In midday trading, Altice USA saw a significant drop of more than 12% after Wells Fargo downgraded the stock due to skepticism about the company’s merger and acquisition prospects. Tesla, the electric vehicle maker, also experienced a nearly 2% decline after Reuters reported on its plans for a low-cost car, which investors had been depending on for growth in the mass-market automaker sector. Krispy Kreme, on the other hand, saw a 6% increase in share price after Piper Sandler upgraded the stock, citing the doughnut chain’s recent partnership with McDonald’s as well as an overall improvement in the company’s narrative. Enphase Energy’s stock fell by 5% following a downgrade by Citi, highlighting concerns about limited corporate liquidity and weakening trends in the U.S. market. Cinemark, a movie theater chain, experienced a 4.4% increase after a double upgrade by Wells Fargo, which praised the company for rising demand and a positive outlook for the movie industry.
Snowflake, a cloud company, saw a 2.5% increase in stock price following an upgrade by Rosenblatt, which cited strong customer interest as a driving factor. Ollie’s Bargain Outlet also received an upgrade from Loop Capital, resulting in a 4.5% increase in share price due to its relatively cheap valuation and potential for store base expansion. Agilent Technologies, a life sciences applications stock, received an upgrade to buy from Stifel, with analyst Daniel Arias pointing to strong instrument demand and an attractive valuation as reasons for the stock becoming more compelling to investors. Shockwave Medical saw a 2% increase in shares after Johnson & Johnson announced its plans to acquire the medical device maker for $12.5 billion, aiming to enhance its portfolio of cardiovascular disease treatment devices. However, J & J shares remained relatively unchanged following the announcement.
McDonald’s experienced a slight decrease of less than 1% in share price after the fast-food chain announced its acquisition of all 225 restaurants from its Israel franchise, following a period of declining sales in the Middle East due to pro-Palestinian boycotts. Overall, market movements in midday trading reflected a mix of downgrades and upgrades across various sectors, with companies such as Altice USA and Enphase Energy facing challenges while others like Krispy Kreme and Cinemark seeing positive momentum. Investors are closely monitoring developments in the tech, energy, and retail industries as they evaluate opportunities for growth and potential risks in the market.
