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Stocks making the biggest moves midday: Foot Locker, Okta, Carnival, Shopify and more

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Check out the companies making headlines in midday trading. Foot Locker — The shoe and apparel retailer shed 1% on the back of a Citi downgrade to sell from neutral. Citi said Foot Locker is in a bad environment for staging a turnaround. Carnival — Shares added 1% after being upgraded to buy from hold by Melius Research . The firm likes Carnival’s transformation since CEO Josh Weinstein took the helm one year ago. Melius also believes the cruise industry is expected to be the most compelling setup in the travel sector heading into next year. Crown Castle — The telecommunications stock jumped nearly 4% following an activist push for change at Crown Castle. Elliott Investment Management , which has a roughly $2 billion stake in Crown Castle, called for new executive and board leadership, as well as a strategic and operating review of its fiber business, according to a letter released Monday. The Wall Street Journal on Sunday first reported the news. Shares of Crown Castle are down 20% this year. Okta — Shares of the software company dropped 3% Monday after JMP Securities downgraded Okta to market perform. JMP had its rating on the stock under review after Okta suffered a cybersecurity breach in October. The investment firm said in a note to clients Monday that the security event has led to Okta’s brand being “significantly degraded.” Okta is set to release its fiscal third-quarter results after the market close on Wednesday. Albemarle — Shares of the lithium provider dipped more than 5, and the Global X Lithium & Battery Tech ETF (LIT) shed more than 2%. Albemarle is the largest U.S. provider of lithium for electric vehicle batteries. The stock has been under pressure this year, down about 44% in 2023, as consumers shy away from electric vehicle purchases and inventory climbs. Teva Pharmaceuticals — U.S.-traded shares jumped 3% after an upgrade from UBS to buy from neutral. The firm highlighted Teva’s strong brand pipeline and upcoming outcomes to two major clinical trials. Xenon Pharmaceuticals — Shares soared more than 15% even after the company reported mixed topline results from a study of its depression drug XEN1101 . Xenon’s study revealed that participants who received the treatment experienced a “clinically meaningful, but not statistically significant” reduction in their depression symptoms compared to those who received a placebo. E-commerce stocks — Strong Black Friday consumer shopping numbers helped lift a slew of e-commerce beneficiaries. A report from Adobe Analytics showed Black Friday shoppers spent a record $9.8 billion, a 7.5% increase from a year ago. “Buy now, pay later” stock Affirm added more than 10%, while Shopify and Etsy added 4% each. Domino’s Pizza — Shares of the pizza chain jumped 4%. TD Cowen hiked its price target on Domino’s to $430 from $410 on Friday. — CNBC’s Alex Harring, Hakyung Kim, Sarah Min, Michelle Fox, Jesse Pound and Darla Mercado contributed reporting.

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