The Sphere is seen during its opening night with the U2:UV Achtung Baby Live concert at the Venetian Resort in Las Vegas on Sept. 29, 2023.
Tayfun Coskun | Anadolu Agency | Getty Images
Check out the companies making headlines in midday trading.
Sphere Entertainment — Shares of the media and entertainment company have surged by 10% in midday trading following the debut of its Las Vegas Sphere venue on Friday night during a U2 show. Sphere, built by Madison Square Garden Entertainment, is being praised as the newest and most immersive concert experience, with its cutting-edge wraparound screen.
Bitcoin stocks — Stocks associated with digital currency trading have seen significant gains in correlation with the rally in crypto prices. Notably, Riot has risen by 11.6%, while Marathon Digital has jumped by 6.9%. Coinbase and MicroStrategy have also experienced increases of over 2%.
Discover Financial Services — The credit card issuer has seen a substantial surge of almost 6% on Monday, which represents the largest gain in the S&P 500. This increase in share value follows the disclosure of a consent agreement between Discover and the Federal Deposit Insurance Corporation in an 8K filing with the U.S. Securities and Exchange Commission.
Gold and silver miners — Gold and silver mining companies have faced challenges on Monday as the prices for these metals have declined. Coeur Mining and Harmony Gold Mining have both witnessed drops of nearly 6%. Hecla Mining has slid more than 5%, while Gold Resource shares have fallen by over 4%.
Instacart — Maplebear, the food delivery company operating as Instacart, has experienced a roughly 5% decline in midday trading. Recent reports indicate that the Wall Street bank that underwrote Instacart’s initial public offering has forecasted a weak outlook for the company’s second half, with slower revenue growth and lower profits. Additionally, Gordon Haskett has initiated coverage of Instacart with a hold rating.
SolarEdge — Shares of SolarEdge have eased by 3.7% following a downgrade to equal weight from overweight at Barclays. The firm predicts that the company will likely face price cuts in the upcoming year.
Insulet — Shares of the diabetes technology company have surged by 5% after Jefferies upgraded its rating from hold to buy. The Wall Street bank advises investors to take advantage of the stock’s underperformance in the first half of 2023.
Norfolk Southern — The railroad stock has slipped by 3.2% after Bank of America downgraded it from buy to neutral. The bank cited ongoing service issues, including a recent data center outage, as potential risks to future earnings.
Nvidia — Shares of the artificial intelligence beneficiary have jumped by 2.7% following Goldman Sachs’ addition of the semiconductor AI stock to its Americas conviction list for the month. Goldman Sachs predicts that Nvidia will maintain its status as the industry standard for accelerated computing in the foreseeable future.
Meta — The parent company of Facebook and Instagram has advanced by 1.7% after Truist reiterated its buy rating on the stock. Truist predicts sustained growth for Meta into the fourth quarter.
Apple — The iPhone maker has risen by 1.2% after JPMorgan reaffirmed its overweight rating on the stock. The firm notes that lead times for Apple products have stabilized.
Amazon — The e-commerce giant has gained 1.6% following UBS’ reiteration of a buy rating on the stock. UBS is optimistic about Amazon’s advertising opportunities within its Prime video content.
— CNBC’s Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox, Sarah Min and Scott Schnipper contributed reporting.
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