NEW YORK, NEW YORK – APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. The US bank is set to announce its latest financial results, but concerns about small and medium-sized banks remain after the Silicon Valley Bank (SVB) collapse in March. (Photo by Spencer Platt/Getty Images)
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Check out the companies making headlines in midday trading.
First Republic, JPMorgan Chase – First Republic shares were halted after JPMorgan Chase acquired the struggling bank and most of its assets after regulators took control. JPMorgan shares rose 3%.
General Motors – The automaker rose 2% after Morgan Stanley upgraded General Motors from equal weighting to overweight and described the stock as oversold.
Norwegian Cruise Line – The cruise line rose 8% after better-than-expected quarterly results. Norwegian Cruise Line also raised its full-year earnings guidance on the back of strong travel demand.
Exxon Mobil – Shares fell 3% on a downgrade by Goldman Sachs from “buy” to “neutral”. The firm said the oil giant was less attractive after its multi-year run.
PacWest, Zions Bancorp – Regional bank stocks were volatile on Monday as investors reacted to the seizure and sale of First Republic Bank over the weekend. PacWest shares fell nearly 8% after rising earlier in the session. Zions Bancorp fell more than 2%, while Western Alliance fell about 1%. The SPDR S&P Regional Bank ETF (KRE) lost 1.7%.
SoFi Technologies — The student loan refinancer fell more than 8% despite releasing better-than-expected quarterly results. The company reported a loss of 5 cents per share and revenue of $460.16 million versus consensus estimates of 7 cents and $441 million, according to Refinitiv. However, management said on Monday’s earnings call that demand for fourth-quarter loans would see lower levels of monetization due to higher interest rates.
Comcast – The media stock rose 0.8% after Bank of America upgraded the media stock from a neutral rating to a buy following its latest quarterly results. Analysts see Comcast as well positioned for a “strong turnaround”.
Teradata – The cloud database company is up more than 6% after Guggenheim Partners upgraded its stock to buy from neutral. The Wall Street company said Teradata is poised to exceed customer retention expectations and grow revenue in its cloud sector. Its price target of $62 implies a 60% upside potential.
On Semiconductor — On Semiconductor rose 7% after beating first-quarter earnings and revenue expectations. The chip company reported earnings per share of $1.19 per share, according to FactSet, which is above consensus estimates of $1.08 per share. It grossed $1.96 billion, 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, up 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 lineup for the stock with margin recovery supporting outsized EPS growth.”
Global Payments – Shares in Global Payments plunged 7.3% despite a slump in revenue and earnings last quarter, when the payments technology company announced a new CEO effective June 1.
Logitech – Shares of Logitech rose 3.4% after Morgan Stanley upgraded the company from underweight to equal weight, citing a “more balanced catalyst path.”
Disclosure: Comcast owns NBCUniversal, CNBC’s parent company.
– CNBC’s Sarah Min, Alexander Harring, Brian Evans, Jesse Pound and Yun Li contributed coverage