Check out the companies making headlines in midday trading. Micron Technology — Shares jumped 5.4% after Bank of America raised its price target on the chipmaker. The Wall Street firm expects demand for high-bandwidth memory technology will grow to more than $20 billion by 2027. Cameco — Shares rose 7.9% after Goldman Sachs initiated coverage of the uranium producer with a buy rating, saying there is more than 25% upside. Semtech — Shares advanced 6.8% after the semiconductor manufacturing company last week reported fourth-quarter revenue that beat expectations. Semtech posted revenue of $192.9 million, better than the FactSet consensus estimate of $190.7 million. It also reported a wider-than-expected loss of 6 cents per share, more than the loss of 4 cents per share analysts were expecting. Microsoft — Microsoft shares rose 0.9% following a report from The Information, citing unnamed sources, saying Microsoft and OpenAI are planning a $100 billion data center project. Other artificial intelligence-related stocks rose as well. Shares of Western Digital gained 3.8%. Super Micro Computer shares rose 2.7%. J.B. Hunt Transport , C.H. Robinson — The trucking stocks pulled back 1.4% and 3.7%, respectively, following a downgrade from Barclays. Analyst Brandon Oglenski noted concern over profitability and supply for trucking companies in North America moving forward. AT & T — Shares lost 0.6% after the telecommunications provider said it was investigating a data leak . A preliminary review found that the data of more than seven million customers was published on the dark web as a result of the incident. Bill Holdings — Shares of the financial software company fell 6.1% after Wells Fargo downgraded it to underweight from equal weight, saying in a note to clients that growth expectations for Bill are too high. Tesla — The electric vehicle stock fell 0.3%. It had risen earlier after its previously announced price increase for the Model Y took effect on Monday. Oxford Industries — Shares dropped nearly 3.7% after Citi downgraded the clothing company behind Tommy Bahama and other brands to sell from neutral, citing margin pressures in 2024. Universal Health Services — Shares fell nearly 4% after Universal Health Services said in a regulatory filing its subsidiary Pavilion Behavioral Health was ordered to pay $60 million in compensatory damages and $475 million in punitive damages. The company said a final resolution could have a “material adverse effect” on business. MicroStrategy — Shares slipped about 4% after Michael Saylor, executive chairman of MicroStrategy, sold nearly 4,000 shares of MicroStrategy stock last week, according to a regulatory filing . InterDigital — Shares dropped 8.6% after Bank of America downgraded the wireless company to underperform from buy. An analyst said InterDigital’s last 12 months have been “solid” but the company has more limited, long-term growth opportunities. — CNBC’s Brian Evans, Lisa Kailai Han, Alex Harring, Tanaya Macheel and Jesse Pound contributed reporting.
Stocks making biggest moves midday: Micron, MicroStrategy and more
By Press Room
SITE LINKS
© 2024 Pakistan Pulse News. All Rights Reserved.