Technology and Software Stocks Show Mixed Performance
Technology companies demonstrated varied performance during midday trading, with several notable movers capturing investor attention. Oracle shares reportedly declined approximately 7%, giving back a portion of Thursday’s gains despite the company confirming a significant cloud computing partnership with Meta. According to analysts, the pullback suggests profit-taking following the previous session’s rally.
AppFolio, a cloud-based business software provider, reportedly climbed 7% after receiving an upgrade to overweight from equal weight at KeyBanc. Sources indicate the firm set a 12-month price target of $285, according to FactSet’s StreetAccount service. Meanwhile, AST SpaceMobile shares dropped 6% after more than doubling in value over the past month. Barclays reportedly double-downgraded the space-based broadband cellular network company’s investment rating to underweight from overweight while maintaining its price target at $60.
Pharmaceutical and Biotech Developments
Revolution Medicines jumped 10% after announcing that the Food and Drug Administration granted a voucher for daraxonrasib (RMC-6236) under the National Priority Voucher pilot program. The multi-selective inhibitor is reportedly aimed at treating patients with metastasis in pancreatic ductal adenocarcinoma and non-small cell lung cancer, according to company statements.
Novo Nordisk and Eli Lilly both declined between 3% and 4% following comments from President Donald Trump suggesting obesity drug costs could be “much lower.” However, sources indicate that Dr. Mehmet Oz, administrator of the Centers for Medicare & Medicaid Services, noted that pricing for the popular GLP-1 medications had not yet been negotiated by the White House. The developments highlight ongoing discussions about obesity treatment affordability amid broader industry developments.
Financial Sector Earnings and Upgrades
Financial institutions showed mixed results amid third-quarter earnings season. American Express added 6% after reportedly beating expectations and raising its full-year guidance. According to the analysis, the company earned $4.14 per share on $18.43 billion in revenue, exceeding analyst projections.
Jefferies shares jumped 4.2% following Thursday’s plunge of more than 10%. Oppenheimer reportedly upgraded the stock to outperform on Friday, with analysts suggesting Jefferies’ exposure to First Brands appears “very limited.” Regional banks also ticked higher after driving down the broader market on Thursday, with Zions rallying more than 4% on a Baird upgrade and Western Alliance bouncing 2% higher.
State Street fell more than 3% despite reporting mixed results for the third quarter. According to reports, while earnings and revenue beat expectations, net interest income of $715 million came in below FactSet estimates of $740.2 million. The performance reflects ongoing challenges in the financial sector amid market trends.
Additional Notable Market Movers
CSX, the Jacksonville, Florida-based railroad, added 3% following better-than-expected earnings for the third quarter. The company reportedly earned adjusted earnings of 44 cents per share on $3.59 billion in revenue, exceeding analyst expectations.
Interactive Brokers Group fell 3% despite posting an expectation-beating earnings report for the third quarter. According to the report, Interactive Brokers recorded earnings of 57 cents per share, excluding items, and $1.61 billion in revenue, topping analyst projections.
Core Scientific fell more than 5% after CoreWeave responded to a letter from investor Two Seas Capital that opposed the company’s acquisition. CoreWeave reportedly called its offer “best and final,” signaling potential conclusion to negotiations. The situation highlights how recent technology companies are navigating complex acquisition landscapes.
Micron Technology traded 2% lower after Reuters reported, citing sources, that the company would exit the server chips business in China. According to sources, Micron’s business in the Asian country had failed to recover following a 2023 ban on its products in critical infrastructure, reflecting challenges in the global technology supply chain measured in United States dollar terms.
Intuitive Machines rallied 3% following Deutsche Bank’s upgrade to buy from hold. Analysts suggest the stock’s risk-to-reward ratio appears attractive and that the business has commercial catalysts on the horizon. The movement demonstrates ongoing investor interest in related innovations within the space technology sector.
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