One of the companies making headlines in midday trading is GE Vernova, an energy company that recently spun off from General Electric. The stock gained 5.4% after receiving an upgrade to overweight from neutral from JPMorgan. The firm recommended buying the dip in GE Vernova, stating that the shares have pulled back since the spinoff, primarily due to technical and flowback selling, and are now trading at a discount.
Another winner in midday trading is Tesla, the electric vehicle maker, which gained 4% after CEO Elon Musk announced that the company will unveil its long-awaited robotaxi design on Aug. 8. This news sparked investor interest and drove the stock higher during the trading session.
On the other hand, Eaton, an electrical company considered a beneficiary of the artificial intelligence-fueled data center boom, saw its stock drop 1.9% after a downgrade to underperform from Wolfe. The firm cited valuation concerns as the reason behind the downgrade, stating that Eaton has significantly outperformed this year.
Ulta Beauty, a cosmetic stock, jumped 2.5% following an upgrade to buy from hold by Loop Capital. The firm believes that the company’s performance will improve over the final three quarters of the year, leading to a potential rebound in the stock price after a recent fall.
Shares of Take-Two Interactive Software rose 2% after Citi upgraded the video game company to a buy rating and increased its price target. The upgrade was based on the attractive risk/reward balance of the stock, prompting investor interest in the company.
The software stock UiPath gained over 2% during midday trading following an upgrade to overweight from KeyBanc. The firm highlighted that the go-to-market and leadership changes implemented over the past two years are beginning to show positive results, driving the stock price higher.
SoFi Technologies Resumes Positive Momentum
SoFi Technologies saw its shares gain 2.8% after Citi resumed coverage of the online personal finance company with a buy rating. Citi cited the company’s efforts to diversify its business and its ability to attract deposits as reasons for the bullish stance on SoFi Technologies.
Shares of Fastly surged 7.8% after receiving an upgrade to overweight from Piper Sandler. The firm noted that the cloud company’s strong valuation and steady fundamentals present an attractive risk/reward skew, attracting investors to the stock.
U.S. shares of the Latin American lithium producer, Sociedad Quimica y Minera, popped 5.8% following an upgrade to buy from neutral by Jefferies. The firm views the stock as an attractively valued play in the commodities space, driving investor interest in the company.
Overall, midday trading saw a mix of winners and losers in the stock market, with companies like GE Vernova, Ulta Beauty, and Tesla making gains, while Eaton faced a downgrade and a decline in its stock price. It is essential for investors to carefully analyze the reasons behind the stock movements and upgrades/downgrades to make informed decisions in the market.