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See the companies making headlines at midday. Generac Holdings — Shares of the generator maker jumped 8% as Hurricane Milton intensified into a Category 5 storm. Amazon — The e-commerce stock lost 2.9% after Wells Fargo downgraded its stock rating to overweight and reduced its price target, citing slowing growth and competition from Walmart. Pfizer — Shares of the pharmaceutical maker gained nearly 3%. Citing sources familiar with the matter, CNBC reported that activist investor Starboard Value has amassed a nearly $1 billion stake as it continues the company’s turnaround. Insurance Stocks — P&C insurers saw their stocks under pressure as Hurricane Milton strengthened into a Category 5 storm as Florida prepared for evacuations. Allstate and Travelers both saw their shares fall more than 3%, as did Progressive and Chubb. These insurance companies are exposed to weather catastrophes and therefore could be exposed to possible insured losses related to Hurricane Milton. Universal Insurance, based in Fort Lauderdale, Fla., plunged more than 15%. Air Products and Chemicals — Shares of the industrial gas supplier jumped nearly 8%. CNBC reported that Mantle Ridge acquired a stake in the company exceeding $1 billion, citing a person familiar with the matter. Garmin — U.S. shares of the fitness equipment maker fell 4.7% following a downgrade from equal weight to underweight by Morgan Stanley. The company pointed to a deceleration in growth and a decompression of margins, while noting that Garmin has been one of the best-performing hardware stocks this year. Coty — The beauty company rose more than 3% following an upgrade to buy from Jefferies. Analyst Ashley Helgans highlighted continued growth in the fragrance segment and an attractive valuation. Arcadium Lithium PLC — Shares of the lithium producer jumped 33% after Arcadium said in a news release that it had been approached by Rio Tinto about a possible acquisition. The process is non-binding, according to the press release. Hershey – Shares fell 2% after the chocolatier was downgraded to neutral at UBS and market perform at Bernstein. UBS forecasts that gross margin compression will persist into 2025 due to cocoa inflation, while Bernstein estimates that use of the drug GLP-1 will impact U.S. chocolate volumes. KB Home — Shares lost 2% following a downgrade to underperform from equal weight Wells Fargo. The bank believes the homebuilder could lag behind its peers in the next phase of the cycle. Duckhorn Portfolio – Shares more than doubled after private equity firm Butterfly Equity announced it would take over the California-based luxury wine company in a deal worth $1.95 billion of dollars. Mobileye Global — The driver-assistance technology maker fell more than 3%. JPMorgan lowered its stock rating from neutral to underweight, citing a loss of confidence in the Israel-based company, which has been grappling with concerns over share losses and volume issues. Ciena — Networks stock lost 3.5%. JPMorgan downgraded its shares to neutral, citing limited EPS upside from here. Apple — Shares fell about 1% following Jefferies’ downgrade from buy. The company said near-term expectations for the iPhone 16 and 17 are too high after weaker-than-expected initial demand, and that Apple’s AI capabilities for its smartphones are a “premature” catalyst because it is unlikely that they will be commercialized for two years. at three years old. — CNBC’s Yun Li, Hakyung Kim, Alex Harring, Jesse Pound, Michelle Fox, Sean Conlon and Pia Singh contributed to this report
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