As the markets fluctuate and investors keep a keen eye on various stocks, several companies are making headlines for their recent performances and market-moving developments. Here are some stocks to watch:
1. Sphere Entertainment
Shares of Sphere Entertainment, a media and entertainment company, soared by 11.1% during midday trading. The surge came after a U2 concert marked the debut of the Las Vegas Sphere venue on Friday night. Built by Madison Square Garden Entertainment, Sphere is being touted as the latest innovation in immersive and futuristic concert experiences, complete with a cutting-edge wraparound screen.
2. Bitcoin-Related Stocks
Stocks associated with digital currency trading have seen gains in sync with the recent rally in cryptocurrency prices. Notably, Riot Blockchain (Ticker: RIOT) experienced a 5.9% jump, while Marathon Digital Holdings (Ticker: MARA), Coinbase (Ticker: COIN), and MicroStrategy (Ticker: MSTR) all closed the day with modest gains.
3. Discover Financial Services
Discover Financial Services, a credit card issuer, surged nearly 4.9% following the disclosure of a consent agreement with the Federal Deposit Insurance Corporation (FDIC) in an 8K filing with the U.S. Securities and Exchange Commission (SEC).
4. Gold and Silver Miners
Gold and silver miners faced challenges on Monday as prices for these precious metals declined. Coeur Mining (Ticker: CDE) and Hecla Mining (Ticker: HL) both saw drops of more than 7%, while Harmony Gold Mining and Gold Resource (Tickers: HMY and GORO) also experienced declines of over 5%.
Instacart, operating as Maplebear, witnessed a 9.2% decrease in its stock value during midday trading. The decline came in the wake of reports that the Wall Street bank underwriting Instacart’s initial public offering had forecasted a weaker second-half outlook, anticipating slower revenue growth and reduced profits. Separately, Gordon Haskett initiated coverage of the company with a hold rating.
6. SolarEdge Technologies
SolarEdge Technologies saw its shares decline by 5.4% following a downgrade from Barclays, which shifted its rating from overweight to equal weight. Barclays predicted that the company might face price cuts in the upcoming year.
7. Insulet Corporation
Shares of diabetes tech company Insulet Corporation surged by 3.5% after Jefferies upgraded its rating to buy from hold. The Wall Street bank recommended that investors consider buying the dip following the stock’s underperformance in the first half of 2023.
8. Norfolk Southern Corporation
The railroad stock of Norfolk Southern Corporation slipped by 2.8% after Bank of America downgraded it from buy to neutral. The downgrade was attributed to ongoing service issues, including a data center outage that occurred from Friday through Saturday, which the bank views as an increasing risk to future earnings.
9. Nvidia Corporation
Shares of Nvidia, a beneficiary of artificial intelligence, rose approximately 3% after Goldman Sachs added the semiconductor AI stock to its Americas conviction list for the month. Goldman Sachs expressed confidence that Nvidia would “maintain its status as the accelerated computing industry standard for the foreseeable future.”
10. Meta Platforms, Inc.
The parent company of Facebook and Instagram, Meta Platforms, Inc., advanced by 2.2% after Truist reiterated a buy rating on the stock. Truist anticipates sustained growth for Meta into the fourth quarter.
11. Apple Inc.
Apple Inc., the maker of iPhones, saw its stock rise by 1.5% after JPMorgan reiterated its overweight rating. The firm noted that lead times for Apple products have moderated.
12. Amazon.com, Inc.
The e-commerce giant Amazon.com, Inc. increased by 1.8% following UBS’ reiteration of a buy rating on the stock. UBS expressed optimism about Amazon’s Prime video content advertising opportunity.
Investors will continue to monitor these stocks as they navigate through the dynamic financial landscape, considering factors ranging from technological advancements to market sentiment and economic developments.