Take a look at the companies making headlines in midday trading. Spotify — Shares of the music streaming platform rose 2% after Wells Fargo named it a top pick. Analyst Steven Cahall cited Spotify’s rising margins, strong product portfolio and growing record label relationships as catalysts while reiterating his outperform rating on the stock. Robinhood — The financial technology stock rose less than 3% after the financial technology stock said Monday that users will have the opportunity to trade Kamala Harris or Donald Trump contracts ahead of next week’s presidential election. . Users must meet certain eligibility criteria, including becoming a U.S. citizen. Occidental Petroleum, Exxon, BP – Shares of oil companies fell more than 1% as crude prices fell after Israel launched attacks on Iranian military facilities over the weekend. Citi predicts that the Israeli attack will not ultimately disrupt oil supplies. McDonald’s – Shares of McDonald’s rose 1.5% after falling about 7.5% last week after the fast-food chain said it would reintroduce its Quarter Pounder burgers this week at restaurants affected by a deadly E. coli outbreak. About 900 locations will offer burgers without onion flakes, which may be the source of the outbreak, and health officials are still investigating the contamination. McDonald’s is also scheduled to release quarterly earnings before the market opens on Tuesday. TSMC shares fell 3% after it was found that chips produced by the company were used in Huawei’s artificial intelligence processors, causing the company to stop supplying to a Chinese chip design company, people familiar with the matter told Reuters. The United States has restricted Huawei from purchasing the technology since 2020 due to national security concerns. ON Semiconductor — Shares of ON Semiconductor rose 5% after the maker of semiconductor products beat analysts’ third-quarter profit and revenue expectations. ON’s adjusted earnings per share were 99 cents, beating the 97 cents expected by analysts polled by FactSet, while revenue of $1.76 billion topped Wall Street expectations of $1.75 billion. NIO — Shares of the Chinese electric vehicle maker rose about 11% after Macquarie upgraded its performance to outperform from neutral. Analyst Eugene Hsiao expects sales to accelerate this quarter due to strong orders for the Onvo L60. Delta Air Lines — Shares of Delta Air Lines rose 4 after the Atlanta-based airline filed a lawsuit against CrowdStrike on Friday, accusing the security software provider of negligence and breach of contract during an outage in July that resulted in the cancellation of 7,000 flights. %. Delta Air Lines has also benefited from a 15% drop in jet fuel prices over the past three months. Honeywell shares fell 1.1% after Wolfe Research downgraded the stock to peer perform from market outperform. Wolff, who has had an outperform rating on the stock since 2005, said he’s not optimistic that Honeywell’s headwinds will be resolved next year. Philips – Shares of Philips plunged 17% after the Dutch medical device company lowered its 2024 revenue forecast. Nutanix — The cloud infrastructure stock rose 4% after Morgan Stanley upgraded the stock to overweight from equal weight. Analyst Meta Marshall said Nutanix’s setup looks attractive and the company’s structural changes should lead to market share gains in the coming years. Moderna — Shares of Moderna rose after Moderna and Merck said they launched a Phase 3 trial studying a treatment for non-small cell lung cancer. Moderna shares rose 3.9%, while Merck rose slightly. Aaon — The heating and air conditioning equipment maker surged 8% after Baird upgraded its rating to outperform. Analyst Timothy Wojs said Aaon could benefit from artificial intelligence because 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.
