Tesla, Nvidia, Lululemon and more
Hong Kong, China, 13 September 2022, a red Tesla car passes in front of a Tesla dealer in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images)
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Take a look at the companies making headlines in midday trading.
Tesla – Tesla shares rose 5.93% on Monday after CEO Elon Musk’s lawyers on Saturday asked a California court to move a lawsuit over the company’s stock to Texas, citing local negativity.
Advanced Micro Devices – The chip giant jumped 5.13% as semiconductor stocks led Monday’s rally. The bullish pushed the stock above its 50-day moving average. Wells Fargo announced AMD as the top pick in the semi on Monday.
Nvidia – The chip stock rose 5.18% in mid-day trading. Earlier in the day, Nvidia was named the top pick for 2023 by Wells Fargo analysts, who said they see an advanced data center product cycle coming to fruition by the end of the year.
Regeneron – Regeneron slipped 7.69% after the pharmaceutical company said sales of its drug Eylea in the final quarter of 2022 were adversely affected by a shift to an off-label competitor.
Lululemon – The athletic stock fell 9.29% after Lululemon changed its guidance to indicate that it expects to reduce gross margins for the fourth quarter. The company said it expects net income to be higher than its previous guidance range.
Syllable – Shares of the real estate market company gained 8% after Bank of America double upgraded the stock to buy and said they could rise 20% from Friday’s close, citing the improved growth outlook despite the macroeconomic environment challenging.
Uber – Uber shares received a 3.79% upgrade from Piper Sandler to overweight from a neutral rating. The company said rising inflation and car prices should increase appetite for ride-sharing.
Hologic – Shares gained 2.5% after the women’s diagnostics provider reported fiscal first-quarter revenue of $1.07 billion, exceeding its most recent guidance of $940 million to $990 million. That revenue also topped Wall Street expectations.
Duck Creek – Duck Creek rose 46.5% after it said Vista Equity Partners will take the insurance information solutions provider private for $19 a share.
Energy stocks – Rising energy and natural gas prices boosted shares of EQT Corp stock price history with 3.9%, in addition Oil marathon and Halliburtonwhich gained 1.6% and 0.6%, respectively.
Ceridian HCM – Ceridian HCM shares rose by 3.15%. MoffettNathanson initiated coverage on the human resources software provider with a market perform rating, saying shares have 12% upside above the company’s $68 price target.
Monolithic power systems – Shares of Monolithic Power Systems gained 4.36% amid the semiconductor rally, followed by shares of Nvidia and Advanced Micro Devices.
Baxter International – Healthcare company Baxter International slipped 7.74%, hitting a 52-week low, after it announced it would restructure and divest its kidney care business.
Oracle – Oracle advanced 1.27% after Piper Sandler upgraded the stock to overweight from neutral, noting that a long period of low growth may be coming to an end.
Goldman Sachs – Shares gained 1.41% after reports that the banking giant is laying off 3,200 workers, or 6.5% of its October workforce. That is less than the 8% reported last month.
Teladoc – Teladoc shares jumped 4.13% after the company announced that its revenue in the fourth quarter of 2022 exceeded analysts’ expectations – it is expected to report in a narrower range of $633 million to $640 million above consensus of $631 million.
— CNBC’s Samantha Subin, Alex Harring, Sarah Min, Jesse Pound, Yun Li, Michelle Fox and Tanaya Macheel contributed reporting