Several companies were making headlines in midday trading. Micron Technology saw its shares jump over 6% following Bank of America’s decision to raise its price target on the chipmaker. This was due to the Wall Street firm’s expectations for the growth of demand for high-bandwidth memory technology, which they predict will exceed $20 billion by 2027. Cameco also saw a rise in shares of more than 5% after Goldman Sachs initiated coverage of the uranium producer with a buy rating, suggesting more than 25% upside potential. Semtech experienced an increase of over 6% in its shares after reporting fourth-quarter revenue that exceeded expectations, although the company also reported a wider-than-expected loss per share. Meanwhile, Microsoft’s shares rose 0.7% following reports that the company, alongside OpenAI, is planning a $100 billion data center project, leading to other artificial intelligence-related stocks like Western Digital and Super Micro Computer also experiencing gains.
However, not all companies saw positive outcomes in midday trading. J.B. Hunt Transport and C.H. Robinson, two trucking stocks, experienced declines of 1% and nearly 4%, respectively, following a downgrade from Barclays. Analyst Brandon Oglenski raised concerns over profitability and supply issues for trucking companies in North America moving forward. AT&T’s shares also dropped 1.4% as the company announced an investigation into a data leak that resulted in the publication of data from over seven million customers on the dark web. Additionally, Bill Holdings saw a decrease of more than 5% after Wells Fargo downgraded the financial software company, citing overly high growth expectations for the company. Tesla’s shares fell 2% despite a previously announced price increase for the Model Y taking effect, while Oxford Industries dropped 4.4% following a downgrade from Citi due to margin pressures in 2024. Universal Health Services also saw a decline after its subsidiary was ordered to pay significant damages, potentially impacting the company’s business.
In other news, MicroStrategy’s shares slipped over 3% after the company’s executive chairman, Michael Saylor, sold nearly 4,000 shares of MicroStrategy stock. InterDigital also experienced a decrease of 6% following a downgrade from Bank of America, which highlighted the company’s limited long-term growth opportunities despite a solid performance in the past year. Overall, these various updates impacted the midday trading session, with some companies experiencing gains and others facing losses, reflecting the dynamic nature of the market. The continued volatility in the market underscores the importance of staying informed and monitoring developments closely to make informed investment decisions.
