Midday Market Movers: eBay, Sandisk, Meta Platforms, IonQ, Lumentum Among Stocks Reacting to News
Several stocks saw significant movement in midday trading due to a mix of sector-specific developments and analyst upgrades. Memory chip companies like Micron Technology, Seagate Technology, Western Digital, and SanDisk fell as Chinese firm CXMT announced plans for next-generation memory chips that could compete with U.S.-based producers. The Roundhill Memory ETF also dropped 4%. In contrast, eBay surged over 5% after Morgan Stanley upgraded the stock to a top pick with an increased price target of $132. Meta Platforms rose more than 3%, fueled by speculation about its upcoming AI model codenamed Watermelon. Optical stocks like Ciena and Lumentum declined as investors rotated out following last week’s rebound in AI-related plays. Salesforce, First Solar, Biogen, SLM, and Mattel all saw gains after receiving upgrades from major banks such as Bank of America, Truist, JPMorgan, Morgan Stanley, and Seaport.
Tickers: $AAOI $BIIB $CIEN $CRM $EBAY $FSLR $IONQ $LITE $MAT $META $MU $SLM $SNDK $STX $WDC
Topics: ai biotech e-commerce memory_chips optical_equipment renewable_energy software