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Home»Finance»Stocks making the biggest moves midday: JPM, GM, XOM
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Stocks making the biggest moves midday: JPM, GM, XOM

May 1, 2023No Comments3 Mins Read
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Stocks making the biggest moves midday: JPM, GM, XOM
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NEW YORK, NEW YORK – APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. The U.S. bank will reveal its latest financial results but concerns over small and medium-sized banks persist following the collapse of Silicon Valley Bank (SVB) in March. (Photo by Spencer Platt/Getty Images)

Spencer Platt | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

First Republic, JPMorgan Chase — First Republic shares and were halted after JPMorgan Chase acquired the ailing bank and most of its assets after regulators seized control. JPMorgan shares rose 2.1%.

General Motors — The automaker gained 1.3% after Morgan Stanley upgraded General Motors to overweight from equal weight and called the stock oversold.

Norwegian Cruise Line — The cruise company jumped 8.9% after on better-than-expected quarterly results. Norwegian Cruise Line also boosted its full-year profit forecast amid strong travel demand.

Exxon Mobil — Shares shed 3.1% on the back of a Goldman Sachs downgrade to neutral from buy. The firm said the oil giant was less attractive after its multiyear run.

PacWest, Zions Bancorp. — Regional bank stocks were volatile on Monday as investors reacted to the seizure and sale of First Republic Bank over the weekend. Shares of PacWest fell nearly 1.1% after rising earlier in the session. Zions Bancorp. fell more than 3.7%, while Western Alliance dipped about 3%. The SPDR S&P Regional Bank ETF (KRE) was down 2.8%.

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SoFi Technologies — The student loan refinancer fell more than 12.2% despite posting better-than-expected quarterly results. The company reported a loss of 5 cents per share and revenue of $460.16 million against  consensus estimates of 7 cents and $441 million, according to Refinitiv. However, management said on the company earnings call Monday that demand for loans originating from the fourth quarter would see a lower monetization level due to higher interest.

Comcast — The media stock gained 0.6% after Bank of America upgraded the media stock to buy from a neutral rating following its recent quarterly results. Analysts view Comcast as well positioned for a “strong turnaround.”

Teradata — The cloud database company jumped 6% after Guggenheim Partners upgraded the stock to buy from neutral. The Wall Street firm said Teradata is poised to outperform expectations for customer retention and grow revenue in its cloud sector. Its price target of $62 implies 60% upside.

On Semiconductor — On Semiconductor jumped 8.9% after beating first-quarter earnings and revenue expectations. The chip firm reported per-share earnings ex-items of $1.19, greater than consensus estimates of $1.08 per share, according to FactSet. It posted revenue of $1.96 billion, greater than the expected $1.92 billion.

Scotts Miracle-Gro — Shares rose 5.5% after Stifel upgraded Scotts Miracle-Gro to buy from hold and set an $80 price target, implying near-20% upside from Friday’s close. Stifel analyst W. Andrew Carter said the maker of consumer lawn, garden and pest control products has an “attractive near-term set-up for the shares with a margin recovery enabling outsized EPS growth.”

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Global Payments — Global Payments shares tumbled 8.6% despite a revenue and earnings beat for the recent quarter as the payments technology company announced a new CEO effective June 1.

Logitech — Logitech shares gained 2.6% after Morgan Stanley upgraded the company to equal weight from underweight, citing a “more balanced catalyst path” ahead.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

— CNBC’s Sarah Min, Alexander Harring, Brian Evans, Jesse Pound and Yun Li contributed reporting

Biggest JPM Making midday Moves Stocks XOM
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