Several companies made headlines in midday trading, with GE Vernova, a recently spun-off energy company from General Electric, gaining 5.4% after an upgrade to overweight from JPMorgan. The firm recommended investors buy the dip in GE Vernova, stating that shares have pulled back since the spinoff due to technical and flowback selling, and are now trading at a discount. Tesla, the electric vehicle maker, saw a 4% increase after CEO Elon Musk announced that the long-awaited robotaxi design will be unveiled on Aug. 8. Taiwan Semiconductor Manufacturing also saw a nearly 2% rise following news that its Arizona subsidiary will receive up to $6.6 billion from the Biden Administration to support semiconductor manufacturing in the U.S.
On the flip side, Eaton’s stock shed 1.9% after Wolfe downgraded the electrical company to underperform, citing valuation concerns. Despite being considered a beneficiary of the artificial intelligence-fueled data center boom, Eaton has significantly outperformed this year. Ulta Beauty, a cosmetic stock, saw a 2.5% jump after Loop Capital upgraded the company to buy from hold. Loop Capital believes that Ulta Beauty’s performance will improve over the final three quarters of the year, and that shares could be due for a rebound after experiencing their worst fall since 2020 last week. Take-Two Interactive Software, a video game company, also experienced a 2% rise after Citi upgraded the stock to buy and increased its price target, citing an attractive risk/reward balance.
UiPath, a software stock, gained more than 2% during midday trading following an upgrade from KeyBanc to overweight. KeyBanc stated that the changes in go-to-market strategy and leadership over the last two years are beginning to bear fruit for UiPath. SoFi Technologies saw a 2.8% increase after Citi resumed coverage of the online personal finance company with a buy rating. Citi highlighted SoFi’s moves to diversify its business and the company’s ability to attract deposits as reasons for the bullish stance. Fastly, a cloud company, saw a 7.8% jump after an upgrade to overweight from Piper Sandler. Piper Sandler cited Fastly’s strong valuation and steady fundamentals as reasons for the upgrade.
Sociedad Quimica y Minera, a Latin American lithium producer, saw U.S. shares rise 5.8% following an upgrade from Jefferies to buy from neutral. Jefferies stated that the stock offers an attractively valued play in the commodities space. Overall, various companies experienced fluctuations in their stock prices during midday trading, with upgrades, downgrades, and news developments impacting investor sentiment. It will be interesting to see how these stocks perform in the coming months as market conditions continue to evolve.
