Welcome to Extreme Investor Network, where we bring you the latest news and updates on the most impactful companies in the stock market. Today, we’re diving into the companies making headlines in midday trading:
1. Palantir Technologies and Dell Technologies both saw significant jumps in their stock prices, with Palantir increasing by 13% and Dell by nearly 5%. This surge came after the announcement that both stocks would join the S & P 500 before the open on Sept. 23. Palantir is set to take American Airlines’ spot, while Dell will replace Etsy.
2. Summit Therapeutics, a biotech company, experienced a 65% surge in its stock price after announcing that its lung cancer drug candidate outperformed Merck’s Keytruda in a phase three clinical trial. Merck’s shares dipped by 1.5% following this news.
3. JetBlue Airways soared by 8% after Bank of America analyst Andrew Didora upgraded the company to neutral from underperform. Didora cited JetBlue’s “self-help initiatives,” such as revenue improvement strategies, as driving early positive results. The analyst also doubled his price target for JetBlue, projecting a 13% upside from Friday’s close.
4. Boeing’s stock rose by nearly 4% following a deal with a factory workers union, potentially averting an expensive strike.
5. MarineMax saw a 4% increase in its stock price after receiving a buy rating from Citi. The firm highlighted that the boat dealer should benefit from the Federal Reserve cutting interest rates.
6. Arm Holdings gained 5% after reports from the Financial Times indicated that Apple would use Arm’s next-generation chip design in the iPhone 16.
7. United States Steel gained 3% after a JPMorgan upgrade to overweight from neutral. The firm believes the recent pullback presents a buying opportunity and anticipates further gains if the company’s planned sale to Nippon Steel falls through.
Additionally, cannabis stocks saw an uptick in value after former President Donald Trump voiced support for legalizing adult marijuana use in Florida. Tilray Brands advanced by 6%, while the AdvisorShares Pure US Cannabis ETF (MSOS) and the Amplify Alternative Harvest ETF (MJ) increased by more than 9% and 6%, respectively.
At Extreme Investor Network, we provide in-depth analysis and expert insights to help you navigate the complexities of the stock market. Stay tuned for more updates on the latest market movers and shakers. Happy investing!