Stocks making the biggest moves midday: GE Vernova, SoFi Technologies, Tesla and more
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Check out the companies making headlines in midday trading. GE Vernova — Shares of energy company GE Vernova, which spun off from General Electric last week, gained 5.4% following an upgrade to overweight from neutral from JPMorgan. The firm said investors should buy the dip in GE Vernova, and said shares have pulled back since the spinoff largely due to technical and flowback selling and are now trading at a discount. Tesla — The beaten-down electric vehicle maker gained 4% after CEO Elon Musk said late Friday that Tesla will unveil its long-awaited robotaxi design on Aug. 8. Taiwan Semiconductor Manufacturing — The global chip stock rose nearly 2% on news that its Arizona subsidiary will receive up to $6.6 billion from the Biden Administration to support semiconductor manufacturing in the U.S. as part of the CHIPS and Science Act. Eaton — The stock shed 1.9% after Wolfe downgraded the electrical company to underperform, citing valuation. Eaton, which is considered a beneficiary of the artificial intelligence-fueled data center boom , has significantly outperformed this year. Ulta Beauty — Shares jumped 2.5% after Loop Capital upgraded the cosmetic stock to buy from hold, saying the company’s performance should improve over the final three quarters of this year. Shares could be due for a rebound after their worst fall since 2020 last week, Loop said. Take-Two Interactive Software — Shares rose 2% after Citi upgraded the video game company to a buy rating and upped its price target, citing an attractive risk/reward balance. UiPath — The software stock gained more than 2% during midday trading. An upgrade from KeyBanc to overweight underpinned the move, with the firm saying “the go-to-market and leadership changes over the last two years are beginning to bear fruit.” SoFi Technologies — Shares gained 2.8% after Citi resumed coverage of the online personal finance company with a buy rating. Citi cited the company’s moves to diversify its business and its “ability to continue to attract deposits” as reasons for the bullish stance. Fastly — Shares advanced 7.8% on the heels of an upgrade to overweight from Piper Sandler, which said the cloud company’s strong valuation and steady fundamentals present an attractive risk/reward skew. Sociedad Quimica y Minera — U.S. shares of the Latin American lithium producer popped 5.8% on the back of a Jefferies upgrade to buy from neutral. Jefferies said the stock offers an attractively valued play in the commodities space. — CNBC’s Alex Harring, Brian Evans, Samantha Subin, Yun Li and Lisa Kailai Han contributed reporting.
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