Stocks making the biggest moves midday: Lucid Group, Elevance Health, Albemarle, PepsiCo & more
Check out the companies making the biggest moves midday: Steven Madden — The fashion footwear company jumped more than 5% after Citi upgraded the stock to buy from neutral. The Wall Street firm said the market is underappreciating the acquisition of UK-based Kurt Geiger, while a favorable shift towards dress shoes and away from sneakers should benefit its core business. Lucid Group — Shares of the electric vehicle maker surged 31%. That rally came after a press release Thursday morning showed at least 20,000 Lucid vehicles will be deployed over the next six years using Nuro Driver technology through Uber’s ride-sharing platform. Elevance Health — Shares stumbled 16% after the health insurance provider posted second-quarter earnings of $8.84 per share, while analysts polled by LSEG had expected $8.95 per share. However, the company’s $49.42 billion revenue exceeded expectations of $48.23 billion. Monarch Casino & Resort — The gaming stock surged 19% after Monarch reported that its net income jumped 19% year over year in the second quarter. Earnings per share of $1.44 came in above the FactSet consensus of $1.20 expected by analysts. Casino revenue was also up 12.1% year over year. Sonic Automotive , Group 1 Automotive — The auto retailers fell 9% and 7.5%, respectively, after being downgraded by JPMorgan. The bank lowered its rating on Sonic to underweight from overweight and moved Group 1 to neutral, noting there’s “little fundamental support for franchise dealers near-term with valuation above LT averages.” Albemarle — The stock popped 6% after the Chinese government ordered Zangge Mining to halt operations in the Qinghai region of the country, sending lithium prices higher. PepsiCo — The snack and beverage company rose 7% following its second-quarter beat on both the top and bottom lines. Adjusted earnings came in at $2.12 per share on revenue of $22.73 billion. Analysts polled by LSEG expected a profit of $2.30 per share on revenue of $22.28 billion. Taiwan Semiconductor Manufacturing — Shares of the chip manufacturer added 4% after the company’s second-quarter profit rose 61% from the year prior, hitting a record high and beating estimates. GE Aerospace — Shares of the jet engine maker ticked up about 2% after second-quarter results beat expectations. GE Aerospace reported $1.66 in adjusted earnings per share on $10.15 billion of adjusted revenue. Analysts were expecting $1.43 per share and $9.59 billion, according to FactSet. GE Aerospace also raised full-year guidance on several metrics. U.S. Bancorp — The stock slipped 1% after the bank’s second-quarter total net revenue came in at $7 billion, short of the $7.05 billion expected from analysts polled by LSEG. Net interest margins also missed expectations. Cars.com — Shares of the online car marketplace gained 4% following an upgrade at JPMorgan to overweight from neutral. The bank cited growth of new vehicle inventory and potentially overstated tariff fears for the call. Toast — The payment tech company advanced 2% after Deutsche Bank resumed coverage of the stock with a buy rating. The bank said Toast has strong value propositions that will result in market share gains and long-term success. United Airlines — Shares gained 2% on better-than-expected earnings . The company earned an adjusted $3.87 per share, beating an LSEG estimate of $3.81 per share. However, the airline issued disappointing earnings guidance for the full year. Archer-Daniels-Midland — Shares of the food processing company, which supplies high-fructose corn syrup, sank 3% after President Donald Trump said Coca-Cola will start to be made with cane sugar. Coca-Cola didn’t commit to the change when asked by NBC News . Sarepta Therapeutics — The biotech stock surged 19% after the medical research and drug development company laid off roughly 500 workers, or 36% of its workforce, as part of its strategic restructuring plan . Sarepta said the move would save the company about $120 million in annual cash cost savings in 2026. Abbott Laboratories — Shares slid 8% after the health care company’s third-quarter guidance fell short of Wall Street’s expectations. Abbott anticipates earnings between $1.28 to $1.32 per share, versus the $1.34 per share expected from analysts polled by FactSet. However, second-quarter adjusted earnings and revenue both topped expectations. Shake Shack — The stock slipped 1% following a downgrade at Jefferies to underperform from hold. The firm believes shares are baking in too much optimism around near-term same-store-sales trends.
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