Check out the companies making headlines in midday trading. Duolingo – Shares of the online language app company rose 7.5% after JPMorgan reiterated its overweight rating on the stock, saying it has attractive risk/reward and potential upside for Q1 guidance and 2024 outlook. Taiwan Semiconductor Manufacturing – U.S.-traded shares of the company fell Taiwan's chip industry fell 3.6% after the company noted that although it suffered no structural damage, some chips “had to be disposed of” after the earthquake that struck Taiwan earlier in April. Most of the lost production will be recovered in the second quarter, according to management. The company still beat revenue and profit expectations in the first quarter and expects healthy growth in 2024. JetBlue Airways – Shares jumped 6.6% after JPMorgan upgraded the airline to neutral from underperform, saying it likes its turnaround potential. Bitcoin Miners – Shares of Bitcoin mining companies rose ahead of a widely expected “halving,” which halves the main stream of revenue for miners, as mandated by the Bitcoin code. Marathon Digital rose more than 6%, Riot Platforms rose nearly 5%, and Iris Energy rose 8%. Shares of CleanSpark, one of the only mining companies still standing this year, rose 13%. Estee Lauder – Deutsche Bank added a short-term buy rating on the cosmetics giant, sending shares up 4.7%. The company is looking favorably on the setup for Estee Lauder's earnings, which are scheduled to be due May 1. Meta Platforms – The tech giant advanced more than 3% after partnering with Google to include search results in its new AI assistant, Meta Llama 3. Tesla. The electric vehicle maker's stock fell 2%, hitting a 52-week low, after Deutsche Bank analyst Emanuel Rosner downgraded Tesla stock to hold from buy. Rosner pointed to a report from Reuters that said Tesla had canceled plans to build its cheap Model 2, which he said creates the risk of there not being a new vehicle in Tesla's consumer lineup for the foreseeable future and will put continued downward pressure on the company's size and growth. Pricing for many more years, reducing profits. Barnes Group – The global industrial technology and aerospace stock jumped 9.3% after DA Davidson upgraded the company to buy from neutral, saying the shares are attractive. Alaska Air Group – Shares of the airline jumped 5.8% on better-than-expected first-quarter results. Alaska Air's loss per share of 92 cents from prior items was below LSEG's estimate of $1.05 per share. Revenues were $2.23 billion, exceeding analysts' expectations of $2.19 billion. Blackstone – The asset manager fell 2.5% after cutting its dividend to 83 cents per share from 94 cents per share. First-quarter earnings were 98 cents per share, slightly above LSEG's estimate of 96 cents per share. BJ's Wholesale Club – Loop Capital downgraded BJ's on a valuation basis, sending the stock down 4.4%. The company lowered its warehouse stocking company estimates for same-store merchandise sales and gross margin. Dr. Horton – Shares rose 2.3% after Dr. Horton beat expectations in its fiscal second quarter, reporting earnings of $3.52 per share on revenue of $9.11 billion. Meanwhile, analysts polled by LSEG expected the homebuilder to report earnings of $3.06 per share on revenue of $8.27 billion. eBay – The e-commerce stock rose 2% after a double upgrade at Morgan Stanley to overweight from underweight. eBay appears to be undervalued compared to its peer Etsy, the company said. Elevance Health – Shares jumped 3.8% after the health insurer reported an increase in earnings and raised its full-year guidance. However, Elevance's revenue came in slightly below estimates. Zoom Video Communications – Rosenblatt Securities upgraded shares of the video conferencing company to Buy from Neutral, saying it is bullish on Zoom's “refocused” channel strategy and its healthy balance sheet. The stock rose 2.1% after the new classification. Trump Media & Technology Group – Shares of former President Donald Trump's media company and parent company Truth Social rose more than 14%, extending the previous day's gains. Earlier in the week, the company announced plans to launch a TV streaming arm of Truth Social, sending shares tumbling. — CNBC's Samantha Sobin, Brian Evans, Hakyung Kim and Lisa Kailay Han contributed reporting.
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Stocks making the biggest moves at midday: DUOL, JBLU, TSLA, DHI
