An attendee wears a Meta Platforms Inc. Oculus Quest 2 virtual reality (VR) headset at the Telefonica SA stand on day two of the Mobile World Congress at the Fira de Barcelona venue in Barcelona, Spain, on Tuesday, Feb. 28, 2023.
Angel Garcia | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Meta — Shares of the tech giant rose more than 5% after the tech giant announced a dramatic price drop for its higher-end virtual reality headset, the Quest Pro. Wall Street also got bullish on Meta’s artificial intelligence potential. Barclays named Meta as one of the AI beneficiaries, while Morgan Stanley included the company as a top pick in the space, saying the technology is at an inflection point.
Apple — The technology giant advanced 2.6% after Morgan Stanley reiterated its top pick rating, noting the stock has a “catalyst-rich event path” over the next year. The firm predicts the stock could rally more than 20% in the next 12 months.
Costco Wholesale — The retailer’s shares dropped 3.4% after the company’s fiscal second-quarter earnings missed analysts’ expectations. The wholesale retailer reported revenue of $55.27 billion, less than the consensus estimate of $55.54 billion, according to Refinitiv.
Hormel Foods — Shares for the food processing company were down 2.7% after JPMorgan issued a downgrade to underweight for neutral. The firm said that the spam maker’s shares are not “fully de-risked” yet.
Marvell Technology — The chip stock lost 7.3% after Marvell Technology reported mixed quarterly results and provided weak guidance. The company said it expects first-quarter earnings of 29 cents, short of the 41 cents expected, according to StreetAccount. Inventory corrections and the resulting charges are to blame, but management expects the headwinds to subside later in the year.
First Solar — The solar stock gained 5% after UBS said it would be one of the biggest beneficiaries among covered stocks from the Inflation…
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