Check out the companies making the biggest moves midday:
SoFi Technologies — The fintech stock jumped more than 7% after a filing showed CEO Anthony Noto bought $5 million in common stock. The purchase was done through multiple trades from Friday to Tuesday, the filing said.
Charter Communications — Charter Communications dropped more than 13% after CEO Thomas Rutledge said at an investor event the company will invest $5.5 billion over three years to upgrade its high-speed internet network.
Tesla — Shares of the electric vehicle maker shed more than 1% following analyst calls for how the stock will perform in 2023. Goldman Sachs cut its price target while reiterating the stock as a buy. Morgan Stanley said it was a top auto pick for 2023.
Plug Power — Plug Power’s stock surged nearly 7% after UBS initiated coverage of the stock with a buy rating and a price target that implies shares can gain more than 80%. UBS said investors are underappreciating the hydrogen fuel cell maker’s growth potential.
Delta Air Lines — Shares of the airline rose 2.4% after the company said the travel boom isn’t done and that it expects 2023 earnings to nearly double as a result. Delta forecast a revenue jump of between 15% and 20% in 2023.
Caesars Entertainment, Penn Entertainment — Shares of Caesars fell 3%, and Penn lost 2.5% after the casino operators were downgraded by Bank of America to neutral from buy. BofA said it is concerned about flattening gaming speed.
Moderna — Moderna’s stock rallied more than 7%, following Tuesday’s 19.6% gain. The moves came after a successful study of a skin cancer treatment involving an experimental Moderna vaccine in combination with Keytruda, Merck’s cancer drug.
SolarEdge — The solar company gained 3% after being upgraded to overweight from equal weight by Barclays. The firm cited the company’s “pivot” toward Europe for its call, saying it feels more confident macro dynamics in Europe will underpin SolarEdge’s growth and ability to take market share in the near-term.
Best Buy — The electronics retailer shed 2.5% after Bank of America downgraded the stock to underperform from neutral, noting a challenging environment.
RingCentral — Shares of RingCentral climbed 4.8% after being upgraded by Morgan Stanley to overweight from equal weight. In its call, Morgan Stanley said the software company is underappreciated.
Albemarle — Albemarle sank 5.3% in midday trading. On Tuesday, the lithium supplier said it will invest at least $180 million to establish a technology park in North Carolina.
Aspen Group — Shares of the online education company surged more than 26% after Aspen reported better-than-expected quarterly revenue and improved profit margins.
ABM Industries — ABM slid more than 4% after giving an outlook for fiscal year 2023 that fell below consensus estimates. However, the provider of facility services reported better-than-expected profit and revenue for the fiscal fourth quarter.
Datadog — Datadog shares rose 1.3% after Oppenheimer upgraded the software stock to outperform from perform, saying the “mission-critical nature of its solutions gives Datadog relative resiliency in times of spending constraints.”
— CNBC’s Yun Li, Alex Harring, Samantha Subin, Sarah Min and Tanaya Macheel contributed reporting.
