Midday Moves: SoFi, ON Semiconductor, Disney, Sweetgreen, And More

(CTN News) – Shares of SoFi Technologies jumped 19.9% after the fintech company reported second-quarter results and raised its full-year forecast. On a GAAP basis, SoFi Technologies lost 6 cents per share, narrower than expected. FactSet’s analysts predicted a 7-cent loss.

ON Semiconductor shares jumped 2.5% after the chipmaker posted a beat in earnings and revenue. On $2.09 billion in revenue, the company earned $1.33 per share, excluding items. FactSet analysts expected $1.21 earnings per share and $2.02 billion revenue.

The Financial Times reported that Disney has rehired former executives Kevin Mayer and Tom Staggs. These executives were once considered potential successors to Bob Iger.

As a result of the announcement, New Relic shares jumped 13.4%.

Approximately $6.5 billion is SoFi offered for New Relic in the all-cash deal.

Spero Therapeutics shares rose 14.8% after the company reached an agreement with the Food and Drug Administration to have a special protocol assessment in its phase 3 trial.

Salad chain Sweetgreen’s shares rose 6.9% Monday after Piper Sandler upgraded them. As a result, the firm upgraded its stock rating from neutral to overweight.

A downgrade from UBS to neutral from buy sent SoFi XPeng shares down 10.6%. The analyst said the company’s near-term gains may now be priced in.

Toymaker Hasbro rose 4.1% after Bank of America upgraded it to buy from neutral. According to Bank of America, Hasbro may beat earnings expectations when it reports on Thursday, thanks to its “Lord of the Rings” cards set.

Its pharmacy benefit SoFi management partnerships, such as Express Scripts and CVS Caremark, help GoodRx generate new revenue streams and strengthen its position within the healthcare industry, according to Cowen, which upgraded its shares to outperform. Cowen’s price target has been raised by about 78%.

A Morgan Stanley upgrade of Adobe stock to overweight sent shares soaring 3.3%. Even though Adobe has been late to the AI party, it still stands to gain from its integration into its products. Nearly 25% of Morgan Stanley’s $660 price target has been achieved.

Chevron – The oil giant gained 3% after Goldman Sachs upgraded it to buy from neutral. It said the company was nearing a cash flow turning point.

Deutsche Bank’s good execution prompted the bank to upgrade its stock to buy from hold.

After RBC downgraded CSX shares from outperform to sector perform, the railroad SoFi stock shed 1.4%.

Piper Sandler upgraded Wayfair from neutral to overweight and raised its price target by 6.5%. According to the Wall Street firm, Wayfair is improving sales and regaining market share.

Morgan Stanley downgraded Salesforce from overweight to equal weight, causing its shares to fall 0.3%. According to the Wall Street firm, Salesforce’s near-term catalysts, including margin expansion and price increases, are now in the past. The stock has gained 68% this year.

SEE ALSO:

Trader Joe’s Falafel Could Also Contain Rocks, According To Some Reports