Stocks making the biggest moves midday: SolarEdge Technologies, Super Micro Computer, FedEx & more
Check out the companies making the biggest moves midday: SolarEdge Technologies — The solar stock popped 14% following an upgrade to hold from underperform at Jefferies. “We are tactically upgrading SEDG to HOLD, as the escalating ME conflict is triggering a replay of the European energy security dynamics that ‘turbocharged’ SEDG’s business during the Russia-Ukraine war,” analysts at the bank wrote. Insperity — Shares of the HR services platform rallied nearly 11% after Chairman and CEO Paul Sarvadi disclosed the purchase of 205,000 shares this week. OneOK – The oil and gas pipeline company’s shares gained almost 4%. Jefferies upgraded OneOK to buy and lifted its price target to $98 per share, calling for nearly 11% upside from Thursday’s close. Analyst Julien Dumoulin-Smith pointed to the conflict in Iran as a catalyst, noting “The longer the disruption persists, the more the market should reassess structural crude dynamics, which argues for a more constructive outlook for the Bakken [a major oilfield in the U.S.].” SM Energy – The oil and gas exploration and production company saw shares jump close to 9%. JPMorgan issued an overweight rating on the stock and gave it a price target of $40 per share, reflecting upside of 44%. “Accelerated deleveraging in a higher oil price environment opens the door to increasing cash return,” wrote analyst Zach Parham. York Space Systems — The space and defense company gained 22% after posting full-year revenue that topped analyst expectations. The company’s top line totaled $386.2 million, while analysts polled by FactSet expected revenue of $383.5 million. Super Micro Computer — Shares tumbled more than 26% after U.S. prosecutors charged two employees and a contractor with smuggling Nvidia chips to China . FedEx — The package delivery giant rose close to 2% on fiscal third-quarter results that beat the Street. FedEx earned $5.25 per share, excluding certain items, on revenue of $24 billion. Analysts polled by LSEG expected a profit of $4.09 per share on revenue of $23.43 billion. The company also hiked its fiscal year earnings guidance. Arm Holdings — The U.S.-listed shares of the British semiconductor and software design company rose 4.3% after HSBC issued a double upgrade of Arm to buy from reduce, with a $205 target price implying more than 57% upside from Thursday’s close. Analyst Frank Lee said the company is in the middle of a “game-changing” transition to a major AI server CPU beneficiary, from a smartphone dependent IP play, that’s underappreciated by the market. Planet Labs — Shares of the satellite imagery company surged 26% on better-than-expected results for the fourth quarter . Planet Labs broke even on an adjusted basis for the period, while analysts polled by FactSet had forecast a loss of 5 cents per share. First quarter and full-year revenue guidance also exceeded expectations. Chipotle Mexican Grill — Shares of the burrito chain edged up more than 1% after Mizuho upgraded the stock to outperform from neutral. The Wall Street firm said it sees a “comp inflection” in the near term along with incremental margin visibility, with recent management commentary serving as a potential positive catalyst. Firefly Aerospace — The space transportation stock gained 2% on fourth-quarter results that topped expectations. Firefly lost 38 cents per share, excluding certain items, on revenue of $57.7 million. Analysts expected a loss of 49 cents per share on revenue of $52.4 million, according to FactSet. Nexstar Media Group — Shares rose 4% after Nexstar Media Group said it had closed its more than $6 billion acquisition of local news firm Tegna after receiving approval from the Federal Communications Commission. Scholastic — The publisher and producer of educational content climbed nearly 9% after the company reported a smaller-than-expected loss for the third quarter . Scholastic lost an adjusted 15 cents per share, while analysts polled by FactSet had forecast a loss of 37 cents per share. — CNBC’s Darla Mercado, Elizabeth Napolitano, Yun Li, Sarah Min and Michelle Fox contributed reporting
