Shares of several companies made headlines in midday trading. Micron Technology saw its shares jump over 6% after Bank of America raised its price target on the chipmaker. The Wall Street firm believes demand for high-bandwidth memory technology will grow to over $20 billion by 2027. Cameco’s shares also rose more than 5% after Goldman Sachs initiated coverage of the uranium producer with a buy rating, predicting more than 25% upside potential. Semtech shares advanced more than 6% after the semiconductor manufacturing company reported fourth-quarter revenue that beat expectations, although it also reported a wider-than-expected loss per share.
Microsoft shares rose 0.7% following a report from The Information, citing unnamed sources, that Microsoft and OpenAI are planning a $100 billion data center project. Other AI-related stocks, such as Western Digital and Super Micro Computer, also saw gains. However, trucking stocks J.B. Hunt Transport and C.H. Robinson pulled back 1% and nearly 4%, respectively, following a downgrade from Barclays due to concerns over profitability and supply. AT&T shares lost 1.4% after the telecommunications provider revealed a data leak that exposed customer information. Meanwhile, financial software company Bill Holdings saw its shares fall over 5% after a downgrade from Wells Fargo citing high growth expectations.
Tesla’s stock fell 2% despite an earlier rise, following its announced price increase for the Model Y. Oxford Industries shares dropped 4.4% after Citi downgraded the clothing company, citing margin pressures in 2024. Universal Health Services also saw its shares fall after a regulatory filing revealed its subsidiary was ordered to pay significant damages, which could have a negative impact on the business. MicroStrategy shares slipped over 3% after executive chairman Michael Saylor sold nearly 4,000 shares of the company’s stock. InterDigital shares dropped 6% after a downgrade from Bank of America, which cited limited long-term growth opportunities for the wireless company.
Overall, the midday trading session saw a mix of positive and negative movements in various sectors. While some companies like Micron Technology and Cameco experienced gains following positive analyst coverage, others like AT&T and Bill Holdings faced losses due to data leaks and growth concerns, respectively. The market also saw fluctuations in AI-related stocks, trucking companies, and financial software companies. It remains to be seen how these developments will impact the overall market performance in the coming days.
