In midday trading, several companies made headlines:
1. Spotify’s stock rose 2% after being named a top pick by Wells Fargo, citing rising profit margins and strong product mix.
2. Robinhood’s fintech stock rose less than 3% after announcing users can trade contracts related to the upcoming presidential election.
3. Oil companies like Occidental Petroleum and Exxon slipped over 1% due to declining crude prices after Israel’s attack on Iranian military installations.
4. McDonald’s shares rose 1.5% as they announced the return of the Quarter Pounder burger after an E. coli outbreak.
5. Taiwan Semiconductor Manufacturing fell 3% after halting shipments to a China-based chip designer due to national security concerns.
6. ON Semiconductor rose 5% after beating analyst estimates for third-quarter earnings and revenue.
7. Nio, a Chinese electric vehicle maker, jumped 11% after an upgrade by Macquarie.
8. Delta Air Lines rose 4% after filing a lawsuit against CrowdStrike for an outage that caused flight cancellations.
9. Honeywell’s shares eased 1.1% following a downgrade by Wolfe Research.
10. Philips shares tumbled 17% after lowering its revenue outlook for 2024 due to deteriorating demand in China.
11. Nutanix rose 4% after an upgrade by Morgan Stanley.
12. Moderna shares jumped after initiating a phase 3 trial for a treatment for non-small cell lung cancer.
13. Aaon surged 8% after an upgrade to outperform at Baird due to potential benefits from artificial intelligence.
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