Here’s a look at the companies making headlines in midday trading: Hewlett Packard Enterprise — Shares of the technology hardware stock rose 6% after Bank of America upgraded the technology hardware stock to a buy rating from neutral. The Wall Street firm believes the stock’s current valuation is “compelling,” while highlighting a host of positive catalysts including potential cost-cutting initiatives by new Chief Financial Officer Marie Myers and server, Cyclical recovery in storage and networking. Microsoft — Shares of Microsoft rose 1% after the tech giant raised its quarterly dividend. The company raised its shares 10.7% to 83 cents per share and will pay on December 12. Intel — Shares of Intel rose 3% after the chipmaker announced plans to turn its foundry business into a separate entity. The company also received up to $3 billion in funding from the Biden administration through the CHIPS Act on Monday. Shopify — The e-commerce stock rose 1% after Redburn Atlantic upgraded the e-commerce stock to buy from neutral. The company believes Shopify is expected to benefit from the growth of the U.S. social e-commerce market in the coming years. Flutter Entertainment – the online sports betting company behind FanDuel said it will acquire Playtech’s Italian gaming company Snaitech for 2.3 billion euros (about 2.56 billion U.S. dollars) in cash. Shares rose more than 3%. AppLovin — The mobile software stock rose 6% after UBS upgraded its rating to “buy” from “neutral.” The bank sees AppLovin’s opportunities in gaming and e-commerce as potential catalysts. Gannett — Newspaper shares soared 19% after Citi upgraded the stock to neutral from sell. The bank expects Gannett to likely slow its revenue decline and achieve “flat revenue growth” in the fourth quarter, ultimately leading to multiple expansions. Carvana – Used car sellers increased sales by 2% after upgrading purchases from neutral. “With efficiency gains and a relatively large fixed cost base compared to Internet, we expect CVNA to maintain near-term improvements in unit economics and leverage as growth accelerates,” said analyst Michael McGovern. GE Vernova — Bank of America The energy stock rose 3% after the stock was upgraded to buy from neutral. Analyst Andrew Obin said GE Vernova’s natural gas power generation services accounted for 29% of its revenue, but “investors are not very optimistic about it.” Philip Morris International — Shares of Philip Morris International fell 2% after the tobacco company announced the sale of its pharmaceutical unit Vectura Group to Molex Asia Holdings. Philip Morris acquired Vectura, which specializes in inhaled drugs, in 2021. %. —CNBC’s Sean Conlon, Yun Li, Sarah Min and Samantha Subin contributed reporting.
