Hot Stocks: GLW, ADBE rise on analyst upgrades; TSLA gains on deal with GM; QS, MTN fall
cemagraphics
Heavyweight technology names helped lift major market indices higher during Friday's midday session. While investors wait for inflation data and the Fed's next interest rate decision, the S&P has reached a 20% rebound from its most recent low, ending a bear market and beginning a new bull market.
Looking at specific stocks, Corning (NYSE:GLW) and Adobe (NASDAQ:ADBE) shares increased following an analyst upgrade, while QuantumScape (NYSE:QS) saw a decline following an analyst downgrade.
Meanwhile, Tesla (NASDAQ:TSLA) stock rose following an agreement with General Motors (NYSE:GM), while Vail Resorts (NYSE:MTN) stock fell following poor third-quarter earnings.
Gainers
Adobe (ADBE) stock gained as much as 4% after Wells Fargo upgraded the stock to Overweight from Equal Weight, raising the price target to $525 from $420. Wells Fargo analysts said the AI debate continues to drive Adobe.
Corning (GLW) shares rose 3.5% after Morgan Stanley upgraded the stock to Overweight from Equal Weight, raising the price target to $38 from $35, describing the companyâs valuation as âderisked.â The analysts sees opportunity for positive estimate revisions over the coming 12 months, building up to an attractive risk/reward.
Tesla (TSLA) shares rose almost 6% after General Motors revealed plans to use Tesla's electric vehicle charging network, as well as to use Tesla's North American Charging Standard port in its vehicles beginning in 2025.
Decliners
QuantumScape (QS) shares slid more than 8.5% after Wolfe Research downgraded the company to Underperform from Peer Perform with a price target of $2. Analyst Shreyas Patil and his colleagues have cautioned that the route to commercialization of their solid-state lithium-metal battery technology will be long and speculative. The unclear path for QuantumScape (QS) to reach major revenue contracts and profitability is anticipated to keep investors cautious in the short term.
Vail Resorts (MTN) shares plunged as much as 7% after the company reported lower-than-expected Q3 earnings and narrowed guidance. The company expects full-year Resort Reported EBITDA between $837M to $853M vs. a prior forecast for $828M to $860M.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.
More on the markets:
Nasdaq, Dow rise as technology stocks gain; S&P 500 pushes further into bull market.
4 stocks to watch on Friday: DocuSign, Nio and more
June 2023: The Market Today And Where It's Headed
May CPI Report Preview: Inflation Is Settling At 5%
You May All Be Wrong About Liquidity
Where The Market Is Headed Next