Midday movers: Super Micro Computer, PayPal and more
(Updated - January 19, 2024 11:44 AM EST)
Investing.com -- Main U.S. indexes rose on Friday, with positive sentiment in the tech sector boosting the main indices as the earnings season continues.
Here are some of the biggest U.S. stock movers today:
Macy’s (M) stock fell 3.1% after the Wall Street Journal reported that the department store chain is set to reduce headcount and shutter locations in a bid to cut costs and streamline its business.
Ford (NYSE:F) stock rose 0.5% after the auto giant announced plans to reduce the production of its F-150 Lightning pickup truck and boost production of the Bronco.
Wayfair (NYSE:W) stock rose 9% after the online furniture and home goods seller announced it will cut about 13% of its workforce as part of an effort to revamp the business.
Schlumberger (NYSE:SLB) stock rose 2% after the oilfield services company reported fourth-quarter profit that beat expectations and bumped up its dividend.
iRobot (NASDAQ:IRBT) stock slumped 30% after the Wall Street Journal, which indicated that the EU regulators are likely to block Amazon (NASDAQ:AMZN)'s planned acquisition of the tech company.
Spirit Airlines (NYSE:SAVE) stock rose 24%, rebounding after hefty losses after Reuters reported that the carrier is seeking to convince JetBlue Airways (NASDAQ:JBLU), up 1%, to appeal a decision by a federal judge to block the tie-up between the sixth and seventh largest U.S. airlines. Separately, Spirit Airlines issued guidance and provided an update on efforts to shore up its liquidity.
Super Micro Computer (NASDAQ:SMCI) stock rose 30% after the hardware firm lifted its second-quarter profit forecast, delivering the latest upbeat signal for the chip industry.
Comerica (NYSE:CMA) stock fell 0.6% after the regional lender forecast a 11% drop in its net interest income in 2024, as it pays more interest on deposits to keep customers from moving to other options, while seeing slower demand for loans.
Chegg (NYSE:CHGG) stock fell 5.5% after Goldman Sachs downgraded the online learning company to ‘sell’ from ‘hold’
IBM (NYSE:IBM) stock rose 2% after the technology giant received an upgrade from Evercore ISI to ‘outperform’ from ‘in line’. Evercore thinks the company will benefit from AI centric tailwinds and IT spending.
Travelers (NYSE:TRV) climbed 4.6% after it reported fourth quarter results that topped estimates on the top and bottom line.
Texas Instruments (NASDAQ:TXN) stock rose 3.5% after UBS upgraded the stock to ‘buy’ from ‘neutral’ following a survey that signaled optimism for the semiconductor industry as lead times stabilize and pricing remains strong.
AT&T (NYSE:T) stock rose over 1.2% after Oppenheimer analysts upgraded it to ‘outperform’ from ‘perform'. Analysts believe it will benefit from a number of tailwinds including significant improvements to network capacity and coverage.
PayPal (NASDAQ:PYPL) stock rose 3.8%, adding to recent gains following comments from it CEO Alex Chriss during a CNBC interview earlier this week. Chriss said PayPal will prioritize profitable growth.
Additional reporting by Louis Juricic
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