Chewy
Shares of pet e-commerce company Chewy rose 9.2% after receiving a buy rating and $27 price target from Jefferies. The investment firm believes that Chewy will benefit from the growing popularity of pet e-commerce and the increased demand for premium pet products.
Affirm
Affirm’s stock surged 15.5% following the announcement of an expanded partnership with Walmart for its “buy now, pay later” service. The collaboration will now include over 4,500 self-checkout kiosks at Walmart stores.
Nikola
Electric vehicle company Nikola experienced a rebound in its stock, with a 12.8% increase, a day after founder Trevor Milton was sentenced to four years in prison for wire and securities fraud.
Kenvue
Kenvue, a consumer health company that spun off from Johnson & Johnson earlier this year, saw its shares rise by 2.2% after winning a favorable court ruling in a product liability case related to Tylenol. JPMorgan predicts that the ruling will positively impact Kenvue’s shares and potentially lead to a re-rating.
Coinbase
Crypto exchange Coinbase experienced a slight increase of just above 5% in its shares after Compass Point reiterated a buy rating on the stock and raised its price target. Compass Point believes that the rise in cryptocurrency prices will benefit Coinbase, projecting about 30% upside potential.
Macy’s
Retail giant Macy’s saw its shares trade 1% higher after Morgan Stanley reiterated an equal weight rating and increased its price target to $21 per share. The firm stated that the reported buyout bid from Arkhouse Management and Brigade Capital provides a floor for the stock.
Sunnova and Sunrun
Solar stocks Sunnova and Sunrun gained approximately 15% and 8.4%, respectively, following overweight ratings from Piper Sandler. The firm highlighted the potential positive impact of easing benchmark interest rates on the solar energy sector.
UBS
U.S.-listed shares of Swiss bank UBS rose by 5.2% to a 52-week high after activist investor Cevian Capital revealed a stake valued at 1.2 billion euros. This development follows a report from the Financial Times.
First Solar
First Solar’s stock increased by 4% after being named one of TD Cowen’s top utility solar ideas for 2024. The firm cited promising U.S. utility fundamentals based on satellite imagery data and a strong pipeline as supporting factors for First Solar.
Rhythm Pharmaceuticals
Biotech firm Rhythm Pharmaceuticals experienced a 3% increase in its shares after Morgan Stanley upgraded it to overweight from equal weight. The firm expressed greater confidence in Rhythm’s treatments and raised its terminal growth rate accordingly.
Enphase Energy
Enphase Energy saw a 9.1% surge in its shares following the announcement of a restructuring plan that includes laying off around 10% of its workforce. Despite the job cuts, investors reacted positively to the news.
Hot Take: Positive Market Performance for Various Companies
The midday trading session saw several companies experience positive market performance across different sectors. Chewy, Affirm, Nikola, Kenvue, Coinbase, Macy’s, Sunnova, Sunrun, UBS, First Solar, Rhythm Pharmaceuticals, and Enphase Energy all saw their stocks rise for various reasons. These developments reflect the overall positive sentiment in the market for these companies, driven by factors such as favorable ratings, expanded partnerships, legal victories, and positive industry outlooks.
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