June 4, 2023

Great Indian Mutiny

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Stocks making the biggest moves midday: FRC, JPM, GM, XOM

NEW YORK, NY – APRIL 24: A person walks past a First Republic Bank Manhattan branch on April 24, 2023 in New York City. The US bank will reveal its latest financial results, but concerns about small and medium-sized banks remain after the collapse of the Silicon Valley Bank (SVB) in March. (Photo by Spencer Platt/Getty Images)

Spencer Platt | Getty Images News | Getty Images

Check out which companies are making headlines in the midday trading.

First Republic, JPMorgan Chase – First Republic shares were halted after JPMorgan Chase acquired the troubled bank and most of its assets after Adjust the regulators controls. JPMorgan shares rose 3 percent.

General Motors — The automaker gained 2% after Morgan Stanley upgraded General Motors to an equal weight gain and called the stock oversold.

Norwegian Cruise Line — The cruise company jumped 8% after posting better-than-expected quarterly results. Norwegian Cruise Line also boosted its full-year earnings outlook amid strong travel demand.

Exxon Mobil – Shares fell 3% on the back of Goldman Sachs’ downgrade to neutral from buy. The company said the oil giant was less attractive after being in operation for several years.

BACWEST, Zion Bancorp – Regional bank stocks were choppy Monday as investors reacted to the forfeiture and sale of First Republic Bank over the weekend. PacWest shares fell about 8% after surging earlier in the session. Zions Bancorp fell more than 2%, while Western Alliance fell about 1%. The SPDR S&P Bank Index ETF (KRE) was down 1.7%.

SoFi Technologies – The student loan refinance company fell more than 8% despite posting better-than-expected quarterly results. The company posted a loss of 5 cents per share on revenue of $460.16 million versus consensus estimates of 7 cents and $441 million, according to Refinitiv. However, management said on the company’s earnings call Monday that loan demand originating from the fourth quarter will see a lower level of monetization due to higher interest rates.

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Comcast — Media stocks rose 0.8% after Bank of America upgraded media stock to buy from a neutral rating following its most recent quarterly results. Analysts see Comcast as well positioned for a “strong turnaround.”

Teradata — The cloud database company jumped more than 6% after Guggenheim Partners upgraded the stock to buy from neutral. The Wall Street firm said Teradata is poised to outperform expectations for customer retention and revenue growth in its cloud segment. His price target of $62 implies an upside of 60%.

On Semiconductor — On Semiconductor stock jumped 7% after beating first-quarter earnings and revenue expectations. The chip company reported ex-earnings per share of $1.19, greater than the consensus estimate of $1.08 per share, according to FactSet. It generated $1.96 billion in revenue, larger than the expected $1.92 billion.

Scotts Miracle-Gro Shares rose 4% after Stifel upgraded Scotts Miracle-Gro to buy from hold and set a price target of $80, which is up nearly 20% from Friday’s close. Andrew Carter, an analyst at Stifel, said the manufacturer of consumer lawn, garden and pest control products has an “attractive near-term share structure with a margin recovery, enabling huge earnings-per-share growth.”

Global Payments Shares of Global Payments fell 7.3% despite outperforming revenue and earnings in the latest quarter as the payments technology company announced a new CEO effective June 1.

Logitech — Shares of Logitech gained 3.4 percent after Morgan Stanley upgraded the company to underweight, citing a “more balanced catalyst path” ahead.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

— CNBC’s Sarah Min and Alexander Haring, Brian Evans, Jesse Pound and Yun Lee contributed to the report.

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