Investing.com - Analyst commentary moved a number of big-name individual stocks in midday trading, including Tesla and Snap, while energy stocks were higher as Hurricane Michael threatened the Gulf of Mexico.
Among stocks in the green, Tesla (NASDAQ:TSLA) jumped about 5.2% at 12:09 PM ET (16:09 GMT), while eBay (NASDAQ:EBAY) climbed about 5%.
Tesla rose on a research note from Macquarie, which slapped an outperform rating on the stock with a price target of $430, Barron’s reported. Macquarie lauded Tesla as a “disruptive technology growth company” with a “strong brand presence.”
And eBay rallied despite the lack of any obvious catalyst, though some cited swirling rumors that activist investor Carl Icahn is targeting an investment in the e-commerce platform. The stock has rebounded from an 18-month low hit last week on strong volume.
Snapchat operator Snap (NYSE:SNAP) tumbled about 5% following a MoffettNathanson note that said the company is “quickly running out of money” and might need to raise capital, Bloomberg reported. Snap CEO Evan Spiegel recently set a target for the company to be profitable in 2019.
And supermarket chain Kroger (NYSE:KR) sank about 5% on a Deutsche Bank (DE:DBKGn) downgrade. Deutsche cut the stock to sell from hold and bumped the price target down to $24 from $30, arguing that the company’s strategic plan, including aggressive e-commerce expansion, will cost more than what the Street is modeling in now, TheFly reported.
Meanwhile, energy stocks climbed as crude drilling and production slowed in the Gulf of Mexico region in anticipation of disruption by Hurricane Michael. Michael is now a Category 2 storm as it approaches the Florida Panhandle area.
Crude futures rose 0.8%, while the S&P Energy Sector index gained about 0.9%.
Among the leading stocks in the index were National Oilwell Varco (NYSE:NOV), up about 3.8%, Pioneer Natural Resources (NYSE:PXD), which gained 2.7% and Apache (NYSE:APA), which rose about 2.3%.