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Notable Midday Movers: Costco, Paramount, MillerKnoll, ChargePoint, and Others

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Midday Trading Report: Media, Furniture, Electric Charging, and More

Several companies are making waves in midday trading. Here's a breakdown of the latest market movements:

Media Stocks

Following the end of the nearly 150-day writer strike, media and studio stocks experienced a boost. Warner Bros. Discovery and Paramount Global saw significant jumps of over 2.5%, while Comcast increased by 0.9%. Disney remained relatively stable, while Netflix made a modest gain of 0.3%.


Furniture company MillerKnoll saw an impressive surge of over 27% after surpassing Wall Street's expectations for its fiscal 2024 first-quarter earnings. The company also raised its earnings guidance for the full year, now expecting EPS to range between $1.85 and $2.15, compared to the previous guidance of $1.70 to $2.00 per share.

ChargePoint and Blink Charging

ChargePoint and Blink Charging, two electric charging stocks, experienced gains of 4.1% and 5.5% respectively after UBS initiated coverage with buy ratings. The firm believes that both stocks are well-positioned to capitalize on the accelerating adoption of electric vehicles.


Shares of wholesale superstore Costco rose by 2.1% following a strong fourth-quarter earnings report. Executives noted increased store traffic and an 8% uptick in memberships year-over-year, contributing to the positive market response.


XPO shares saw an increase of approximately 2% after receiving an upgrade to "outperform" from Evercore ISI. Analyst Jonathan Chappell highlighted the company's potential for margin growth and stronger pricing power as key factors behind the upgrade.


Toymaker Mattel experienced a more than 4% rise in shares after Morgan Stanley initiated coverage with an overweight rating. The investment firm predicts that Mattel's sales and margins will expand in the third and fourth quarters, driven by the success of the Barbie movie. Other notable movers include Amazon, Levi Strauss & Co., Guardant Health, AAR Corp, and Kosmos Energy. Amazon shares fell 1% following the filing of an antitrust suit by the Federal Trade Commission. Levi Strauss & Co. saw a 1.2% increase after receiving an outperform rating from TD Cowen. Guardant Health experienced a 5.6% surge after an upgrade to overweight from Piper Sandler. AAR Corp rose 2.3% on the back of strong quarterly earnings, while Kosmos Energy surged over 6% following an upgrade from Bank of America. As the trading day continues, these companies will continue to make headlines and shape market trends.

Midday Trading Insights: Implications for New Businesses

The latest midday trading report offers valuable insights for new businesses. The performance of these companies provides a snapshot of the current market trends and consumer behavior.

Media Stocks and Resilience

The rebound of media stocks post the writer strike offers a lesson in resilience. For new businesses, this highlights the importance of weathering industry-specific challenges. The ability to bounce back after a period of uncertainty is a crucial trait for a successful business.

MillerKnoll and Earnings Expectations

MillerKnoll's surge after exceeding Wall Street's expectations underscores the power of surpassing financial forecasts. New businesses should note the importance of setting and meeting realistic financial goals to gain investor confidence.

ChargePoint, Blink Charging and Market Positioning

The gains of ChargePoint and Blink Charging following positive coverage from UBS highlight the potential of well-positioned businesses in emerging markets. For startups in burgeoning industries, this serves as a reminder to align business strategies with future trends.

Costco and Customer Loyalty

Costco's rise following a strong earnings report and increased memberships emphasizes the value of customer loyalty. New businesses should prioritize building a strong customer base for sustained growth.

XPO and Strategic Upgrades

XPO's increase after an upgrade to "outperform" from Evercore ISI illustrates the impact of positive analyst coverage. New businesses should strive to demonstrate potential for growth and strong performance to attract positive ratings. In essence, the midday trading report offers a wealth of insights for new businesses. From resilience and financial planning to market positioning and customer loyalty, these trends provide a roadmap for success in the business world.
Story First Published at: https://www.cnbc.com/2023/09/27/stocks-making-the-biggest-moves-midday-wbd-mlkn-chpt.html
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