Stocks making the biggest moves midday: Taiwan Semiconductor, On Semi, Delta Air Lines and more
Check out the companies making headlines in midday trading: Spotify — The music streaming platform advanced 2% after Wells Fargo named it a top stock. Analyst Steven Kahl cited Spotify's growing profit margins, strong product mix and evolving record label relationships as catalysts while reiterating an outperform rating on the stock. ROBINHOOD — The fintech stock rose less than 3% on Monday after it said users will get a chance to trade Kamala Harris or Donald Trump contracts ahead of next week's presidential election. Users must meet certain eligibility criteria, including being a citizen of the United States. Occidental Petroleum , Exxon , BP — Oil companies fell more than 1% as crude prices fell after Israel defended Iran's crude facilities in its weekend attack on Iranian military installations. Citi predicted that the Israeli attack would ultimately not disrupt oil supplies. McDonald's — The fast-food chain said its quarter-pounder burger was hit this week by a deadly E. Shares rose 1.5% after restaurants that were affected by the coli outbreak returned to menus, sending the stock down nearly 7.5% in the past week. About 900 locations will serve the burger without onions, the likely source of the outbreak, as health officials continue to investigate the contamination. McDonald's is set to release quarterly earnings before the market opens on Tuesday. TAIWAN SEMICONDUCTOR MANUFACTURING – Huawei slipped 3% after the chipmaker halted shipments to a China-based chip designer after a chip found in its AI processor, sources familiar with the matter told Reuters. The US has banned Huawei from buying technology since 2020 on national security grounds. On Semiconductor – The semiconductor products maker rose 5% after third-quarter earnings and revenue topped analyst estimates. ON's adjusted earnings per share of 99 cents beat analysts' estimates of 97 cents surveyed by FactSet, while revenue of $1.76 billion topped Street expectations of $1.75 billion. Nio — The Chinese electric car maker jumped nearly 11% after Macquarie's upgrade to outperform from neutral. Analyst Eugene Hsiao also sees accelerating volumes in the current quarter due to strong Onvo L60 orders. Delta Air Lines – The Atlanta-based carrier moved 4% higher on Friday after filing a lawsuit against CrowdStrike, accusing the security software vendor of negligence and breach of contract over the July outage that caused 7,000 flight cancellations. Delta has also benefited from a 15% drop in jet fuel prices over the past three months. Honeywell — Shares fell 1.1% after Wolfe Research downgraded peer performance to outperform. Wolff, which has held an outperform rating on the stock since 2005, said it is less optimistic that Honeywell's headwinds will resolve over the next year. PHILIPS — Shares fell 17% after the Dutch healthcare device company cut its revenue outlook for 2024. CEO Roy Jacobs attributed this to growing demand from Chinese hospitals and consumers. Nutanix — The cloud infrastructure stock rose 4% after being upgraded from equal weight to overweight at Morgan Stanley. Analyst Meta Marshall said Nutanix's set-up looks attractive and the company's architectural changes should increase its market share over the next few years. Moderna — Shares jumped after Moderna and Merck said they started a Phase 3 trial investigating a treatment for non-small cell lung cancer. Moderna shares advanced 3.9%, while Merck was slightly higher. Aaon — Heating and air-conditioning equipment maker rose 8% after upgrading to outperform Baird. Analyst Timothy Wages said the Aeon could benefit from artificial intelligence, since higher computing power generates more heat and requires more liquid cooling equipment. — CNBC's Sean Conlon, Michelle Fox, Alex Haring, Sarah Min and Pia Singh contributed reporting.
