Midday Trading Highlights: Key Companies in the Spotlight
As midday trading unfolds, several companies are making significant headlines with notable stock movements. Here’s a glance at some of the most impactful updates in the market today.
eBay Soars on Facebook Marketplace News
eBay’s shares surged nearly 10%, reaching 52-week highs after the announcement that Meta is testing the integration of eBay listings on Facebook Marketplace. This plan will redirect Facebook buyers to eBay for transaction completions, setting eBay up for its best trading day since late 2022.
Edison International Faces Major Losses
Edison International saw its stock plummet by 10.2% as thousands evacuated from the Los Angeles area due to devastating wildfires that have severely impacted homes and infrastructure. This drop marks the utility’s most significant trading losses since March 2020.
Getty Images Experiences Volatility
Getty Images’ stock took a significant hit, dropping 17.6% after a successful previous day where shares increased by over 24%. This volatility comes on the heels of Tuesday’s announcement of a $3.7 billion merger with Shutterstock, which similarly faced challenges as its shares fell 11.1% following a gain of 14.8%.
SolarEdge Technologies Downgraded
SolarEdge Technologies saw a 14.8% decrease in its stock price following a downgrade from Citi, which switched its rating to "sell" from "neutral." The downgrade stems from concerns about persistently high operating costs, despite the company’s restructuring efforts.
Quantum Computing Stocks Decline
Stocks related to quantum computing took a downturn after Nvidia’s CEO, Jensen Huang, noted that the technology may be decades away from maturity. Notable declines include Rigetti Computing down over 45%, D-Wave Quantum down 36%, and Quantum Computing witnessing a drop of over 43%. IonQ’s shares slid by 39%.
Maplebear Prepares for S&P MidCap 400 Inclusion
The grocery delivery service Maplebear, operating as Instacart, saw its shares rise more than 4% in anticipation of its inclusion in the S&P MidCap 400 index on January 14. Maplebear will replace Enovis in this respected index.
AAR Corp Reports Strong Earnings
AAR Corp, an aviation services provider, reported a stock increase of over 8% following strong fiscal second-quarter results. The company posted adjusted earnings of 90 cents per share with revenues of $686.1 million, significantly surpassing analysts’ expectations of 85 cents per share and $654.2 million in revenue.
Palantir Technologies Confronts Decline
Palantir Technologies shares diminished by 2.5%, continuing a downward trend that kicked off the week with approximately a 5% decline. This downturn follows Morgan Stanley’s underweight rating, highlighting a risk-reward scenario skewed to the downside. Cathie Wood’s sale of over $15 million worth of Palantir shares from Ark funds earlier this week also contributed to the drop.
Arcadium Lithium Receives Acquisition Clearance
Arcadium Lithium’s shares rose over 8% after receiving clearance from the Committee on Foreign Investment in the United States (CFIUS) for its acquisition by Rio Tinto. The company anticipates finalizing the transaction before mid-2025.
Boston Scientific Eyes Strategic Acquisition
Boston Scientific’s stock gained 4.3% following its announcement of an agreement to acquire Bolt Medical, with expectations that the deal will close in the first half of this year.
Advanced Micro Devices Faces Downgrade
Advanced Micro Devices saw its stock decrease by 4.3% after HSBC downgraded the company from "buy" to "reduce," citing concerns that AMD’s AI roadmap is notably less competitive than previously perceived.
Cal-Maine Foods Reports Positive Results
Cal-Maine Foods, a leading egg producer, experienced a 1% uptick in stock price following a positive quarterly report, earning $4.47 per share with revenues of $954.7 million—a remarkable 82% increase compared to the previous year.
Shell Adjusts Production Outlook
Energy giant Shell’s stock dropped by 1.8% after adjusting its fourth-quarter liquefied natural gas production outlook downward and indicating that oil and gas trading results are expected to be "significantly lower" than those reported in Q3.
Novo Nordisk Benefits from UBS Upgrade
Novo Nordisk shares rose nearly 3% after UBS upgraded the pharmaceutical company to a "buy" rating from neutral. The firm highlighted Novo Nordisk as a compelling growth story in the European pharma sector, particularly regarding the high demand for GLP-1 medications. However, shares have dropped 40% over the past six months, concluding 2024 with a 17% decline.
Accolade Stock Skyrockets Following Acquisition Announcement
Accolade’s stock skyrocketed by almost 105% following news of its acquisition by Transcarent for $7.03 per share in cash. This deal, valued at approximately $621 million, is expected to close in the second quarter of 2025, marking an exciting development for shareholders.
Today’s midday trading underscores the dynamic landscape of the market, showcasing both opportunities and challenges for various companies as they navigate changes and aim to attract investor confidence.
