We may earn commissions if you use the recommended services on this site.  

Midday Stock Market Movers: Marathon Petroleum, Tesla, Moderna, and Others

Latest Business News

Midday Trading Update: Oil Stocks Rise, Moderna Declines, and Upgrades for Ralph Lauren and DoorDash

In midday trading, oil stocks experienced gains as Valero Energy and Marathon Petroleum saw increases of 1.5% and 1.2% respectively, driven by rising West Texas Intermediate and Brent crude prices. The oil services ETF and S&P 500 Energy Index also rose by 1%. On the other hand, Arm Holdings shares declined by 5.4% following its blockbuster Nasdaq debut, with Needham initiating coverage of the chip designer with a hold rating. Moderna, the pharmaceutical company, was the biggest decliner in the S&P 500, losing over 7% after co-founder Noubar Afeyan sold 15,000 shares. Tesla shares slipped 2.3% as Goldman Sachs lowered its earnings estimate, citing potential price cuts and lower margins. Meanwhile, PayPal slipped 1.8% after a downgrade by MoffetNathanson from outperform to market perform, citing challenges for the payment platform with a new CEO taking the helm. Ralph Lauren, the luxury retailer, saw its shares rise over 1% after being upgraded to buy from neutral by Guggenheim. The Wall Street firm highlighted the potential benefits to Ralph Lauren's earnings from various cyclical tailwinds. Enphase Energy shares lost 2.1% after Citi lowered its price target, while Tenable Holdings gained 2% following an outperform rating from TD Cowen. Vertex, the tax software stock, climbed 2.4% after Morgan Stanley resumed coverage with an overweight rating. DoorDash shares added 1.6% as Mizuho upgraded the food delivery service to buy from neutral, citing continued market share gains. DoorDash also expanded its partnership with Aldi and added new grocery providers, including Lowe's Markets and Eataly. Micron Technology gained 1% after Deutsche Bank upgraded the memory and storage semiconductor maker to buy from hold, raising its target price. Paramount Global shares fell 3.7% as Raymond James initiated research coverage with a market perform rating, while Simply Good Foods saw shares rise over 4% following a Morgan Stanley upgrade to overweight. Iridium Communications also experienced a stock jump of over 5% after an upgrade from Deutsche Bank, while ASGN shares rallied 5% after Wells Fargo initiated research coverage with an overweight rating. In summary, midday trading saw oil stocks rise, Moderna decline, and upgrades for Ralph Lauren, DoorDash, and other companies. These market movements reflect various factors such as crude oil prices, analyst ratings, and company-specific developments, highlighting the dynamic nature of the stock market.


The midday trading update provides an intriguing snapshot of the dynamic nature of the stock market. For new businesses, these market movements offer valuable insights into the factors that can influence stock performance and investor sentiment.

Impact on New Businesses

New businesses can learn from the experiences of established companies like Valero Energy, Marathon Petroleum, and Moderna. The rise in oil stocks underscores the influence of broader market trends, such as crude oil prices, on individual stock performance. Meanwhile, the decline in Moderna shares following insider selling serves as a reminder of the potential impact of executive actions on stock prices.
Future Considerations
The upgrades for Ralph Lauren and DoorDash highlight the importance of company-specific developments and analyst ratings in driving stock performance. New businesses should be mindful of these factors as they navigate the stock market. The dynamic nature of the stock market requires businesses to stay abreast of market trends, analyst opinions, and industry developments. In conclusion, the midday trading update offers a "hot take" on the factors influencing stock performance. For new businesses, understanding these factors can be instrumental in shaping their stock market strategies and investor relations efforts.
Story First Published at: https://www.cnbc.com/2023/09/18/stocks-making-biggest-midday-moves-marathon-tesla-moderna-and-more.html
Brought to you by BusinessFormation.io
Know Your State's Registered Agent Requirements: What is a Registered Agent
Learn How To Create An LLC: What Is An LLC and How To Start an LLC Online

LLC Filing & Registered Agent Services

Compare Online LLC Filing Services Today

We work with the market leaders in business formation and registered agent services.

Getting started is simple and inexpensive. Form your business today & secure your brand name before someone beats you to it! Click below to view the Top 3 Best LLC and registered agent service providers.
View Top 3 Providers Now

Filing An LLC Can Be Complicated

Streamline Your LLC Filing Online for $39

Northwest Registered Agent is the best-rated service for first time filers.

Get professional LLC formation & registered agent services for only $39 + state filing fee. This offers includes your full LLC setup, plus a private business address, lifetime support, and more.

Trusted by Millions. Save 82% Today.