Check out the companies making headlines in midday trading:
Super Micro Computer — Shares advanced more than 30% after a special committee said it found “no evidence of misconduct” on the part of the artificial intelligence server maker.
Intel — The chipmaker gained 4% following the retirement of CEO Pat Gelsinger. Executives said David Zinsner and Michelle Johnston Holthaus will serve as interim co-CEOs. Intel shares have had a rocky year, off roughly 50% in 2024.
Tesla — The electric vehicle stock gained more than 3% after a Roth MKM upgrade to buy from neutral. The firm cited President-elect Donald Trump’s close ties with CEO Elon Musk as a positive catalyst for Tesla’s brand.
Gap — Shares of the clothing retailer moved nearly 7% higher after receiving an upgrade to overweight at JPMorgan. The firm cited a multiyear growth outlook for the company as well as a strong start to the holiday shopping season.
Stellantis — The world’s fourth-largest carmaker saw shares falling more than 6% after CEO Carlos Tavares unexpectedly resigned amid increasingly “different views” between the executive and the board of directors. Stellantis said its board accepted Tavares’ resignation on Sunday. His departure is effective immediately.
Cleveland-Cliffs, Commercial Metals Company — Cleveland-Cliffs added 2% after Goldman Sachs initiated coverage of the steel manufacturer with a buy rating. Analyst Mike Harris said both cyclical and structural factors, including Trump’s views on trade, could aid earnings growth for the broader industry. Goldman also initiated coverage of Commercial Metals with a buy rating. Shares rose 2%.
Cloudflare, Okta — The cybersecurity stocks jumped around 6% and 4%, respectively, on the back of Morgan Stanley’s upgrades to overweight from equal weight. Morgan Stanley said the stocks have “idiosyncratic opportunities.”
Dana — The auto parts manufacturer surged 14% on the heels of Barclays’ upgrade to overweight from equal weight. Barclays said there is potential for the stock following the confirmation of plans to sell its off-highway business. — CNBC’s Yun Li, Sarah Min, Sean Conlon and Alex Harring contributed reporting.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
