Stocks making the biggest moves midday: SOFI, CAT, SIRI, BA
Check out the companies making headlines in midday trading: SoFi Technologies — Shares of the online personal finance company jumped around 11.4% after SoFi announced a $2 billion agreement with Fortress Investment Group to grow its loan platform business. Sirius XM Holdings — The audio entertainment stock popped 7.9% after Warren Buffett’s Berkshire Hathaway disclosed that it increased its position in the company. Berkshire bought roughly 3.6 million shares of Sirius last week, bringing its total holdings to more than 108 million shares, according to a securities filing. Crypto stocks — Stocks tied to cryptocurrencies surged as bitcoin gained more than 5% to top $66,000. Mara Holdings and Coinbase extended their gains from the previous session, rising 5.6% and around 11.3%, respectively. AppLovin — The mobile technology stock lost more than 1% following a Goldman Sachs downgrade to neutral from buy. Goldman said AppLovin’s risk-to-reward ratio is more balanced after the stock’s recent outperformance. Boeing — The plane maker’s stock price dipped more than 1% after announcing Friday afternoon that it plans to cut about 10% of its workforce , or about 17,000 individuals. Boeing also said it postponed the delivery of its still-uncertified 777X wide-body plane and forecast a wider-than-expected loss for the third quarter as it continues to face losses amid an ongoing machinist strike. Ibotta — Shares advanced more than 7% after Goldman Sachs upgraded Ibotta, a mobile platform that offers cash-back rewards, to buy from neutral. The bank said the company has attractive growth opportunities, such as through its partnerships with Walmart and Instacart. Flutter Entertainment — The online gambling stock rose more than 4% after Wells Fargo upgraded shares to overweight from equal weight, urging investors to buy the recent dip. Bank of America also reinstated coverage of the FanDuel parent with a buy rating. Caterpillar — The industrial stock fell around 2% after Morgan Stanley downgraded shares to underweight from equal weight. The investment firm cited potential de-stocking ahead and a negative risk/reward backdrop. Hims & Hers Health — The stock popped more than 9% after the U.S. Food and Drug Administration said it would let compounding pharmacies sell their versions of Eli Lilly’s weight loss drug Mounjaro. — CNBC’s Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
