GMC pickup trucks are displayed for sale on a lot at a General Motors dealership in Austin, Texas, Jan. 5, 2023.
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Check out the companies making headlines in midday trading.
4 hours ago
Joby Aviation, Archer Aviation — On Friday, Canaccord Genuity initiated coverage of Joby Aviation and Archer Aviation with a buy rating, saying the urban air mobility firms are positioned for the long term. Joby shares jumped about 9%, while Archer shares rose 3.3%.
Sonoma Pharmaceuticals — Shares surged 24%. Sonoma Pharmaceuticals on Thursday announced an intraoperative pulse lavage irrigation treatment that could replace IV bags for some surgical procedures.
Tesla, General Motors — Tesla rallied 4% and General Motors added nearly 2%. On Thursday, the companies announced a partnership that gives GM access to Tesla’s North America charging stations. GM CEO Mary Barra said it will save the company up to $400 million of its previously announced $750 million investment to build out electric vehicle charging.
DocuSign — DocuSign shares slid 4%. In an earnings call Thursday, CEO Allan C. Thygesen said, “We are seeing more moderate pipeline and cautious customer behavior coupled with smaller deal sizes and lower volumes.” Initially, shares rose in extended trading Thursday after DocuSign beat fiscal first-quarter expectations on the top and bottom lines, posting adjusted earnings of 72 cents a share on $661 million in revenue. Analysts polled by Refinitiv called for earnings of 56 cents a share and $642 million of revenue.
Adobe — Shares popped 3.5% after Wells Fargo upgraded the software stock to an overweight rating, saying AI should drive continued upside for the stock.
Target — Target declined almost 2% after Citi downgraded the retail stock to neutral from buy, saying sales may have peaked at the big-box merchandiser.
— CNBC’s Michelle Fox, Alex Harring and Samantha Subin contributed reporting.
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