The stock market is trading higher midday. The S&P 500 added 0.45%, and the tech-heavy Nasdaq Composite rose 0.56%. The Dow Jones Industrial Average climbed 0.75%. The Russell 2000 Index popped 1.67%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Albemarle (ALB) +5.1%
- Carnival (CCL) +4.9%
- Steel Dynamics (STLD) +4.6%
- 3M (MMM) +4.3%
- Nucor (NUE) +4.2%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Centene (CNC) -4.1%
- APA Corp (APA) -3.6%
- GE Healthcare (GEHC) -3.4%
- Diamondback Energy (FANG) -3.1%
- Resmed (RMD) -2.7%
Stocks also worth noting include:
- Nvidia (NVDA) -0.3%
- Tesla (TSLA) +0.2%
- Spotify (SPOT) +1.8%
- McDonald’s (MCD) +1.6%
- On Semiconductor (ON) +3.3%
Spotify gains after analyst update
Spotify stock is up 2% after Wells Fargo raised its price target from $420 to $470 while maintaining an overweight rating.
The firm’s analysis of incremental gross margins suggests further expansion beyond current consensus estimates. Wells Fargo believes Spotify's strategy, along with shifting industry dynamics, strengthens this outlook, according to thefly.com.
Related: The highest-paid artists on Spotify (& how much they’ve made)
Spotify remains Wells Fargo’s top long-term media pick due to its unique margin and profit potential.
Spotify stock is up 105% year-to-date.
ON Semiconductor trades higher after earnings beat
ON Semiconductor gained 3.3% midday after beating third-quarter profit and revenue estimates.
The company posted adjusted earnings per share of 99 cents, topping Wall Street’s estimate of 97 cents. Revenue was down nearly 20% to $1.76 billion, slightly above analyst expectations of 1.75 billion.
Related: Nvidia CEO's bombshell raises the bar for the stock
Onsemi expects current-quarter adjusted EPS to fall between $0.92 and $1.04, with revenue projected between $1.71 billion and $1.81 billion. Analysts polled by Visible Alpha had forecast EPS of $1 and revenue of $1.78 billion.
“As power demands continue to rise across our key markets, and the need for greater efficiency becomes paramount, we are investing to win across the entire power spectrum to ensure that ON Semi is best positioned to gain share in automotive, industrial and AI data center,” chief executive Hassane El-Khoury said in the earnings release.
Onsemi is down 10% year-to-date.
McDonald’s pops after reintroducing Quarter Pounder burger
McDonald’s stock added 1.6% after the fast-food chain reintroduced the Quarter Pounder burger linked to an E. coli outbreak resulting in 10 hospitalizations and one death.
Related: McDonald's E. coli outbreak causes recall, hammers stock
More Retail Stocks:
- Popular luxury brand invests in 'sober market'
- NRF sounds the alarm on growing retail issue
- US senator targets shrinkflation in letter to Pepsi, Coke, General Mills
Health authorities have identified slivered onions in the Quarter Pounders as the probable cause of the outbreak. Approximately 900 locations will begin serving the burger again, but without slivered onions, CNBC reported.
“The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald’s restaurants,” said Cesar Pina, McDonald’s North American chief supply chain officer.
Related: Veteran fund manager sees world of pain coming for stocks
