Check out the companies making headlines in midday trading.
eBay – Shares jumped almost 10% and touched 52-week highs after announcing that Meta is testing using its listings on Facebook Marketplace. Buyers from Facebook will be redirected to eBay to complete transactions. The gain put the stock on track for its best day since late 2022.
Edison International – The stock lost 10.2%, as thousands flee the Los Angeles area due to wildfires destroying homes and infrastructure in the region. The decline put the California-based utility on track for its worst trading day since March 2020.
Getty Images – Shares of the image database plunged 17.6%, reversing course after soaring more than 24% in the previous session. On Tuesday, Getty announced a $3.7 billion merger with Shutterstock. Shutterstock shares tumbled 11.1% on Wednesday after gaining 14.8% in the previous session.
SolarEdge Technologies – Shares moved 14.8% lower following Citi’s downgrade to sell from neutral. The bank said the company faces “stubbornly high” operating expenses despite restructuring efforts. The stock advanced more than 6% and about 8% on Monday and Tuesday, respectively, after SolarEdge disclosed in a SEC filing that it would cut 400 jobs.
Quantum computing stocks – Stocks tied to quantum computing fell after Nvidia CEO Jensen Huang said the technology is likely decades away. Shares of Rigetti Computing and D-Wave Quantum shed more than 45% and 36%, respectively, while Quantum Computing dropped more than 43%. IonQ slid 39%.
Maplebear – The grocery delivery company, which does business as Instacart, jumped more than 4% ahead of its inclusion in the S&P MidCap 400 index, effective before the bell on Jan. 14. Maplebear is set to replace Enovis in the index.
AAR Corp – Shares of the aviation services provider gained more than 8% on the back of an earnings and revenue beat for its fiscal second quarter. For the period, AAR posted adjusted earnings of 90 cents per share on revenue of $686.1 million. Analysts polled by FactSet were expecting 85 cents per share and $654.2 million in revenue.
Palantir Technologies – Shares shed 2.5%, building on their early 2025 slump. The stock kicked off the week by falling about 5% after Morgan Stanley assumed coverage with an underweight rating, pointing to a risk-reward profile that’s skewed to the downside. Also earlier this week, Cathie Wood sold more than $15 million worth of the software company’s shares across all of her Ark funds. Week to date, the stock has fallen around 15%.
Arcadium Lithium – Shares jumped more than 8% after the company said it received clearance from the Committee on Foreign Investment in the United States (CFIUS) for its proposed acquisition by Rio Tinto. Arcadium Lithium expects the transaction to close before mid-2025.
Boston Scientific – The stock gained 4.3% on the heels of its announcement that it’s agreed to acquire Bolt Medical. Boston Scientific said it expects the deal to be completed in the first half of this year.
Advanced Micro Devices – The stock lost 4.3% after receiving a downgrade to reduce from buy at HSBC, which said that the chipmaker’s AI roadmap is less competitive than previously thought.
Cal-Maine Foods – The egg producer rose 1% following its latest quarterly results. Cal-Maine Foods earned $4.47 per share and $954.7 million in revenue, with the latter figure marking an 82% increase from the same period a year ago.
Shell – The energy giant fell 1.8% after it trimmed its fourth-quarter liquified natural gas production outlook and said that it expects its oil and gas trading results to come in “significantly lower” than in the third quarter.
Novo Nordisk – Shares popped nearly 3% after UBS upgraded the pharmaceutical giant to a buy rating from neutral. “Novo remains the most exciting growth story in European pharma and is well placed to continue to benefit from the high demand for GLP-1 medications near-term,” the bank wrote. Shares of Novo Nordisk plunged 40% over the past six months and ended 2024 with a 17% decline.
Accolade – The stock surged almost 105% following the announcement that the company is being acquired by Transcarent for $7.03 per share in cash, representing a total equity value of around $621 million. The deal is expected to close during the second quarter of 2025.
Source: https://www.cnbc.com/2025/01/08/stocks-making-the-biggest-moves-midday-eix-ebay-gety-and-more.html