Check out the companies making headlines in midday trading: First Solar — The solar stock slipped 8%, on pace for its worst day since July 15, after Jefferies cut its price target on the stock and said it expects First Solar’s third-quarter report to disappoint. Jefferies maintained its buy rating on the stock but said near-term challenges such as ongoing supply chain and labor shortages should continue into 2025. Solar systems maker Enphase Energy slid 4%. Toronto-Dominion Bank — Shares of the Canadian bank firm lost 3.8% after The Wall Street Journal reported, citing sources, that TD is expected to pay about $3 billion in penalties and have limits on its U.S. business as part of a settlement over money laundering charges. GXO Logistics — Shares moved more than 14% higher following Bloomberg’s report, which cited people familiar with the matter, that the company is exploring a potential sale . According to Bloomberg sources, GXO Logistics is working with financial advisors on the matter, though a final decision has not yet been made. Celsius Holdings — The energy drink maker surged more than 13% on positive commentary from several research shops following a conference. Stifel said “energy drink trends should accelerate led by comparables, innovation, [and] pricing.” On Wednesday, Piper Sandler said its latest teens survey showed Celsius as a favorite among the cohort. Tesla — The stock was little changed ahead of the electric vehicle maker’s robotaxi event Thursday after the bell. Investors expect Tesla to announce a Cybercab robotaxi prototype alongside advancements in driver assistance features and artificial intelligence capabilities. American International Group — Shares added about 1% after JPMorgan upgraded the insurance giant to overweight from neutral, citing “more reasonable” consensus earnings per share forecasts and an “improved” valuation following underperformance. CVS Health — The pharmacy chain’s stock rose 1.8% following an upgrade at Barclays to overweight from equal weight. The firm sees a compelling margin recovery opportunity for CVS. 10x Genomics — The single-cell market leader’s stock price plunged more than 25% after 10x announced it expects third-quarter revenue to come in at $151.7 million , which reflects about a 1% decrease from the same period a year ago. The company’s CEO said the transition 10x experienced due to recent changes to its commercial processes and organization was more disruptive than anticipated, particularly in “the Americas.” PayPal — The payments platform stock slipped 2.9% following a Bernstein downgrade to a market perform rating from outperform. Analyst Harshita Rawat said upside is uncertain after a substantial recent rally and noted that Venmo could lose momentum against competitors in the peer-to-peer payments business. — CNBC’s Lisa Han, Sean Conlon, Sarah Min, Hakyung Kim and Michelle Fox contributed reporting.
Read the full article here
