SoFi Technologies
SoFi Technologies saw a 1% increase in shares as traders analyzed the company’s latest quarterly results. SoFi reported a significant beat in third-quarter revenue and raised its outlook for the full year. The company exceeded revenue estimates by generating $531 million, driven by higher-than-expected student loan originations. Although shares were initially up by 14%, they ended the day down 1%.
McDonald’s
McDonald’s shares rose by 1.7% after the company surpassed expectations for both top and bottom lines in the third quarter. Global same-store sales grew by 8.8%, outperforming analysts’ estimates. While U.S. traffic experienced a decline, U.S. same-store sales increased by 8.1%.
General Motors and Stellantis
The shares of General Motors and Stellantis showed modest movement as the autoworkers strike neared its end. Stellantis reached an agreement with the union on Saturday, while GM made a deal on Monday. Ford, which reached an agreement last Wednesday, experienced a 1.9% decrease in shares.
Spirit Realty Capital
Spirit Realty Capital’s stock surged by 7.8% after announcing its acquisition by Realty Income for $9.3 billion in an all-stock deal. However, Realty Income shares dropped by 5.7%.
Western Digital
Shares of data storage company Western Digital jumped by 7.3% after exceeding analysts’ expectations in its fiscal first quarter. Additionally, Western Digital announced plans to create two independent publicly traded companies for data storage in the hard drive and flash markets.
ON Semiconductor
ON Semiconductor experienced an 18% plummet in stock value after providing underwhelming guidance for the current quarter. The company’s projected earnings per share and revenue fell below Wall Street expectations.
Revvity
Scientific product maker Revvity tumbled by 16.1% after delivering a weak quarterly report and soft full-year guidance. The company’s earnings per share and revenue were lower than analysts’ predictions.
Invitation Homes
Invitation Homes, a home leasing company, saw a 1.6% increase in shares following an upgrade to outperform by Oppenheimer. The firm believes that rent growth and occupancy stabilization can benefit the stock in 2024.
L3Harris
Defense stock L3Harris gained 2% after receiving an upgrade from Raymond James to outperform from market perform. The upgrade was based on the company’s better-than-expected earnings and improving fundamentals.
Eastman Chemical
Shares of Eastman Chemical rose by 3.6% following an upgrade from JPMorgan to overweight from neutral. The bank predicts that the company’s earnings will rebound in 2024.
AbbVie
Biopharmaceutical stock AbbVie climbed 2.1% after Barclays upgraded its shares to overweight from equal weight, stating that the recent sell-off had been excessive.
Tesla
Tesla, the electric vehicle maker, experienced a 4.8% decline in shares. Bernstein reiterated its underperform rating, highlighting uncertainty regarding the outlook for Tesla stock.
Arcellx
Biotechnology stock Arcellx traded 7.5% higher after TD Cowen initiated coverage with an outperform rating. The company is believed to have significant upside potential.
Vale
Shares of Brazilian metals and mining company Vale inched up by 0.2% after receiving an upgrade from Citi to buy from neutral. Citi cited recent underperformance and the arrival of a strong seasonal period for iron ore as reasons for the upgrade.
Femsa
Mexican beverage company Femsa gained 5.2% following an upgrade from Barclays to overweight from equal weight. Barclays believes that Femsa has the potential to return cash to shareholders.
Saia
Transportation stock Saia rose by 3.8% after receiving an upgrade from Wolfe Research to outperform from peer perform. The firm sees a buying opportunity due to the recent slide in share prices and a multiyear growth story.
Hot Take: Stocks Rise and Fall in Midday Trading
In midday trading, several companies experienced both gains and losses in their stock values. SoFi Technologies reported impressive revenue numbers, while McDonald’s beat expectations with its same-store sales growth. General Motors, Stellantis, and Ford showed movement as the autoworkers strike neared its end. Spirit Realty Capital surged after announcing its acquisition by Realty Income. Western Digital exceeded analysts’ expectations and announced plans for two separate companies. ON Semiconductor and Revvity disappointed with weak guidance and quarterly reports. Meanwhile, Invitation Homes, L3Harris, Eastman Chemical, AbbVie, Arcellx, Vale, Femsa, and Saia all received positive upgrades or outlooks.
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