The 2023 Apple Worldwide Developers Conference logo is displayed on a smartphone screen.
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Check out the companies making headlines in midday trading Friday.
Apple — Shares of the tech giant gained more than 1%, bringing the company’s market value to more than $3 trillion, a milestone first achieved in January 2022. Citi also slapped a $240 price target on the stock, the highest on the Street.
Coinbase – Shares of the crypto services company slid 4% midday, pressured by a dip in the bitcoin price that followed a Wall Street Journal that the SEC is calling recent bitcoin ETF filings inadequate. Coinbase is the crypto custody partner for BlackRock, whose bitcoin ETF filing earlier this month set off a wave of followers and a rally in the price of bitcoin and Coinbase shares.
Pacific Biosciences — The biotech stock popped 5.8% after Goldman Sachs initiated coverage at a buy, noting the company could be at an inflection point with a new sequencing instrument.
SolarEdge — The solar stock rose 3.3% after Bank of America raised its price target to $396 from $379. The new target implies upside of more than 50% from Thursday’s close. The bank also said it has a healthy setup diversified structural growth story.
Bright Health Group — Shares added 2.6% in midday trading after the health insurer announced a deal to sell its California Medicare Advantage business to Molina Healthcare for roughly $600 million.
Nike — Shares of the sneaker giant fell 2.5% after Nike posted its first earnings miss in three years and reported a decline in margins for its fiscal fourth quarter, which it attributed to higher product input costs, elevated freight and logistics costs, an uptick in promotions and unfavorable currency exchange rates.
Meta Platforms — The social media stock added 2.1% after the UK’s Competition and Markets Authority closed its investigation into the company’s sale of Giphy to Shutterstock.
Xpeng — The Chinese electric vehicle maker surged more than 12% after unveiling its G6 SUV, which Xpeng is pricing competitively with Tesla’s popular Model Y.
Carnival — The cruise stock climbed more than 8% after an upgrade from Jefferies to buy from hold, citing leadership changes and an improved outlook.
— CNBC’s Alex Harring, Tanaya Macheel and Sarah Min contributed reporting
