Stocks making the biggest moves midday: SoFi, ON Semiconductor, Disney, Sweetgreen and more

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Pedestrians walk by the SoFi Technologies headquarters on February 22, 2022 in San Francisco, California.
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Check out the companies making headlines in midday trading.

SoFi Technologies – Shares of the fintech company popped more than 18% after it reported second-quarter results and lifted its full-year guidance. SoFi Technologies posted a narrower-than-expected loss of 6 cents a share on a GAAP basis. Analysts surveyed by FactSet had expected a 7-cent loss per share.

ON Semiconductor — The chipmaker’s shares jumped 3.2% after it posted an earnings and revenue beat for the second quarter. The company reported $1.33 earnings per share, excluding items, on $2.09 billion in revenue. Analysts polled by FactSet had estimated $1.21 earnings per share and $2.02 billion in revenue.

Disney — Disney climbed 3% after the Financial Times reported that the entertainment giant brought back back former executives Kevin Mayer and Tom Staggs, both of whom were once considered potential successors to Bob Iger.

New Relic — Shares jumped 13.4% after a private equity consortium announced it would take the software company private. The all-cash deal values the company at nearly $6.5 billion and offers $87 per share.

Spero Therapeutics — Shares ascended 14% after the company announced it reached an agreement with the Food and Drug Administration to have a special protocol assessment in its phase 3 trial for a urinary tract infection drug.

Sweetgreen — The salad chain’s shares jumped 11% Monday after an upgrade from Piper Sandler. The firm raised its rating on the stock to overweight from neutral, saying that the tide may be turning for the company.

XPeng — The Chinese electric vehicle maker tumbled 13.6% following a downgrade from UBS to neutral from buy. UBS said the company’s near-term gains may now all be priced in after shares more than doubled in price this year.

Hasbro — The toymaker rose 3% on the heels of Bank of America’s upgrade to buy from neutral. Bank of America said Hasbro could beat earnings expectations when it reports on Thursday, due in part to the success of its cards set tied to “Lord of the Rings.”

GoodRx – The digital health-care platform’s shares surged about 33% midday after Cowen upgraded them to outperform, saying the company’s pharmacy benefit management partnerships – like Express Scripts and CVS Caremark – help generate a new revenue stream but also solidify the company’s position in the health-care ecosystem. Cowen raised its price target to reflect about 78% potential upside.

Adobe — The software stock jumped 3.9% after Morgan Stanley upgraded the shares to overweight from equal weight. The Wall Street firm said while Adobe may have been “late to the party,” the company still stands to gain from artificial intelligence integration across its line of products. Morgan Stanley’s $660 price target represents nearly 25% upside.

Chevron — The oil giant advanced 2.8% after Goldman Sachs upgraded the stock to buy from neutral. The firm said it sees a cash flow inflection for the company.

New York Community Bancorp — Shares of the regional bank traded 1% higher after Deutsche Bank upgraded the stock to buy from hold, citing good execution.

CSX — The railroad stock shed 1.4% after RBC downgraded shares to sector perform from outperform despite noting fluid operations and positive performance in recent quarters.

Wayfair — Shares popped 5% after Piper Sandler upgraded Wayfair to overweight from neutral and raised its price target. The Wall Street firm said Wayfair is improving sales and taking back market share as the home furnishings industry stabilizes.

Salesforce — The cloud company saw its shares dip nearly 1% after Morgan Stanley downgraded the stock to equal weight from overweight. The Wall Street firm said Salesforce’s near-term catalysts, including margin expansion and price increases, are now in the “rear-view mirror.” The stock has gone up 68% this year.

— CNBC’s Hakyung Kim, Yun Li, Sarah Min, Tanaya Macheel and Samantha Subin contributed reporting

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