Microsoft signage is seen at the company’s headquarters in Redmond, Washington on January 18, 2023.
Matt Mills McKnight | Reuters
Check out the companies making the biggest moves at midday:
Zillow Group – Shares rose 4.57% after Evercore ISI upgraded the stock to outperform the line, saying investors should buy stocks ahead of what could be a “rapid recovery” in the housing market . The company also raised its price target to $61 from $34, suggesting around 44% upside from Friday’s close.
Microsoft – Shares of the technology company rose 3.12% on Monday, again pushing its market capitalization to more than $2 trillion, after Morgan Stanley reiterated its overweight rating for the stock. Microsoft announced its new AI-powered Bing search browser last week.
Twilio — The cloud communications software marker gained 2.08% after announcing plans to cut 17% of its workforce, or around 1,500 jobs. Twilio has already cut 11% of its workforce in September.
Ralph Lauren – Shares of the clothing giant rose 3.95% after Bank of America upgraded the stock to buy from neutral. The company also raised its price target, saying the brand is differentiating itself from its peers during this difficult time. The move follows an upbeat earnings report on Thursday, when it posted better-than-expected fiscal third-quarter sales, according to Refinitiv.
Meta — Shares in Facebook’s parent company rose 3.03% after the Financial Times reported it was planning another round of layoffs. Meta has already laid off more than 11,000 employees in November as part of its efforts to become leaner and more efficient.
Fidelity National Information Services – Shares fell 12.5% after the company gave a weak first-quarter guidance, though it reported a slight outperformance in fourth-quarter earnings and revenue, according to FactSet. Fidelity also said it would divest its merchant solutions business.
AllianceBernstein — The financial stock gained 2.56% on an upgrade to outperform from neutral by Credit Suisse. The company said AllianceBernstein shares are more attractive, especially after the company’s better-than-expected fourth quarter and future outlook.
XPO – Shares of the shipping company rose 3.52% on Monday, as XPO shares recovered slightly from their heavy losses the previous week. Shares fell late last week after XPO released its fourth quarter results. Morgan Stanley on Monday became the latest Wall Street firm to downgrade XPO, saying the stock could be in the “penalty box” after its latest report.
Henry Schein — The healthcare products and services provider gained 3.18% after announcing it was repurchasing up to $400 million of common stock.
Quickly – Shares jumped 27.66% after Bank of America doubled down on the stock to buy underperforming. In a note, analyst Tal Liani said Fastly could achieve profitability by next year thanks to its core technology and new management team.
five below — The discount retailer’s stock rose 2.66% after Roth MKM upgraded it to buy-hold, noting it forecast attractive growth ahead.
You’re here — The electric vehicle maker fell 1.14%. Late last week, Reuters reported that Tesla had to open up its supercharging network to rivals in order to benefit from US subsidies.
Illuminated – Shares jumped 9.85%, recouping losses from its disappointing earnings report last week. Illumina is also one of the stocks that Goldman Sachs recently named as “likely to generate the greatest alpha.”
– CNBC’s Alex Harring, Hakyung Kim, Jesse Pound, Pia Singh and Michael Bloom contributed reporting.
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