Check out the companies making headlines in midday trading. Azenta – Life science shares rose 13% on Tuesday, a day after the company reported its fourth-quarter financial report. In addition to beating the estimates of analysts surveyed by FactSet in both areas, the company issued full-year adjusted earnings guidance of 19 cents to 29 cents per share, while analysts were calling for 24 cents per share. Home Depot – Shares of the home improvement retailer rose 6% after the company posted third-quarter earnings and sales that beat expectations. Home Depot’s quarterly sales fell 3% compared to the same period last year, but the company trimmed its full-year forecast. Enphase Energy, Solar Edge, First Solar – Solar power stocks rose sharply on Tuesday, with Enphase gaining nearly 14%. SolarEdge and First Solar each gained about 11%. The Invesco Solar ETF (TAN) gained almost 9%. The move came alongside a sharp decline in bond yields, with the 10-year Treasury yield falling below 4.5%. Solar companies and technology stocks are sensitive to interest rates and do well when bond yields fall. VF Corp – Shares of the apparel company that owns Timberland and The North Face rose 12%. The move came a day after VF Corp disclosed in a regulatory filing that director Matthew Shattock had purchased 20,000 shares of the company’s stock worth a total of more than $291,000. Amazon, Snap – Shares of the e-commerce giant rose 2%. The action came a day after The Information reported that Amazon would allow people to buy products advertised on Snapchat. Snap shares rose more than 7%. C3.ai – Shares rose more than 7% in midday trading. C3.ai announced the expansion of a strategic collaboration agreement with Amazon Web Services. The partnership enables the two companies to offer generative AI solutions for businesses. VistaGen Therapeutics – Shares rose more than 19% after Stifel initiated coverage on the biotech company with a buy rating. The investment bank also gave the stock a $12 price target, suggesting an upside of more than 300% from Monday’s close. Tesla, Rivian, Lucid – All three electric vehicle stocks rose about 4% each on Tuesday after a weaker-than-expected consumer price index report, which also underpinned a broader market rally and reinforced hopes that the Federal Reserve will tighten its stance could be nearing the end of its monetary tightening campaign. Take-Two Interactive Software – Shares of the video game maker rose 3.3%. Deutsche Bank upgraded the stock to “buy” from “hold,” citing “increased long-term visibility.” The company also raised its 12-month price target to $175 per share from $155. On Hold – The shoe stock fell nearly 3%. On said it expects its wholesale growth rate to be in the high single digits in the fourth quarter, citing “temporary impacts” including early delivery of some holiday wholesale orders in the third quarter. Separately, the company beat revenue and profit expectations in the third quarter and raised its full-year net sales guidance. Fisker – The EV startup’s stock plunged more than 22%. Late Monday, Fisker said its 10-Q filing would be delayed after the company discovered “material weaknesses” in its internal financial controls. The electric vehicle company also reported a larger-than-expected third-quarter loss and sluggish vehicle deliveries. Adobe – Software shares rose nearly 2% in midday trading. Evercore ISI included Adobe in its list of key ideas, noting that it believes the stock is well positioned heading into 2024 due to a “major turnaround” in the Creative Cloud suite due to Firefly, Adobe’s generative AI product is. — CNBC’s Pia Singh, Alex Harring, Michelle Fox, John Rosevear and Darla Mercado contributed reporting.
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