenta — The life science stock jumped 13.8% on Tuesday, a day after the company delivered its fiscal fourth-quarter report. In addition to beating estimates of analysts polled by FactSet on both lines, the company also issued full-year adjusted earnings guidance of 19 cents to 29 cents per share, while analysts called for 24 cents a share. Home Depot — Shares of the home improvement retailer jumped 5.4% after the company posted third-quarter earnings and revenue that beat expectations. Home Depot’s quarterly sales declined 3% from the year-ago period and the company narrowed its full-year guidance, however. Enphase Energy , Solar Edge , First Solar – The solar power stocks surged on Tuesday, with Enphase adding more than 16%. SolarEdge and First Solar each leapt about 11%. The Invesco Solar ETF (TAN) popped almost 9%. The move occurred alongside a sharp fall in bond yields, with the rate on the 10-year Treasury note falling below 4.5%. Solar companies and tech stocks are sensitive to interest rates, and fare well when bond yields decline. V.F. Corp – Shares of the apparel company, which owns Timberland and The North Face, gained 10%. The move occurred a day after V.F. Corp disclosed in a regulatory filing that director Matthew Shattock purchased 20,000 shares of the company, valued at more than $291,000 in total. Amazon , Snap — Stock in the e-commerce giant climbed 2.2%. The action came a day after The Information reported that Amazon would allow people to buy products advertised on Snapchat. Shares of Snap climbed more than 7%. C3.ai — Shares added more than 7% on Tuesday. C3.ai announced the expansion of a strategic collaboration agreement with Amazon Web Services . The partnership allows the two companies to offer generative AI solutions for businesses. VistaGen Therapeutics — Shares jumped more than 16% after Stifel initiated coverage of the biotechnology company with a buy rating. The investment bank also gave the stock a $12 price target, suggesting more than 300% upside from Monday’s close. Tesla , Rivian , Lucid — Tesla added 6% while Lucid and Rivian added about 5% and 4% on Tuesday following a softer-than-expected consumer price index report that also underpinned a broader market rally and added to hope that the Federal Reserve could be nearing the end of its monetary tightening campaign. Take-Two Interactive Software — Shares of the video game producer climbed 2.2%. Deutsche Bank upgraded the stock to buy from hold, citing ” increased long-term visibility .” The firm also raised its 12-month price target to $175 per share from $155. On Holding — The footwear stock fell 3.3%. On said that it anticipates a wholesale growth rate of high single digits in the fourth quarter, citing “transitory impacts,” including the early holiday shipment of some wholesale orders in the third quarter. Separately, the company beat expectations on the top and bottom line in the third quarter and raising its full-year net sales forecast. Fisker — Stock in the EV startup slumped more than 18%. Late Monday, Fisker disclosed that its 10-Q filing will be delayed after the company discovered ” material weaknesses ” in its internal financial controls. The EV company also reported a wider-than-expected loss in the third quarter and sluggish vehicle deliveries. Adobe — The software stock climbed 2.3%. Evercore ISI added Adobe to its core ideas list, noting that it believes the stock is well positioned into 2024 due to a “major inflection” in its Creative Cloud suite due to Firefly, Adobe’s generative AI product. — CNBC’s Pia Singh, Alex Harring, Michelle Fox, John Rosevear and Darla Mercado contributed reporting. This post has been syndicated from a third-party source. View the original article here.
