A whirlwind of activity swept through the stock market midweek, marked by notable moves from several key players. Myriad Genetics saw a 7% bump in shares following an upgrade to overweight by Piper Sandler. In the chip manufacturing sphere, Intel experienced a more than 3% rally after TSMC proposed a joint venture with U.S. chipmakers including Nvidia, Advanced Micro Devices, and Broadcom. Nvidia itself made headlines with a stock surge exceeding 6%, rebounding from a string of weak performances.
Tesla also captured attention with its shares climbing approximately 7% on Wednesday. Loop Capital indicated that the electric vehicle giant's stock presented an appealing entry point for investors amidst recent market fluctuations linked to tariff uncertainties. Despite this rise, Tesla’s shares have faced challenges, slumping around 8% in March and recording a 14% decline in 2025. Moreover, Tesla endured its worst trading session since 2020 earlier this week, with shares down about 40% year-to-date.
Conversely, Target's shares dipped nearly 3%, impacted by a downturn in consumer defensive stocks. Jefferies downgraded Target to a hold rating from buy, citing the sluggish recovery in the solar energy sector and ongoing uncertainties regarding the Inflation Reduction Act.
Groupon emerged as a standout performer, with its shares soaring over 39% after surpassing Wall Street's revenue expectations for the year. The online marketplace forecasts revenue between $493 million and $500 million, outpacing analysts' estimates of $491.5 million. Meanwhile, Sunrun did not fare as well, with its residential solar energy shares plummeting about 7%.
HubSpot enjoyed a 3% increase in stock value following Barclays' upgrade to overweight. Similarly, Crocs advanced by 3%, buoyed by Loop Capital's decision to elevate its rating from hold to buy.
PepsiCo faced a different trend, with its stock edging down nearly 3% after Jefferies issued a downgrade to hold. This reflects broader investor sentiment and cautious outlooks within certain sectors.