Hot Stocks: AMZN dips on job cuts; PDD falls; NRG, THS get boost from analyst comments
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Wall Street generally showed gains in Monday's midday trading, although the Nasdaq lagged the other major U.S. equity averages, at times flirting with negative territory. Stocks were boosted by the hope that regulators and industry leaders may be close to stabilizing the recent turmoil in the banking sector.
Amazon (NASDAQ:AMZN) failed to participate in the general upswing. News of another major cost-cutting campaign weighed on the megacap. Meanwhile, Pinduoduo (PDD) posted a double-digit percentage decline following the release of disappointing quarterly results.
Looking at some of the gains in midday trading, analyst comments represented a notable catalyst. Both NRG Energy (NRG) and TreeHouse Foods (THS) surged following upbeat analyst remarks. 
Decliners
Amazon (AMZN) slumped in midday trading following news that the online retailer will slash an additional 9K positions. The move came in addition to the 18K job cuts it announced in January. The stock dropped about 2% on the news.
"Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount," company CEO Andy Jassy said in a memo to shareholders, which was eventually shared on the firm's website.
The release of disappointing quarterly results prompted selling in Pinduoduo (PDD), with shares of the China-based e-commerce firm dropping 14%. PDD missed projections on both its top and bottom lines, despite revenue that surged 46% to $5.77B.
Gainers
NRG Energy (NRG) advanced in midday trading after the firm received a bullish comment from Bank of America. The firm raised its rating on the energy company to Buy from Neutral.
Analyst Julien Dumoulin-Smith argued that investors have "overlooked the earnings power of NRG's nuclear plus legacy Texas-centric retail business." The BofA expert added that the firm has the "potential for multiple expansion to the extent NRG is able to accelerate the inflection in free cash flow."
A positive analyst comment also sparked gains in TreeHouse Foods (THS). Shares of the food processing company rose 7% after UBS initiated coverage with a Buy rating.
"Looking ahead, we expect incremental capacity to free up for THS as supply chain disruptions moderate, which should enable the company to capitalize on the increased demand for [private label] products," analyst Cody Ross noted.

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