Take a look at the companies making headlines in midday trading. Bath & Body Works — Shares of the Ohio-based personal care company rose more than 16%, its best day since November 2022. Annual sales are expected to decline at a smaller rate, driven by strong demand for personal care products and new store products. Robinhood – Shares of the financial services provider surged 5% after Morgan Stanley upgraded the company to “overweight,” citing the benefits of President-elect Donald Trump’s upcoming second term. Macy’s — Shares of Macy’s fell 3% after the New York-based retailer delayed the release of its full third-quarter results after discovering that an employee intentionally filled out incorrect accounting entries to conceal delivery charges. The errors occurred over several years and amounted to $154 million. Macy’s said the accounting issues did not appear to have impacted the company’s cash position. Meanwhile, third-quarter sales fell 2.4% to $4.74 billion. Target — The retail chain gained 4.6% after Oppenheimer named it a top pick, citing an improvement in the battered stock’s risk-reward bias. Target’s shares are down about 12% so far this year, and the stock’s 3.6% dividend yield is “attractive,” the company said. AGCO — Shares of the agricultural equipment maker rose 5% after its largest shareholder, Tractor & Farm Equipment Ltd., with a 16.3% stake, filed to separate the roles of chairman and chief executive. “His combined chairman and CEO roles failed to serve the best interests of shareholders and resulted in suboptimal strategic and capital allocation decisions,” the investor said. Gordon Haskett Research Advisors said on Monday: “Even if you own 16% It’s also unlikely that the stock will win such a battle. “Intel – shares rose more than 3%. Citing a person familiar with the matter, CNBC reported that the chipmaker is in talks with the Commerce Department to finalize $8 billion in funding through the CHIPS Act. US Bancorp — The Minneapolis-based regional bank rose 2% after Citigroup upgraded its rating to buy from neutral, saying U.S. Bancorp’s spending is “turning things around.” Abercrombie & Fitch — Shares of Abercrombie & Fitch rose 4% as the retailer is expected to report third-quarter earnings Tuesday morning. Analysts expected quarterly earnings of $2.39 per share and revenue of $1.19 billion, according to FactSet data. Gap last week raised its full-year guidance and said the holiday shopping season was off to a strong start, amid growing investor enthusiasm for the retailer. Arm Holdings — Shares of the British chip designer rose 4%. UBS issued a buy rating for the first time, saying the stock should benefit from growth in end markets and data center businesses driven by artificial intelligence. Santander — Spanish bank American depositary receipts rose 2%. Morgan Stanley upgraded Santander to overweight from equal weight, citing a “resilient regional footprint” and “improving capital generation prospects.” Super Micro Computer – The volatile artificial intelligence server stock rose 11%, building on last week’s 78% gain, after announcing BDO as its new auditor and providing a plan on how to maintain its Nasdaq listing. . Scholar Rock Holding — Shares of Biohaven soared 34% after rival Biohaven said its T-alfa drug failed to achieve statistically significant results in treating spinal muscular atrophy. In response, Piper Sandler, Truist Securities and Wedbush all raised their price targets on Scholar Rock. —CNBC’s Hakyung Kim, Jesse Pound, Yun Li, Michelle Fox, Pia Singh and Scott Schnipper contributed reporting
