Check out the companies making headlines in midday trading: Super Micro Computer – Shares rose more than 30% after a special committee said it found “no evidence of misconduct” on the part of the AI server maker. Intel – The chip maker gained 4% after CEO Pat Gelsinger retired. David Zinsner and Michelle Johnston Holthaus will serve as interim co-CEOs, executives said. Intel shares had a tough year, falling nearly 50% in 2024. Tesla – Electric vehicle stock rose more than 3% after Roth MKM upgraded to buy from neutral. The company cited the close ties between President-elect Donald Trump and CEO Elon Musk as a positive catalyst for the Tesla brand. The Gap – Shares of the apparel retailer rose nearly 7% after receiving an overweight upgrade at JP Morgan. The company cited the company's multi-year growth outlook as well as a strong start to the holiday shopping season. Stellantis – The world's fourth-largest automaker saw its shares fall more than 6% after CEO Carlos Tavares unexpectedly resigned amid increasingly “divergent views” between the CEO and the board. Stellantis said its board of directors accepted Tavares' resignation on Sunday. His departure is effective immediately. Cleveland Cliffs, Commercial Metals Corp. – Cleveland Cliffs added 2% after Goldman Sachs initiated coverage of the steel manufacturer with a buy rating. Analyst Mike Harris said cyclical and structural factors, including Trump's views on trade, could help the broader industry's earnings growth. Goldman also initiated coverage of trading metals with a buy rating. Shares rose 2%. Cloudflare, OK – Cybersecurity stocks jumped about 6% and 4%, respectively, on the back of Morgan Stanley's upgrades to overweight from equal weight. Morgan Stanley said the stock has “distinctive opportunities.” DANA – Shares of the auto parts manufacturer rose 14% in the wake of Barclays' upgrade to overweight from equal weight. Barclays said there was potential for the stock after confirming plans to sell its off-highway business. — CNBC's Yun Li, Sarah Min, Sean Conlon and Alex Haring contributed reporting.
Trending
- Most Asian chip stocks rose, shrugging off new US restrictions on semiconductor exports to China
- General Motors sells its stake in the battery cell factory to partner LG for $1 billion
- Where Janus Henderson sees opportunity in the recovery of real estate stocks
- Fed Governor Waller is “leaning toward” lowering interest rates, but is concerned about inflation
- Stocks making the biggest moves at midday: SMCI, TSLA, INTC, STLA
- Intel CEO Pat Gelsinger off duty, stock increases 5%
- The United States can “rapidly” adopt cryptocurrency regulation now
- China PMI, Caixin PMI, Australian retail sales
Stocks making the biggest moves at midday: SMCI, TSLA, INTC, STLA
