Check out the Companies Making Headlines in Midday Trading

Here are the latest updates on the companies that are making waves in midday trading:

SoFi Technologies

Shares of SoFi Technologies have been see-sawing as traders analyze the company’s latest quarterly results. SoFi reported a massive revenue beat for the third quarter and raised its outlook for the full year. The company’s revenue of $531 million exceeded the estimated $512.1 million. SoFi credited the higher-than-expected student loan originations for the boost in revenue. Although shares were down by 1%, they had previously risen by as much as 14%.

McDonald’s

McDonald’s shares have gained 2.3% after surpassing expectations for both revenue and profit in the third quarter. Global same-store sales grew by 8.8%, exceeding analyst estimates. Despite a decrease in U.S. traffic, the company experienced an 8.1% increase in U.S. same-store sales.

General Motors and Stellantis

Shares of General Motors and Stellantis dipped slightly as the autoworkers strike appeared to be reaching a resolution. Stellantis reached a deal with the union on Saturday, while GM made an agreement on Monday. Ford, which had already settled last Wednesday, saw its shares drop by 2%.

Spirit Realty Capital

Real estate investment stock Spirit Realty Capital jumped 6.6% after announcing its acquisition by Realty Income for $9.3 billion in an all-stock deal. However, Realty Income shares dropped by 8% in response to the news.

Western Digital

Shares of data storage company Western Digital surged by 6% after outperforming analyst expectations in the fiscal first quarter. Western Digital also revealed plans to create two separate publicly traded companies for data storage in the hard drive and flash markets.

On Semiconductor

The stock of On Semiconductor plummeted by 18% after the company’s current-quarter guidance fell short of Wall Street expectations. On Semiconductor projected earnings per share between $1.13 and $1.27, excluding items, while analysts had expected $1.36. The company’s revenue guidance for the quarter also missed analyst estimates.

Revvity

Scientific product maker Revvity witnessed a 17% drop in its stock value after delivering a weak quarterly report and soft full-year guidance. The company’s earnings per share for the quarter were slightly below analyst predictions, resulting in a reduction of its full-year guidance.

Invitation Homes

Following an upgrade to outperform by Oppenheimer, home leasing company Invitation Homes experienced a 1% rise in its stock. Oppenheimer believes that a stabilization in rent growth and occupancy rates can contribute to the stock’s performance in 2024.

L3Harris

Defense stock L3Harris climbed 2.8% after receiving an upgrade to outperform from Raymond James. Raymond James cited the company’s better-than-expected earnings report as one of the factors behind the upgrade.

Eastman Chemical

Shares of Eastman Chemical advanced by 2.7% following an upgrade to overweight from JPMorgan. The Wall Street bank believes that Eastman Chemical’s earnings can rebound in 2024.

AbbVie

Biopharmaceutical stock AbbVie saw a 4.3% increase in its stock value after Barclays upgraded its shares to overweight from equal weight. Barclays argued that the recent sell-off had been excessive.

Tesla

Tesla’s stock slid by 3.7% as Bernstein reiterated its underperform rating. Bernstein stated that the outlook for Tesla stock remains uncertain.

Arcellx

Biotechnology stock Arcellx traded 4% higher after TD Cowen initiated coverage with an outperform rating. TD Cowen believes that the company has the potential for further growth.

Vale

Shares of Brazilian metals and mining company Vale rose by 1% after a Citi upgrade to buy from neutral. Citi cited the recent underperformance of the stock and the arrival of a strong seasonal period for Iron ore as reasons for the upgrade.

Femsa

Mexican beverage company Femsa experienced a 3.5% increase in its stock value following an upgrade to overweight by Barclays. Barclays believes that Femsa has the potential to return cash to shareholders.

Saia

Transportation stock Saia rose by 3.4% after an upgrade to outperform from Wolfe Research. The firm sees an opportunity to buy into Saia due to a recent slide in share prices and a positive growth outlook.

These were the updates on the companies making headlines in midday trading. Stay tuned for more updates.

Authors: Jesse Pound, Samantha Subin, Pia Singh, and Hakyung Kim