Check out the companies making headlines in midday trading. Xerox — Xerox shares sank more than 9% after the digital printing company announced plans to cut 15% of its workforce in the first quarter as part of a broader restructuring effort. SoFi Technologies — The financial technology stock tumbled more than 13% following a downgrade by Keefe, Bruyette & Woods to underperform from market perform. The firm cited SoFi’s recent outperformance, as well as concerns that slower origination growth and technology revenues will weigh on the lender’s earnings. Charles Schwab — Charles Schwab dropped nearly 4% after Goldman Sachs downgraded the brokerage firm to neutral from buy, saying that the lower rate outlook could pressure earnings. PGT Innovations — The maker of windows and doors added 3% after announcing an unsolicited buyout offer from Miter Brands valuing the company at $41.50 per share in cash. That’s above the $41 per share deal previously reached with Masonite International. Apple — The iPhone maker’s stock lost nearly 1%, building on its more than 3% loss from the previous session . Suncor Energy — Shares of the Canada-based energy company rose about 5% after reporting fourth-quarter upstream production figures that topped Wall Street’s estimates. The company also said December was its best month ever and upstream production averaged 900,000 barrels per day. AST SpaceMobile — Shares of the space broadband company gained more than 4% after announcing it is looking to close a previously disclosed strategic investment with multiple parties in January. The company also said it obtained initial ground infrastructure orders from two customers. Rocket Companies — The financial services stock sank 9% following a handful of downgrades. Keefe, Bruyette & Woods downgraded Rocket Companies to an underperform rating, citing valuation concerns and expectations for weak mortgage volumes. SentinelOne — Shares slid 4%. The cybersecurity company said it has agreed to acquire cloud security platform PingSafe. The cash-and-stock deal is set to close in the first quarter of SentinelOne’s fiscal 2025. Eli Lilly — The pharmaceutical stock jumped more than 3%. Bank of America named Eli Lilly, maker of weight loss drug Zepbound, a top pick in the new year. The firm said the company is “well positioned to weather competitive threats.” Enphase Energy , SolarEdge Technologies — Enphase Energy slid nearly 7%, and SolarEdge lost close to 5% on Wednesday after the 10-year Treasury yield briefly surpassed 4%. Growth stocks, including solar names, are sensitive to higher rates, which hurt their valuations. — CNBC’s Sarah Min, Michelle Fox and Darla Mercado contributed reporting.
Read the full article here