Microsoft signage is seen at the company’s headquarters in Redmond, Washington, January 18, 2023.
Matt Mills Mcknight | Reuters
Check out the companies making the biggest moves midday:
Zillow Group — Shares advanced nearly 4% after Evercore ISI upgraded the stock to outperform from in line, saying investors should buy shares ahead of what could be a “rapid recovery” in the housing market. The firm also boosted its price target to $61 from $34, suggesting about 44% upside from Friday’s close.
Microsoft — The technology corporation’s shares rose more than 3% on Monday, pushing its market cap over $2 trillion once again, after Morgan Stanley reiterated its overweight rating for the stock. Microsoft announced its new AI-powered Bing search browser last week.
Twilio — The cloud communication software marker gained 2.8% after announcing plans to cut 17% of its workforce, or roughly 1,500 jobs. Twilio already cut 11% of its workforce in September.
Ralph Lauren — Shares of the apparel giant rose almost 4% after Bank of America upgraded the stock to buy from neutral. The firm also raised its price target, saying the brand is differentiating itself among its peers during this challenging time. The move follows an upbeat earnings report on Thursday when it posted better-than-expected sales for the fiscal third quarter, according to Refinitiv.
Meta — The Facebook parent’s stock rose nearly 3% after the Financial Times reported it is planning another round of layoffs. Meta already let more than 11,000 employees go in November as part of its effort to become leaner and more efficient.
Fidelity National Information Services — Shares dropped 13% after the company gave weak guidance for the first quarter, although it reported a slight earnings and revenue beat for the fourth quarter, according to FactSet. Fidelity also said it will spin off its merchant solutions business.
AllianceBernstein — The financial stock added 2% on the back of an upgrade to outperform from neutral…
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