Midday Stock Performance: Notable Developments for Apple, Meta, Carnival, and Nike

Check out the companies making headlines in midday trading Friday.

Apple






— Shares of the tech giant gained over 1%, pushing the company’s market capitalization above $3 trillion, a significant milestone first achieved in January 2022. Citi also set a target price of $240 on the stock, which is the highest on Wall Street.

Coinbase






— Shares of the cryptocurrency services company declined by 4% during midday trading, influenced by a decrease in the price of bitcoin following a report from The Wall Street Journal stating that the U.S. Securities and Exchange Commission considers recent bitcoin exchange-traded funds filings to be inadequate. Coinbase, the crypto custody partner for BlackRock, saw a surge in bitcoin’s price and Coinbase’s shares after BlackRock filed for a bitcoin ETF earlier this month.

Pacific Biosciences






— The biotech stock increased by 5.8% after Goldman Sachs initiated coverage with a buy rating, stating that the company may be at a turning point with a new sequencing instrument.

SolarEdge






— The solar stock rose by 3.3% after Bank of America raised its target price from $379 to $396. The new price target suggests a potential increase of more than 50% compared to the previous day’s closing price. The bank also expressed optimism about the company’s diversified and structurally growing business.

Bright Health Group






— Shares of the health insurer increased by 2.6% during midday trading after the announcement of a deal to sell its California Medicare Advantage business to Molina Healthcare for approximately $600 million.

Nike






— Shares of the renowned sneaker company dropped by 2.5% after reporting its first earnings miss in three years and a decline in margins for the fiscal fourth quarter. Nike attributed the decrease to higher input costs, increased freight and logistics expenses, higher promotional activities, and unfavorable currency exchange rates.

Meta Platforms






— The social media stock increased by 2.1% after the U.K.’s Competition and Markets Authority concluded its investigation into Meta Platforms’ sale of Giphy to Shutterstock.

Xpeng






— The Chinese electric-vehicle manufacturer experienced a surge of more than 12% after revealing its competitively priced G6 SUV, directly competing with Tesla’s popular Model Y SUV.

Carnival






— The cruise company’s stock surged by over 8% after receiving an upgrade from Jefferies, changing the rating from hold to buy. The upgrade was based on the company’s leadership changes and improved outlook.

— CNBC’s Alex Harring, Tanaya Macheel, and Sarah Min contributed reporting.