Stocks making the biggest moves midday: Apple, Cleveland-Cliffs, Oracle, KLA, Tempus AI and more
Check out the companies making the biggest moves midday: Apple — The Tim Cook-led company climbed 4% after the iPhone 17 series outsold the iPhone 16 series in China and the U.S. in the first 10 days of availability, according to Counterpoint research, and Loop Capital upgraded the stock to buy from hold, citing better-than-expected iPhone demand. KLA Corp. — The semiconductor equipment maker added 4% after Barclays upgraded it to overweight from equal weight, saying it’s “positive on the long-term outlook for increased process control intensity and its exposure to Leading Edge where we expect strong growth looking ahead, and a relatively low bar for revenue growth ex-China.” Cleveland-Cliffs — The steelmaker soared 24% after it said it’s exploring expanding into rare earths mining. “We are working with the geologists to assess whether these deposits could become commercially viable,” CEO Lourenco Goncalves said. Cleveland’s third-quarter results topped expectations, with adjusted EBITDA reaching $143 million against a FactSet consensus estimate of $127.9 million, and it said capital spending would be less than its prior forecast. Rare earths — The group traded higher after Bloomberg News reported that Australia’s prime minister plans to offer his nation’s resource holdings to President Donald Trump after China’s move to limit its rare earth exports to the U.S. United States Antimony rose 4%, while USA Rare Earth climbed 8%. WW International — The owner of Weight Watchers, which filed for bankruptcy in May, jumped 12% after announcing a partnership with Amazon . WeightWatchers is working with the e-commerce giant to deliver medications including injectable GLP-1 obesity treatments for its members. Summit Therapeutics — The biopharmaceutical stock slid more than 5%. Summit said its non-GAAP research and development expense totaled $90.5 million in the third quarter, more than the estimate of $79 million from analysts polled by FactSet. StreetAccount said analysts noted that Kelun’s TROP2 ADC data looked better across every read-out line than trial results from Summit’s partner Akeso HARMONi-6 data. Exelixis — The biotech slumped 13% after publishing detailed results from the STELLAR-303 trial of zanzalintinib to treat colorectal cancer. Tempus AI — The medical technology company climbed 8% after Canaccord Genuity began research coverage with a buy rating and a 12-month price target of $110, saying “We believe Tempus AI should continue to benefit from the early 2025 launch of xT CDx and FDA approval of xR IVD in 2H25.” Archer Aviation — The electric-aircraft maker surged 5% after signing an agreement with Korean Air to commercialize its Midnight eVTOL, or electric vertical takeoff and landing aircraft, in Korea. The deal includes the purchase of up to 100 Midnight aircraft by Korean Air. Liberty Energy — Shares jumped 6%, adding to Friday’s rally of more than 28%. While the energy services company missed expectations for third-quarter revenue from analysts polled by FactSet, investors liked an upbeat sales commentary. Hologic — The stock rose 2.5% after Bloomberg reported that Blackstone and TPG are nearing an agreement for a more than $17 billion acquisition of the medical technology firm. Cooper Companies — The contact lens maker jumped 4% after activist investor Jana Partners took a stake and will push the firm to explore strategic options, the WSJ said. Robinhood — The financial services platform jumped 6% after several large investors raised their stakes, according to regulatory filings. AMD — The chipmaker climbed almost 4% after Bank of America raised its price target to $300 per share from $250 and maintained its buy rating. Oracle — The maker of database management systems fell more than 4%. FactSet’s StreetAccount service noted analysts’ reaction to a management meeting last week that contained a “lack of surprises and some continued concerns surrounding economics of cloud deals; JPMorgan downgraded company’s credit to neutral from overweight; flagged meaningful capital needs and limited visibility into its financing strategy.” Progressive Corp. — The insurer dropped 3% after Morgan Stanley cut its investment rating to equal weight from overweight and slashed its 12-month price target by more than 19%, saying “the bull case is less pparent. The concern is now shifted to faster growth deceleration and potentially larger CPI headwinds. The lower EPS going forward is cyclical, but notable.” Regional banks — The group ticked higher as it continued its recovery from a scare last week tied to bad loans. Zions Bancorp and Western Alliance rose 0.8% and 0.4%, respectively. Triumph Financial jumped 8%. The SPDR S & P Regional Banking ETF (KRE) advanced 1.4%. Applovin — The mobile technology software platform for advertisers and app developers dropped more than 4% after the New York Post said Applovin was again regulatory scrutiny over its handling of consumer data. The stock tanked two weeks ago on a Bloomberg report that it was under investigation by the Securities and Exchange Commission for its data collection practices. — CNBC’s Alex Harring, Sarah Min, Michelle Fox, Yun Li and Fred Imbert contributed reporting
