These are among the stocks posting the largest moves in midday trading

October 28, 2024 | 12:24pm

Stocks making the biggest moves midday: Taiwan Semiconductor, On Semi, Delta Air Lines and more

These are among the stocks posting the largest moves in midday trading

Check out the companies making headlines in midday trading: Spotify — The music streaming platform advanced 2% after Wells Fargo named it a top stock pick . Analyst Steven Cahall cited Spotify's rising profit margins, strong product mix and evolving record label relationships as catalysts while reiterating an outperform rating on the stock. Robinhood — The fintech stock rose less than 3% after it said Monday that users will have the chance to trade a Kamala Harris or Donald Trump contract ahead of next week's presidential election. Users must meet certain eligibility criteria, including being a citizen of the U.S. Occidental Petroleum , Exxon , BP — Oil companies slipped more than 1% alongside declining crude prices after Israel spared Iran's crude facilities in its weekend attack on Iranian military installations. Citi predicts that the Israeli strike will not ultimately disrupt oil supplies. McDonald's — Shares rose 1.5% after the fast-food chain said its Quarter Pounder burger would return to menus this week at restaurants affected by a deadly E. coli outbreak, which led the stock to slump roughly 7.5% last week. About 900 locations will serve the burger without slivered onions, which are the likely source of the outbreak, as health officials continue investigating the contamination. McDonalds is also set to release quarterly earnings Tuesday before the market open. Taiwan Semiconductor Manufacturing — The chip manufacturer slipped 3% after halting shipments to a China-based chip designer after a chip it made was found on a Huawei AI processor, sources familiar with the matter told Reuters. The U.S. had restricted Huawei since 2020 from buying the technology over national security concerns. ON Semiconductor — The semiconductor product maker rose 5% after third-quarter earnings and revenue topped analyst estimates. ON's adjusted earnings of 99 cents per share exceeded the 97 cent estimate by analysts polled by FactSet, while revenue of $1.76 billion was above the Street's $1.75 billion expectation. Nio — The Chinese electric vehicle maker jumped about 11% following Macquarie's upgrade to outperform from neutral . Analyst Eugene Hsiao sees accelerating volumes in the current quarter due to strong Onvo L60 orders. Delta Air Lines — The Atlanta-based carrier moved 4% higher after filing suit against CrowdStrike on Friday, accusing the security software vendor of negligence and breach of contract in a July outage that resulted in 7,000 flight cancellations. Delta has also benefited from a 15% drop in jet fuel prices over the past three months. Honeywell — Shares eased 1.1% on the heels of Wolfe Research's downgrade to peer perform from outperform. Wolfe, which had held an outperform rating on the stock since 2005, said it is less optimistic that Honeywell's headwinds will resolve in the next year. Philips — Shares tumbled 17% after the Dutch health-care devices company lowered its revenue outlook for 2024. CEO Roy Jakobs blamed deteriorating demand from Chinese hospitals and consumers. Nutanix — The cloud infrastructure stock rose 4% following an upgrade to overweight from equal weight at Morgan Stanley. Analyst Meta Marshall said Nutanix's setup looks attractive, and that the company's architectural changes should lead to market share gain in the next few years. Moderna — Shares jumped after Moderna and Merck said they initiated a phase 3 trial investigating a treatment for non-small cell lung cancer. Moderna shares advanced 3.9%, while Merck was slightly higher. Aaon — The heating and air-conditioning equipment manufacturer surged 8% following an upgrade to outperform at Baird. Analyst Timothy Wojs said Aaon could benefit from artificial intelligence, since higher computing power generates more heat and requires more liquid cooling equipment. — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Sarah Min and Pia Singh contributed reporting.

This story originally appeared on: CNBC - Author:Lisa Kailai Han