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Block, Truist, PepsiCo, Rivian, and Other Stocks Experience Significant Midday Movements

Latest Business News

Stocks Making Headlines in Midday Trading

Skechers: Positive Rating Boosts Shares

Skechers, the shoe company, saw a 2.6% increase in its shares after UBS reiterated its buy rating. UBS highlighted that Skechers' brand and products continue to resonate with global customers, contributing to its positive performance.

Palantir Technologies: Contract Win Drives Growth

Shares of Palantir Technologies rose nearly 2% following the company's $250 million contract win with the U.S. Army. The data analytics and software firm will work on developing artificial intelligence and machine-learning capabilities through 2026, propelling its growth prospects.

PepsiCo: Strong Earnings Propel Stock

PepsiCo, the beverage giant, experienced a 2.2% gain after posting impressive third-quarter earnings. The company reported adjusted earnings of $2.25 per share on $23.45 billion in revenue, surpassing analyst expectations and demonstrating its robust performance.

Solar Companies: Rallying in the Market

Solar companies enjoyed a rally in the market, with the Invesco Solar ETF (TAN) on track for its best day since March 21. SolarEdge witnessed a 4.5% increase, while First Solar rose over 5%. Hannon Armstrong, a sustainability-focused real estate investment trust, advanced 7%, buoyed by Baird's positive outlook on the stock.

Electronic Arts: Upgrade Spurs Stock Growth

Shares of video game publisher Electronic Arts rose 3% after Bank of America upgraded the stock from neutral to buy. The investment firm cited the successful rebranding of EA's FIFA franchise as a factor contributing to the stock's upside potential.

Defense Stocks: Minor Pullback

L3Harris Technologies and Northrop Grumman experienced a slight pullback of about 1% on Tuesday. These defense and aerospace companies had seen gains on Monday following the start of the Israel-Hamas war over the weekend.

Rivian: UBS Upgrade Drives Surge

Rivian, the electric vehicle manufacturer, witnessed a surge of over 5% after UBS upgraded the stock from neutral to buy. Analyst Joseph Spak noted that a recent selloff created an attractive entry point for investors, contributing to the stock's upward momentum.

Truist Financial: Talks of Potential Deal Boost Shares

Shares of Truist Financial jumped more than 6% after reports indicated that the company is in discussions to sell its insurance brokerage business to private equity firm Stone Point in a $10 billion deal. This news generated optimism among investors, driving the stock's growth.

Block: Reiterated Buy Rating Spurs Stock Increase

Block, a payments stock, saw a 5.5% increase after Bank of America reiterated its buy rating. Analyst Jason Kupferberg highlighted the stock's currently favorable valuation and strong fundamentals as catalysts for potential upside.

Akero Therapeutics: Disappointing Study Results Impact Shares

Shares of biotech company Akero Therapeutics tumbled 67% as its cirrhosis drug efruxifermin failed to meet a primary benchmark during its Phase 2B study. The disappointing results had a significant impact on the stock's performance.

Unity Software: CEO Retirement Announcement Influences Stock

Unity Software experienced a 3.2% increase after announcing the retirement of CEO John Riccitiello, who will no longer serve on the company's board. This decision followed a controversial pricing change announced by Unity in September. James Whitehurst will assume the role of interim CEO.

Arm Holdings: Positive Calls Drive Stock Growth

Shares of Arm Holdings rose 2% following several bullish calls on the stock. Deutsche Bank and JPMorgan initiated coverage of Arm Holdings with buy ratings, expressing optimism about the semiconductor company's revenue growth.

Ameris Bancorp: Upgrade Boosts Stock Performance

Ameris Bancorp witnessed a 2.9% increase midday after D.A. Davidson upgraded the stock from neutral to buy. The firm highlighted the healthy capital levels of Ameris and their ability to withstand unrealized losses associated with rising rates. D.A. Davidson also raised its price target by $1 to $44 per share, implying a potential 15% upside from Monday's close. Note: Reporting contributions were made by Pia Singh, Tanaya Macheel, Jesse Pound, Michelle Fox, Lisa Kailai Han, and Samantha Subin.

Midday Trading: A Landscape of Opportunities for New Businesses

Brand Resonance and Positive Ratings: Lessons from Skechers

Skechers' 2.6% share increase, following UBS's reiterated buy rating, underscores the importance of a resonating brand and quality products for new businesses. As UBS noted, these factors have contributed significantly to Skechers' positive performance, a lesson for startups seeking to make their mark.

Palantir Technologies: The Power of Winning Contracts

Palantir Technologies' shares rose nearly 2% following a $250 million contract win with the U.S. Army. This demonstrates how securing significant contracts can drive growth, a crucial consideration for new businesses, particularly those in the tech sector.

PepsiCo: The Impact of Strong Earnings

PepsiCo's 2.2% gain after posting impressive third-quarter earnings underscores the power of robust financial performance in driving stock prices. New businesses should note the importance of financial health and transparency in attracting investors.

Solar Companies: The Promise of Sustainability

The rally in solar companies, led by SolarEdge and First Solar, highlights the growing investor interest in sustainable businesses. For new businesses, this trend underscores the potential benefits of integrating sustainability into their business models.

Electronic Arts: The Influence of Successful Rebranding

Electronic Arts' 3% rise after a successful rebranding of its FIFA franchise illustrates the potential of strategic rebranding in driving stock growth. This could be a valuable strategy for new businesses looking to refresh their image or pivot their offerings.

Rivian: The Attraction of Electric Vehicles

Rivian's surge of over 5% after an upgrade from UBS highlights the growing investor interest in electric vehicles. New businesses in the automotive sector may want to consider focusing on electric or hybrid models to tap into this trend.

Truist Financial: The Potential of Strategic Deals

Truist Financial's shares jumped more than 6% following reports of a potential $10 billion deal. This shows how strategic deals can boost investor confidence, a key consideration for new businesses planning their growth strategies.

Block: The Importance of Valuation and Fundamentals

Block's 5.5% increase after a reiterated buy rating from Bank of America underscores the importance of strong fundamentals and favorable valuation in driving stock prices. This is a crucial lesson for new businesses seeking to attract investor interest.
Story First Published at: https://www.cnbc.com/2023/10/10/stocks-making-the-biggest-moves-midday-sq-tfc-pep-rivn.html
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