NEW YORK, NEW YORK ̵[ads1]1; APRIL 24: A person walks past a First Republic bank branch in Manhattan 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 Silicon Valley Bank (SVB) in March. (Photo: Spencer Platt/Getty Images)
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Check out the companies making headlines in the midday trade.
First Republic, JPMorgan Chase – First Republic shares and was halted after JPMorgan Chase bought the ailing bank and most of its assets after regulators took control. JPMorgan shares rose 3 percent.
General Motors – The automaker gained 2% after Morgan Stanley upgraded General Motors to overweight from equal weight and called the stock oversold.
Norwegian Cruise Line — The cruise company jumped 8% on better-than-expected quarterly results. Norwegian Cruise Line also increased its earnings forecast for the full year due to strong travel demand.
Exxon Mobil — Shares lost 3% on the back of a Goldman Sachs downgrade to neutral from buy. The firm said the oil giant was less attractive after its multi-year run.
PacWest, Zions Bancorp. — Regional bank stocks were volatile Monday as investors reacted to the foreclosure and sale of First Republic Bank over the weekend. Shares of PacWest fell nearly 8% after rising earlier in the session. Zion’s Bancorp. fell more than 2%, while Western Alliance fell around 1%. The SPDR S&P Regional Bank ETF (KRE) fell 1.7%.
SoFi Technologies — The student loan refinancing company fell more than 8% despite posting better-than-expected quarterly results. The company reported a loss of 5 cents per share and revenue of $460.16 million against consensus estimates of 7 cents and $441 million, according to Refinitiv. However, management said on the company’s earnings call Monday that demand for loans from the fourth quarter will see a lower level of revenue generation due to higher interest rates.
Comcast — The media stock rose 0.8% after Bank of America upgraded the media stock to buy from a neutral rating following its latest 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 exceed customer retention expectations and grow revenue in the cloud sector. The price target of $62 implies an upside of 60%.
On Semiconductor — On Semiconductor jumped 7% after beating first-quarter earnings and revenue expectations. The chip company reported earnings per share ex-items of $1.19, topping the consensus estimate of $1.08 per share, according to FactSet. It brought in $1.96 billion in revenue, more than the $1.92 billion expected.
Scotts Miracle-Gro — Shares rose 4% after Stifel upgraded Scotts Miracle-Gro to buy from hold and set a price target of $80, suggesting upside of nearly 20% from Friday’s close. Stifel analyst W. Andrew Carter said the maker of consumer lawn, garden and pest control products has an “attractive near-term setup for the stock with a margin recovery enabling outsized EPS growth.”
Global Payments — Global Payments shares fell 7.3% despite a revenue and earnings beat for the latest quarter as the payments technology company announced a new CEO effective June 1.
Logitech – Logitech shares rose 3.4% after Morgan Stanley upgraded the company to equal weight from underweight, citing a “more balanced catalyst path” going forward.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
— CNBC’s Sarah Min, Alexander Harring, Brian Evans, Jesse Pound and Yun Li contributed reporting