Midday Trading Highlights: Companies Making Waves
Here’s a look at some key players in the stock market during midday trading:
Tesla Takes a Hit
Tesla, the well-known electric vehicle manufacturer, saw its shares drop by 8% after announcing its first-ever annual decline in vehicle deliveries. The company reported 1.79 million vehicles delivered in 2024, down from 1.81 million in 2023.
Constellation Energy Shines Bright
Constellation Energy’s shares skyrocketed by 8% after the company secured a remarkable $1 billion in contracts to provide nuclear energy to the U.S. federal government.
Unity Software Surges
Unity Software experienced a substantial 9% increase in shares, following a social media post by online personality Keith Gill, also known as Roaring Kitty. Gill posted a gif from a “Chappelle’s Show” sketch featuring Dave Chappelle, which humorously references late musician Rick James and his song titled “Unity.” Gill was previously instrumental in the GameStop investing short squeeze in 2021.
Spotify’s New Initiative
Spotify Technology saw a 2% rise after announcing the launch of the Spotify Partner Program. This initiative offers creators in the U.S., U.K., Canada, and Australia innovative ways to monetize their content.
SoFi Technologies Faces Downgrade
SoFi Technologies’ stock tumbled by 8% after KBW downgraded its rating to underperform due to concerns over its stretched valuation.
Synaptics Partners with Google
The semiconductor company Synaptics surged by 8% following the announcement of a partnership with Google focused on Edge AI. As part of their collaboration, Google’s machine learning core will be integrated into Synaptics’ Astra hardware. In response, shares of Google’s parent company, Alphabet, rose by 0.5%.
Nvidia Rallies
Nvidia, recognized as a frontrunner in the AI market, enjoyed a 3% increase in share price after Loop Capital described the company as being in a “nirvana” moment, suggesting it can maintain its current rally.
Crypto Stocks on the Rise
As Bitcoin climbed back above $96,000, crypto stocks experienced an uptrend. Key players like Coinbase and MicroStrategy both increased by nearly 4%, while mining companies Mara Holdings, Riot Platforms, and Bitdeer saw gains of 3%, 2%, and 6%, respectively.
Uber and Norwegian Cruise Line Gain Attention
Shares for both Uber and Norwegian Cruise Line moved upward after Goldman Sachs added them to its “Conviction List” for January. Uber’s stock rose around 5%, while Norwegian Cruise Line increased by less than 1%.
Topgolf Callaway Brands Makes Strides
Topgolf Callaway Brands’ shares surged nearly 15% after receiving an upgrade from Jefferies, which moved its rating from hold to buy. The firm believes the golf company offers excellent value as it prepares to separate its Topgolf business. Jefferies also raised its price target from $11 to $13, suggesting a potential upside of 65%.
Cloudflare Gets a Boost
Cloudflare’s stock increased by 5% after receiving a double upgrade from Goldman Sachs, moving from sell to buy. The firm nearly doubled its price target, citing “several positive catalysts” anticipated for 2025, including improvements in Cloudflare’s sales and marketing productivity along with enhanced edge compute solutions.
— CNBC’s Sean Conlon, Michelle Fox, Alex Harring, and Pia Singh contributed to this report.
