Check out the companies making headlines in midday trading. SoFi Technologies – Shares fluctuated as traders digested the company’s latest quarterly results. SoFi reported a massive increase in revenue in the third quarter and raised its full-year outlook. The company reported revenue of $531 million, beating the LSEG estimate of $512.1 million. SoFi said revenue was boosted by higher-than-expected student loan originations during the quarter. The shares recently lost 1%. They even rose by 14%. McDonald’s – Shares rose 2.3% after the company beat on both sales and profit in the third quarter. Global same-store sales rose 8.8% in the quarter, beating analysts’ estimates. Although McDonald’s experienced a decline in traffic in the U.S., the company’s U.S. same-store sales increased 8.1%. General Motors, Stellantis – Shares of the two automakers fell slightly on Monday as the auto workers’ strike appeared to be coming to an end. Stellantis reached an agreement with the union on Saturday, while GM reached an agreement on Monday, sources told CNBC. Shares of Ford, which completed a deal last Wednesday, fell 2%. Spirit Realty Capital – The real estate investment stock rose 6.6% after announcing it would be acquired by Realty Income for $9.3 billion in an all-stock deal. Shares of Realty Income fell 8%. Western Digital – Shares of the data storage company rose 6% after the company performed better than expected by analysts surveyed by LSEG in its fiscal first quarter. Western Digital also announced it will create two independent, publicly traded data storage companies in the hard drive and flash markets. ON Semiconductor – Shares plunged 18% after the company’s forecast for the current quarter fell short of Wall Street expectations. ON expects earnings per share of between $1.13 and $1.27 (excluding items), while analysts surveyed by FactSet forecast $1.36. The company forecast revenue of between $1.95 billion and $2.05 billion for the quarter, missing analysts’ consensus estimate of $2.18 billion. The weak guidance overshadowed a third-quarter report that beat expectations. Revvity – The scientific products maker slumped 17% after issuing a weak quarterly report and full-year guidance. Revvity earned $1.18 per share, excluding items, on revenue of $671 million, while analysts surveyed by FactSet expected $1.19 per share on revenue of $695.4 million . The company also lowered its full-year guidance in both divisions. Invitation Homes – The apartment rental company rose nearly 1% after an upgrade to Outperform by Oppenheimer. The company said stabilizing rental growth and occupancy could help the stock in 2024. L3Harris – The defense stock rose 2.8% on an upgrade from Raymond James, outperforming the market. The upgrade, which came after the company beat expectations in its earnings release last week, suggested that improving fundamentals are one of the reasons for optimism. Eastman Chemical – Shares rose 2.7% after JPMorgan upgraded the stock to overweight from neutral. The Wall Street bank said Eastman could see earnings rebound in 2024. AbbVie – The biopharmaceutical stock climbed 4.3% after Barclays upgraded the shares to overweight from equal weight. Barclays said the sell-off had gone too far. Tesla – The electric vehicle maker fell 3.7%. Bernstein reiterated his underperform rating. The company said the outlook for Tesla shares is still uncertain. Arcellx – The biotech stock traded 4% higher after TD Cowen initiated coverage with an outperform rating. TD Cowen said the company is positioned to see further upside. Vale – Shares rose 1% after Citi upgraded the Brazilian metals and mining company to “buy” from “neutral,” citing its recent underperformance and the start of a strong period for iron ore. Femsa – The Mexican drinks company rose 3.5% after Barclays upgraded the stock to overweight from equal weight. The bank said Femsa has the potential to return cash to shareholders. Saia – The transportation stock rose 3.4% on an upgrade to “outperform” versus peer performance from Wolfe Research. The company said the recent decline in share prices presents an opportunity to buy into a stock with a multi-year growth history. —CNBC’s Jesse Pound, Samantha Subin, Pia Singh and Hakyung Kim contributed reporting.
Pedestrians walk past SoFi Technologies headquarters in San Francisco on February 22, 2022.
Justin Sullivan | Getty Images
Check out the companies making headlines in midday trading.
Source : www.cnbc.com