Tech Giants Lead Market Movements
Apple shares reportedly climbed 4% during midday trading following positive news about its latest smartphone lineup. According to Counterpoint research, the iPhone 17 series has outsold the iPhone 16 series in both China and the U.S. during the first 10 days of availability. Analysts suggest this stronger-than-expected iPhone demand prompted Loop Capital to upgrade the stock from hold to buy.
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In other tech movements, Oracle shares fell more than 4% after management meetings reportedly contained what analysts described as a “lack of surprises.” Sources indicate continued concerns surrounding the economics of cloud deals, with JPMorgan downgrading the company’s credit rating from overweight to neutral. The report states analysts flagged meaningful capital needs and limited visibility into Oracle’s financing strategy amid broader industry developments in cloud infrastructure.
Mining and Materials Sector Activity
Cleveland-Cliffs soared 24% after the steelmaker announced it’s exploring expansion into rare earths mining. CEO Lourenco Goncalves stated, “We are working with the geologists to assess whether these deposits could become commercially viable.” The company’s third-quarter results reportedly topped expectations, with adjusted EBITDA reaching $143 million against a FactSet consensus estimate of $127.9 million.
The broader rare earths sector traded higher following reports that Australia’s prime minister plans to offer his nation’s resource holdings to President Donald Trump after China moved to limit its rare-earth element exports to the U.S. United States Antimony rose 4%, while USA Rare Earth climbed 8% amid these geopolitical market trends affecting critical materials.
Biotech and Healthcare Developments
WW International, the owner of Weight Watchers, jumped 12% after announcing a partnership with Amazon. According to reports, WW International is working with the e-commerce giant to deliver medications including injectable GLP-1 treatments for obesity, representing significant innovation in digital health delivery.
Tempus AI climbed over 8% after Canaccord Genuity began research coverage with a buy rating and a 12-month price target of $110. Analysts suggest the medical technology company should continue to benefit from the early 2025 launch of xT CDx and FDA approval of xR IVD in the second half of 2025, positioning it well within related innovations in healthcare technology.
Exelixis slumped 13% after publishing detailed results from the STELLAR-303 trial of zanzalintinib to treat colorectal cancer. Summit Therapeutics slid more than 5% as the company reported non-GAAP research and development expense totaling $90.5 million in the third quarter, exceeding analyst estimates of $79 million.
Additional Notable Market Movers
KLA Corp. added 4% after Barclays upgraded it to overweight from equal weight. According to the analysis, the semiconductor equipment maker benefits from “increased process control intensity and its exposure to Leading Edge where we expect strong growth looking ahead.”
Archer Aviation surged 5% after signing an agreement with Korean Air to commercialize its Midnight eVTOL aircraft in Korea. The deal reportedly includes the purchase of up to 100 Midnight aircraft by Korean Air, representing significant progress in recent technology adoption in the aviation sector.
Regional banks continued their recovery from last week’s scare tied to bad loans, with the SPDR S&P Regional Banking ETF advancing 1.4%. Zions Bancorp and Western Alliance rose 0.8% and 0.4% respectively, while Triumph Financial jumped 8% amid improving sentiment toward the banking sector.
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AMD climbed almost 4% after Bank of America raised its price target to $300 per share from $250 while maintaining its buy rating. The chipmaker’s performance reflects ongoing strength in semiconductor stocks despite broader market volatility and evolving market trends in computing technology.
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