Midday stock movers: United Airlines, Morgan Stanley, Cisco

Silin Chen
3 min read

In This Article:

The stock market is trading higher midday, recovering from Tuesday’s losses.

The S&P 500 gained 0.29%, while the tech-heavy Nasdaq Composite ticked up 0.11%. The Dow Jones Industrial Average rose 0.56%, and the Russell 2000 Index climbed 1.6%.

Semiconductor stocks are recovering from Tuesday's wipeout. Nvidia gained 2.5%, while Taiwan Semiconductor added 0.5%. AMD traded flat, and Broadcom rose 0.9%.

Except for Nvidia and Tesla, other Magnificent 7 stocks were down midday.

United Airlines disclosed a $1.5 billion share repurchase plan, its first since before the pandemic.
United Airlines disclosed a $1.5 billion share repurchase plan, its first since before the pandemic.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

  • United Airlines  (UAL)  +11.6%

  • Morgan Stanley  (MS)  +6.8%

  • Universal Health Services  (UHS)  +5.6%

  • Delta Air Lines  (DAL)  +5.1%

  • Vistra  (VST)  4.7%

The worst-performing five S&P 500 stocks with midday drops are:

  • Synopsys  (SNPS)  -3.6%

  • Agilent Technologies  (A)  -3.5%

  • Ulta Beauty  (ULTA)  -3.4%

  • Revvity  (RVTI)  -3.1%

  • Tyler Technologies  (TYL)  -2.3%

Stocks also worth noting include:

  • Nvidia  (NVDA)  +2.5%

  • Apple  (AAPL)  -1.2%

  • Tesla  (TSLA)  +0.4%

  • Cisco  (CSCO)  +3.2%

  • Palantir  (PLTR)  -1.5%

Cisco gains on analyst upgrade

Cisco Systems added 2% after Citi upgraded the networking technology stock to buy from neutral, with a price target of $62, up from $52, thefly.com reported.

The investment firm says Cisco will gain from a growing AI ethernet market and sees its valuation gap with competitors narrowing. Although AI is a minor part of Cisco’s business now, Citi sees potential for a bigger impact.

Related: Analyst revamps Nvidia stock price target after investor meetings

Citi expects investors to keep shifting away from semiconductors and hardware toward networking equipment.

Cisco specializes in networking hardware, software, and telecommunications equipment, serving primarily large enterprises, governments and service providers.

United Airlines surges after earnings beat

United Airlines jumped 12% after the carrier posted better-than-expected Q3 earnings.

The company reported adjusted earnings per share of $3.33, beating Wall Street’s consensus estimate of $3.17. Revenue reached $14.84 billion, above the $14.78 billion analysts anticipated.

For the fourth quarter, United expects adjusted earnings of $2.50 to $3 a share, up from $2 a year earlier and aligning with analysts' $2.68 forecast.

Related: United Airlines sounds alarm about competitors’ plans

The airline also disclosed a $1.5 billion share repurchase plan, its first since before the pandemic.

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