The energy company GE Vernova saw a 5.4% gain in their shares after receiving an upgrade to overweight from JPMorgan. The firm recommended buying the dip in GE Vernova, as shares had pulled back since the spinoff from General Electric. This pullback was largely attributed to technical and flowback selling, and as a result, the stock is now trading at a discount.
The electric vehicle maker, Tesla, experienced a 4% gain in its stock price following CEO Elon Musk’s announcement that Tesla will unveil its long-awaited robotaxi design on Aug. 8. This news likely provided a boost of confidence to investors who have been eagerly awaiting this development.
Taiwan Semiconductor Manufacturing, a global chip stock, rose nearly 2% after news broke that its Arizona subsidiary would receive up to $6.6 billion from the Biden Administration. This funding is intended to support semiconductor manufacturing in the U.S. as part of the CHIPS and Science Act, positioning the company for future growth and success.
In contrast, Eaton’s stock dropped by 1.9% after Wolfe downgraded the electrical company to underperform. The decision was based on valuation concerns, as Eaton has significantly outperformed expectations this year. Despite being a beneficiary of the artificial intelligence-fueled data center boom, the stock is facing challenges in its current valuation.
Ulta Beauty saw a 2.5% jump in its shares after Loop Capital upgraded the cosmetics stock to buy from hold. The firm expressed optimism that the company’s performance would improve over the coming quarters, suggesting that shares could be due for a rebound following a recent decline.
Shares of Take-Two Interactive Software rose by 2% after Citi upgraded the stock to a buy rating and increased its price target. This decision was based on the belief that the company offers an attractive risk/reward balance, potentially providing significant upside for investors.
UiPath, a software stock, gained more than 2% during midday trading following an upgrade from KeyBanc to overweight. The firm highlighted the positive impact of recent go-to-market and leadership changes, suggesting that these developments are beginning to yield positive results for the company.
Shares of SoFi Technologies increased by 2.8% after Citi resumed coverage of the online personal finance company with a buy rating. Citi cited the company’s efforts to diversify its business and its ability to attract deposits as reasons for its bullish stance on the stock.
Fastly saw a significant 7.8% increase in its shares after receiving an upgrade to overweight from Piper Sandler. The cloud company’s strong valuation and steady fundamentals were highlighted as factors contributing to its attractive risk/reward profile, potentially positioning the stock for further gains.
U.S. shares of Sociedad Quimica y Minera, a Latin American lithium producer, surged by 5.8% following a buy rating upgrade from Jefferies. The investment firm noted that the stock offers an attractively valued play in the commodities space, potentially appealing to investors seeking exposure to this sector.
Overall, the stock market witnessed a variety of movements in midday trading, with companies like GE Vernova and Tesla experiencing gains, while companies like Eaton faced challenges. The upgrades and downgrades from firms like JPMorgan, Citi, and Jefferies played a significant role in influencing investor sentiment and driving stock price movements. It remains essential for investors to carefully analyze these developments and consider the potential implications for their investment portfolios.