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## Top Stocks Making Headlines in Midday Trading
Shares of several companies are soaring in midday trading following positive news and upgrades. Here are the top stocks making headlines:
### SoFi Technologies
SoFi Technologies saw its shares surge more than 18% after reporting better-than-expected second-quarter results and raising its full-year guidance. The fintech company posted a narrower loss of 6 cents per share on a GAAP basis, surpassing analysts' expectations of a 7-cent loss per share.
### ON Semiconductor
ON Semiconductor's shares jumped 3.2% after the chipmaker reported earnings and revenue that beat expectations for the second quarter. The company reported earnings of $1.33 per share, excluding items, on $2.09 billion in revenue, surpassing estimates of $1.21 per share and $2.02 billion in revenue.
### Disney
Disney shares climbed 3% following a report that the entertainment giant has rehired former executives Kevin Mayer and Tom Staggs. Both executives were previously considered potential successors to Bob Iger, and their return is seen as a positive development for the company.
### New Relic
Shares of New Relic surged 13.4% after a private equity consortium announced its plans to take the software company private in a $6 billion all-cash deal. The deal values the company at nearly $6.5 billion and offers $87 per share.
### Spero Therapeutics
Spero Therapeutics saw its shares rise 14% after announcing an agreement with the Food and Drug Administration for a special protocol assessment in its phase 3 trial for a urinary tract infection drug. This development is a positive step forward for the company.
### Sweetgreen
Shares of salad chain Sweetgreen jumped 11% after receiving an upgrade from Piper Sandler. The firm raised its rating on the stock to overweight from neutral, noting that the tide may be turning for the company.
### XPeng
Chinese electric vehicle maker XPeng tumbled 13.6% following a downgrade from UBS. The investment bank lowered its rating to neutral from buy, stating that the company's recent gains may already be priced in, as its shares have more than doubled in price this year.
### Hasbro
Toymaker Hasbro rose 3% after receiving an upgrade from Bank of America. The bank raised its rating on the stock to buy from neutral and believes that the success of Hasbro's "Lord of the Rings" cards set will contribute to better-than-expected earnings.
### GoodRx
Digital health-care platform GoodRx saw its shares surge about 33% after receiving an upgrade from Cowen. The upgrade reflects the company's strong pharmacy benefit management partnerships, which generate new revenue streams and solidify its position in the health-care ecosystem.
### Adobe
Software stock Adobe jumped 3.9% following an upgrade from Morgan Stanley. The firm upgraded the shares to overweight from equal weight, citing the potential for artificial intelligence integration across Adobe's product line.
### Chevron
Oil giant Chevron advanced 2.8% after Goldman Sachs upgraded the stock to buy from neutral. The investment bank believes that the company is poised for a cash flow inflection, which will drive future growth.
### New York Community Bancorp
Shares of regional bank New York Community Bancorp traded 1% higher after receiving an upgrade from Deutsche Bank. The bank raised its rating on the stock to buy from hold, citing the company's strong execution.
### CSX
Railroad stock CSX shed 1.4% after a downgrade from RBC. Despite noting fluid operations and positive performance in recent quarters, RBC downgraded the stock to sector perform from outperform.
### Wayfair
Shares of online home furnishings retailer Wayfair popped 5% after receiving an upgrade from Piper Sandler. The upgrade reflects improving sales and regained market share as the home furnishings industry stabilizes.
### Salesforce
Cloud company Salesforce saw its shares dip nearly 1% after a downgrade from Morgan Stanley. The bank lowered its rating on the stock to equal weight from overweight, stating that Salesforce's near-term catalysts have already been priced in.
As the market continues to evolve, these stocks offer both potential opportunities and risks for investors.
## Conclusion: Evaluating the Impact on a New Business
The midday trading activity of these top stocks provides valuable insights for new businesses looking to understand market trends and potential impacts. These stock movements highlight the performance and sentiment surrounding various industries, shedding light on both opportunities and risks.
For instance, the positive news from SoFi Technologies and ON Semiconductor reflects the strength of the technology and semiconductor sectors, indicating potential growth opportunities for new businesses operating within these industries. Conversely, the downgrade of XPeng and Salesforce underscores the need for caution, as these companies face challenges such as potential overvaluation and already priced-in catalysts, respectively.
New businesses can also observe the significance of strategic decisions made by established companies. The rehiring of former executives at Disney and the private equity consortium's plans to take New Relic private highlight the potential impact of leadership moves and mergers/acquisitions within an industry.
Additionally, the upgrades received by Sweetgreen, Hasbro, GoodRx, Adobe, Chevron, and New York Community Bancorp provide examples of companies that have successfully captured market attention or demonstrated promising growth potential. These stories can serve as inspiration for new businesses striving to make a mark in their respective sectors.
However, it is crucial for new businesses to conduct thorough market research, understand industry dynamics, and consider risks associated with stock market movements before making strategic decisions. The stock market can be unpredictable, so careful analysis and a comprehensive business plan are crucial for long-term success.
Article First Published at: https://www.cnbc.com/2023/07/31/stocks-making-the-biggest-moves-midday-sofi-on-dis-sg-and-more.html
