A pedestrian walks past a display of Skechers shoes.
David Paul Morris | Bloomberg | Getty Images
See the companies making headlines at midday.
Skechers — The shoe company gained 1.6% after UBS reiterated its buy rating on the stock. UBS said the Skechers brand and products “continue to resonate with customers around the world.”
Palantir Technologies — Palantir Technologies shares gained more than 1% after the data analytics and software company won a $250 million contract with the U.S. military, working to develop artificial intelligence capabilities and machine learning until 2026.
PepsiCo — The beverage giant gained nearly 2% after reporting a higher third-quarter profit on Tuesday. The company reported adjusted earnings of $2.25 per share on revenue of $23.45 billion, while analysts surveyed by LSEG, formerly known as Refinitiv, forecast earnings of $2.25 per share. $15 per share and revenue of $23.39 billion.
Solar Companies — Shares of solar companies rebounded Tuesday, putting the Invesco Solar ETF (TAN) on track for its best day since March 21. Solar edge added 4.8% and First solar increased by 5.4%. Real estate investment fund focused on sustainable development Hannon Armstrong advanced 9.8%, supported by Baird saying the stock could have 81% upside potential.
Electronic arts — Shares of the video game publisher rose 2.8% after Bank of America upgraded Electronic Arts to buy from neutral. The investment firm said the rebranding of EA’s FIFA franchise is going well, creating upside potential for the title.
Defense stocks — L3Harris Technologies And Northrop Grumman both fell more than 1% on Tuesday. Defense and aerospace companies rose Monday following the start of the war between Israel and Hamas over the weekend.
Rivien — Shares of the electric vehicle maker rose 4.5% after UBS upgraded the stock to buy from neutral. Analyst Joseph Spak said a recent selloff has opened an attractive entry point for investors.
Truist Financial — Stocks jumped more than 6%. Late Monday, Semafor, citing close sources, reported that Truist was in talks to sell its insurance brokerage business to private equity firm Stone Point in a $10 billion deal.
Block — Shares added 5.2% after Bank of America reiterated its buy rating on payments stocks. Analyst Jason Kupferberg cited the stock’s currently cheap valuation and strong fundamentals as catalysts for upside potential.
Akero Therapeutic — Shares of the biotech company fell 62.6% after its cirrhosis drug efruxifermin failed to meet a primary benchmark during its Phase 2B study.
Unity software — The video game software company added nearly 1.1%. On Monday evening, the company announced that John Riccitiello was retiring as CEO of Unity and would no longer serve on its board of directors. The move follows a controversial pricing change announced by Unity in September. James Whitehurst will become interim CEO of Unity.
Arm Holdings — Shares rose 2.7% daily after several bullish calls on the stock. Deutsche Bank and JPMorgan were among the companies that initiated coverage of Arm Holdings with buy ratings on Monday. Companies were positive about revenue growth in the semiconductor sector.
Ameris Bancorp — Shares of Ameris rose 2.3% after DA Davidson upgraded the stock to buy from neutral. The company said capital levels are healthy and appear well protected against unrealized losses from rising rates. DA Davidson also raised its price target by $1 to $44 per share, implying an upside of about 15% from Monday’s close.
— CNBC’s Pia Singh, Tanaya Macheel, Jesse Pound, Michelle Fox, Lisa Kailai Han and Samantha Subin contributed reporting.
