Stocks making the biggest moves midday: Netflix, SunPower, Adobe and more
Check out the companies making headlines in midday trading. Etsy — The online merchandise platform saw shares rebound more than 4% after a steep sell-off last week. Etsy announced last Wednesday that it is cutting 11% of its workforce , or approximately 225 employees, as the company looks to restructure its business and streamline costs against a “very challenging” macro and competitive environment. Netflix — The stock added around 3% after Morgan Stanley raised its price target on Netflix to $550 from $475 per share. The bank cited renewed confidence in the streaming giant’s return to content spending and “execution on growth initiatives including paid sharing and advertising.” Oil stocks — Oil companies broadly rose as crude prices jumped more than 2% on concerns of supply disruptions. Valero Energy added 2.6%, while Marathon Petroleum and Diamondback Energy gained 2.3% and 1.6%, respectively. U.S. Steel — The steelmaker jumped 26.1% after Japan’s Nippon Steel beat out rivals to buy the company for $14.9 billion in cash. The $55 per share deal price is 142% above U.S. Steel’s price on Aug. 11, the last trading day before Cleveland-Cliffs offered $35 per share for the company. SolarEdge — Shares tumbled more than 3% after Goldman Sachs downgraded the company to sell from neutral. The firm cited further downside risk to earnings and margin uncertainty. SunPower — The solar company plunged more than 31% after filing a delayed 10-Q form for the third quarter on Monday. The company disclosed liquidity concerns and “substantial doubt about the company’s ability to continue.” Goldman Sachs had already downgraded the firm to sell from neutral in a Sunday note. Adobe — Adobe shares rose about 2.5% as the company called off its plan to buy cloud-based design tool Figma for $20 billion due to regulatory pushback. Adobe said in a regulatory filing that it will pay Figma a $1 billion breakup fee. VF Corporation — Shares lost nearly 8% after the apparel company disclosed a cyber incident from Dec. 13 in an 8-K filing. The company said the incident would likely result in a material effect on its business. Coupang — The South Korea-based e-commerce platform fell 5.1% after it announced plans to acquire online luxury platform Farfetch. The deal will give Farfetch access to $500 million in capital and turn the company private. Shares of Farfetch fell nearly 35% before trading was halted. Liberty Media Formula One — The racing series closed 0.4% after dropping more than 1% earlier during Monday’s trading session. Morgan Stanley downgraded shares to equal weight from overweight, calling the stock a ” victim of its own success .” Structure Therapeutics — The U.S.-listed shares of Structure Therapeutics plunged 42.8% even as the clinical stage biopharmaceutical company said its obesity drug can reduce weight and blood sugar. Snap — Shares added 0.6% after Guggenheim upgraded them to buy from neutral. The firm also raised its price target to $23 from $9, suggesting 35% upside potential from Friday’s close. Analyst Michael Morris is forecasting revenue growth to outperform in 2024 as digital ad trends strengthen. Nio — Shares jumped more than 4% after the company entered a $2.2 billion share subscription agreement with Abu Dhabi-based CYVN Holdings, expanding its ownership in Nio to 20.1%. — CNBC’s Lisa Kailai Han, Samantha Subin, Yun Li and Michelle Fox contributed reporting. This post has been syndicated from a third-party source. View the original article here.
