Check out the companies making headlines in midday trading. Hertz Global – The car rental company fell 5% after its rating was downgraded to Sell from Neutral at Goldman Sachs. Investors have not yet fully priced in some near-term pressures, the bank wrote. Block – The financial services stock lost 6% after a rating downgrade to Underweight from Equal Weight at Morgan Stanley. As reasons for the change, the company cited “high market penetration and limited additional opportunities.” Zeta Global – Software stock rose 13% after Morgan Stanley upgraded the software company to an overweight rating from equal weight. The bank wrote that it expects positive valuation and estimate revisions going forward, citing as evidence near-term Zeta catalysts and a “track record” of prudent guidance. Wayfair – Shares of the home-focused e-commerce retailer added less than 1% after Evercore ISI was upgraded to an outperform rating. The company expects Wayfair to gain market share as the home furnishing space recovers. Levi Strauss – Shares of the apparel company rose 12% after it beat first-quarter top and bottom line forecasts and raised its full-year earnings guidance. Conagra Brands – The consumer packaged foods company rose 5% after beating analysts' estimates for its fiscal third-quarter earnings and revenue. Conagra reported adjusted earnings of 69 cents per share on revenue of $3.03 billion, which beat the 65 cents per share on revenue of $3.01 billion expected by FactSet. Lamb Weston – Shares fell 19% after the French fries maker missed earnings and revenue in the third quarter. Lamb Weston reported third-quarter adjusted earnings of $1.20 per share, below the $1.45 that analysts surveyed by FactSet had expected. The company's revenues of $1.46 billion were less than the expected $1.65 billion. Alaska Air Group – The airline rose slightly. Alaska said it received $160 million in compensation from Boeing after grounding the 737 Max 9. Grindr – The LGBTQ-focused dating app rose 1% after Raymond James initiated coverage with an outperform rating. The company said it sees several reasons to be optimistic about the stock, including its moat, consumer base and margins. HubSpot – Shares rose 5% after Reuters reported that Alphabet is in talks to make a bid for the marketing software company. Alphabet has not yet submitted an offer for the deal. Solventum – Healthcare stock rose nearly 5%. Solventum was just separated from 3M on Monday, with Thursday's pop marking its first positive day since its debut. Solar Stocks – Solar stocks rose during Thursday's session as the yield on the benchmark 10-year Treasury note fell. Enphase Energy rose 2%, while First Solar rose 3%. SolarEdge Technologies advanced less than 1%. — CNBC's Alex Haring and Hakyung Kim contributed reporting.
Trending
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- According to Goldman Sachs, there are two major groups of investors who love these stocks.
- Apple Announces iPhone Event on September 9
- Dexcom Launches Stelo, the First Over-the-Counter Continuous Glucose Monitoring Device
- Stock futures were little changed after the Federal Reserve signaled that an interest rate cut was imminent.
- Tesla's Optimus Faces Human Competition at Robotics Conference in Beijing
- How to Position Yourself for a Global Tech Slowdown, According to Morgan Stanley
Stocks making the biggest moves at midday: LW, LEVI, W
