Smiley face
Weather     Live Markets

In midday trading, several companies were making headlines. Boeing saw a 1.6% increase in its stock price after announcing that CEO David Calhoun would step down at the end of 2024. Masimo, a medical technology company, also saw a nearly 5% climb after revealing plans to evaluate a spinoff of its consumer business. Super Micro Computer saw a jump of nearly 10% after JPMorgan initiated coverage of the stock, giving it a positive rating and a price target of $1,150. Cleveland-Cliffs, a steel producer, traded higher by 1.4% after securing funding from the Department of Energy for decarbonization projects.

Semiconductor stocks were also on the rise, with Micron Technology, Nvidia, and Arm all seeing gains. The VanEck Semiconductor ETF ticked up 0.2%. Disney saw a 2% increase in its stock price after being upgraded by Barclays. Foot Locker shares jumped 7% following an upgrade to outperform by Evercore, citing the company’s turnaround efforts and growth reinvestments. However, Rivian, an electric vehicle maker, saw a 1% decline after a downgrade from Mizuho.

GameStop shares popped 12% ahead of its fourth-quarter earnings report. Wedbush maintained an underperform rating on the stock but noted that the company’s cost discipline and shift toward higher-margin software could support profitability. Digital World Acquisition Corp. surged 26% after shareholders approved a merger with Trump Media & Technology Group, the social media company owned by former President Donald Trump. The company could begin trading as Trump Media on Tuesday under the ticker DJT. On the other hand, United Airlines saw its shares drop 4% following reports that the FAA would increase scrutiny of the airline due to recent safety incidents.

Overall, a mix of company news and industry trends impacted stock prices in midday trading. From changes in leadership at Boeing to potential spinoffs at Masimo and positive ratings for Super Micro Computer and Disney, investors were reacting to various developments. The rise in semiconductor stocks and upgrades for companies like Foot Locker also contributed to the market activity. However, Rivian’s decline and the ongoing challenges faced by GameStop and United Airlines served as reminders of the volatility and risks that can impact stock performance. The approval of the merger between Digital World Acquisition Corp. and Trump Media & Technology Group added to the mix of news driving stock movement in the market.

© 2024 Globe Echo. All Rights Reserved.