Check out the companies making headlines in midday trading. SoFi Technologies — Shares rose 1% as traders digested the company’s latest quarterly results. SoFi posted a massive third-quarter revenue beat and raised its outlook for the full year. The company reported $531 million in revenue, exceeding an LSEG estimate of $512.1 million. Its revenue was boosted by higher-than-expected student loan originations for the quarterly period, SoFi said. Shares were last down 1%. They were up as much as 14%. McDonald’s — Shares gained 1.7% after the company beat on both top and bottom lines for the third quarter. Global same-store sales grew 8.8% in the quarter, topping analysts’ estimates. Although McDonald’s recorded a dip in U.S. traffic, the company’s U.S. same-store sales rose 8.1%. General Motors , Stellantis — Shares of the two automakers moved modestly on Monday as the autoworkers strike appeared to be coming to a close. Stellantis reached a deal with the union on Saturday, while GM made an agreement Monday, sources told CNBC. Shares of Ford , which struck a deal last Wednesday , were down 1.9%. Spirit Realty Capital — The real estate investment stock popped 7.8% after announcing it would be acquired by Realty Income for $9.3 billion in an all-stock deal. Realty Income shares dropped 5.7%. Western Digital — Shares of the data storage company jumped 7.3% after the company performed better than analysts polled by LSEG expected in the fiscal first quarter. Western Digital also announced it would create two independent, publicly traded companies for data storage in the hard drive and flash markets. ON Semiconductor — The stock plummeted 18% after the company’s current-quarter guidance underwhelmed Wall Street. ON said to expect between $1.13 and $1.27 earned per share excluding items, while analysts polled by FactSet forecast $1.36. The company guided revenue for the quarter to come between $1.95 billion and $2.05 billion, missing the analyst consensus estimate of $2.18 billion. The weak guidance overshadowed a third-quarter report that exceeded expectations. Revvity — The scientific product maker tumbled 16.1% after offering a weak quarterly report and soft full-year guidance. Revvity earned $1.18 per share, excluding items, on $671 million in revenue, while analysts polled by FactSet anticipated $1.19 per share and revenue at $695.4 million. The firm also cut its full-year guidance on both lines. Invitation Homes — The home leasing company rose 1.6% following an upgrade to outperform by Oppenheimer. The firm said a stabilization of rent growth and occupancy can help the stock in 2024. L3Harris — The defense stock added 2% on the back of an upgrade by Raymond James to outperform from market perform. The upgrade, which comes after the company beat expectations when reporting earnings last week, pointed to improving fundaments among reasons to be bullish. Eastman Chemical — Shares advanced 3.6% on the heels of an upgrade to overweight from neutral by JPMorgan. The Wall Street bank said Eastman can see earnings rebound in 2024. AbbVie — The biopharmaceutical stock climbed 2.1% after Barclays upgraded shares to overweight from equal weight. Barclays said the sell-off had gone too far. Tesla — The electric vehicle maker slid 4.8%. Bernstein reiterated its underperform rating. The firm said the outlook for Tesla stock is still uncertain. Arcellx — The biotechnology stock traded 7.5% higher after TD Cowen initiated coverage with an outperform rating. TD Cowen said the company is positioned to see more upside ahead. Vale — Shares inched up by 0.2% after Citi upgraded the Brazilian metals and mining company to buy from neutral, citing its recent underperformance and the arrival of a strong seasonal period for iron ore. Femsa — The Mexican beverage company added 5.2% following an upgrade to overweight from equal weight by Barclays. The bank said Femsa has the potential to return cash to shareholders. Saia — The transportation stock rose 3.8% on the back of an upgrade to outperform from peer perform by Wolfe Research. The firm said a recent slide in share prices creates an opportunity to buy into a stock with a multiyear growth story. — CNBC’s Jesse Pound, Samantha Subin, Pia Singh and Hakyung Kim contributed reporting.
Pedestrians walk by the SoFi Technologies headquarters in San Francisco on Feb. 22, 2022.
Justin Sullivan | Getty Images
Check out the companies making headlines in midday trading.
This story originally appeared on CNBC
