In midday trading, several companies are making headlines with significant stock movements. Krispy Kreme saw a nearly 30% surge in its stock price, as McDonald’s announced plans to sell its doughnuts at its restaurants nationwide by the end of 2026. McDonald’s shares remained mostly unaffected by the news. Trump Media & Technology Group experienced a 35% increase in its stock price after beginning trading on the Nasdaq, following a merger with Digital World Acquisition Corp. McCormick’s stock jumped 10% after exceeding earnings and revenue expectations for its fiscal first quarter. Reddit saw a 15% increase in its stock price as investors continued to show interest in the social media company following its recent debut on the New York Stock Exchange. Viking Therapeutics rallied over 21% after announcing positive results in a small trial for its weight loss drug.
Seagate Technology, a data storage company, saw a nearly 10% increase in its stock price after receiving an upgrade to overweight by Morgan Stanley. The firm believes that Seagate has better earnings potential from generative artificial intelligence and other drivers. Micron Technology, a memory chipmaker, experienced a 2% increase in its stock price after Mizuho Securities reiterated its buy rating and raised its price target. The firm highlighted a strong AI opportunity that could lead to increased sales in late 2024 and 2025. Conversely, UPS saw a more than 6% decline in its stock price as the company provided a long-term forecast update. Although UPS predicted potential revenue of $114 billion in 2026, analysts raised concerns about the pricing assumptions used in the forecast. Canada Goose, a luxury coat and parka maker, experienced a 3.4% decline in its stock price after announcing plans to cut 17% of its global corporate workforce to reduce costs amid decreased consumer spending.
Super Micro Computer saw a 2.3% increase in its stock price, following a previous upgrade to overweight by JPMorgan. The firm identified the server and storage solutions provider as a leader in the growing AI compute market. Overall, these companies are attracting attention from investors for various reasons, such as strong financial performance, strategic partnerships, promising drug trials, and potential growth opportunities in emerging markets. Investors should continue to monitor these companies for further developments and updates that may impact their stock prices in the future.
