Hong Kong, China, 13 Sept 2022, A red Tesla car passes in front of a Tesla dealership in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images)
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Check out the companies making headlines in midday trading.
Tesla – Shares of Tesla rose 8% Monday after CEO Elon Musk’s attorneys on Saturday asked a California court to move a trial over the company stock to Texas, citing local negativity.
Advanced Micro Devices – The chip giant jumped 7.7% as semiconductor stocks led the Monday’s rally. The advanced pushed the stock above its 50-day moving average. Wells Fargo named AMD a top pick in the semi sector Monday.
Nvidia – The chip stock rallied 7.6% in midday trading. Earlier in the day, Nvidia was named a top pick for 2023 by Wells Fargo analysts, who said they see a positive data center product cycle materializing through the end of the year.
Regeneron – Regeneron slipped 5% after the pharmaceutical company said that sales of its Eylea drug were negatively impacted in the final quarter of 2022 by a shift to an off-label competitor.
Lululemon – The athleisure stock fell more than 8% after Lululemon’s changed its guidance to show that it expects shrinking gross margins for the fourth quarter. The company did say it expects net revenue to be higher than its previous guidance range.
Zillow — Shares of the real estate marketplace company gained nearly 10% after Bank of America double upgraded the stock to buy and said they could rise 20% from Friday’s close, citing its improved growth outlook despite a challenging macroeconomic environment.
Uber – Uber shares gained 5.2% on an upgrade from Piper Sandler to overweight from a neutral rating. The firm said that rising inflation and car prices should boost desire for ride sharing.
Hologic – Shares gained nearly 4% after the women’s diagnostics provider reported fiscal first-quarter revenue of $1.07 billion, topping its most recent guidance of $940 million to $990 million. That revenue also topped Wall Street expectations.
Duck Creek – Duck Creek surged 47% after it said that Vista Equity Partners will take the insurance intelligence solutions provider private for $19 a share.
Energy stocks – Rising energy and natural gas prices boosted shares of EQT Corp by 5.2%, as well as Marathon Oil and Halliburton, which gained 2% and nearly 1%, respectively.
Ceridian HCM — Ceridian HCM shares rose 5%. MoffettNathanson initiated coverage of the human resources software provider with a market perform rating, saying shares have 12% upside to the firm’s $68 price target.
Monolithic Power Systems – Shares of Monolithic Power Systems gained 6.4% amid the semiconductor rally, following shares of Nvidia and Advanced Micro Devices.
Baxter International – Health care company Baxter International slipped 7.4%, hitting a 52-week low, after it announced it will restructure and spin off its kidney care business.
Oracle – Oracle advanced 2.6% after Piper Sandler upgraded the stock to overweight from neutral, noting a years-long period of low growth could be ending.
Goldman Sachs – Shares gained 2% following reports that the banking giant is laying off 3,200 employees, or 6.5% of the workforce it had in October. That is fewer than the 8% reported last month.
Teladoc – Shares of Teladoc jumped 6.4% after the company announced that its revenue in the fourth quarter of 2022 exceeded analyst expectations – it’s slated to report in a narrower range of $633 million to $640 million above consensus of $631 million.
— CNBC’s Samantha Subin, Alex Harring, Sarah Min, Jesse Pound, Yun Li, Michelle Fox and Tanaya Macheel contributed reporting