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Take a look at these companies making waves in midday trading.
Shutterstock— Shares of the stock image, video, and music provider surged 9% after Shutterstock revealed a six-year extended partnership with OpenAI, the creator of ChatGPT.
Newell Brands— Shares of the consumer goods company rose over 11% after Canaccord initiated coverage with a buy rating. The Wall Street firm is optimistic about the company’s future under new management. They also anticipate growth in revenue, profitability, and cash flows, as well as a decrease in leverage.
Zillow— Zillow experienced a 9.1% surge after Piper Sandler upgraded the real estate stock to an overweight rating. The research firm believes that new initiatives and a positive trend in the housing market could boost shares by more than 30%.
Salesforce— Shares of Salesforce gained nearly 4% as the software company announced upcoming price increases for its cloud-based offerings, set to take effect in August.
WD-40— WD-40 shares soared over 18% following strong fiscal third-quarter results. The company reported a 15% increase in total net sales compared to the previous year and issued better-than-expected guidance.
3M— 3M saw a 4.9% increase after Bank of America upgraded their rating from underperform to hold. The firm believes that litigation settlements, restructuring, and the planned spinoff of their health-care business will positively impact the stock.
Amazon— The e-commerce giant’s stock rose approximately 1.3% as Prime Day, a two-day summer sale, commenced. Wells Fargo also named Amazon a top pick, citing anticipated growth for Amazon Web Services, expected revenue increase from Prime Day, and a positive risk/reward outlook ahead of earnings.
JetBlue Airways— The airline’s stock declined by 2.6% after Evercore ISI downgraded their shares to underweight. Concerns regarding valuation and recent negative developments, including the termination of their alliance with American Airlines in the Northeast, influenced the downgrade.
Xpeng— U.S.-listed shares of Xpeng increased by 5.8% as Goldman Sachs initiated coverage of the Chinese electric-vehicle company with a buy rating. Goldman cites a “compelling” business model that promotes revenue and margin expansion. The firm also expects Xpeng to benefit from ongoing declines in battery prices.
JPMorgan Chase
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