Stocks making the biggest moves midday include Moderna, Robinhood, BJ’s Wholesale, Coinbase, and several others after a volatile trading session.
Moderna and the biotech rally
The biotech stock resumed its winning ways on Friday, popping more than 10%. Shares surged nearly 177% on Wednesday after a cancer vaccine from Merck and Moderna showed positive results in a late-stage trial. Moderna shares took a breather on Thursday as investors locked in gains and sold the stock, pushing it down almost 24%. Merck last traded up 2%.
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Crypto stocks rally on Washington policy hopes
Crypto-related stocks rose broadly as bitcoin continued its march higher on Friday, with the digital currency on pace to end the week more than 20% higher. Shares of Robinhood surged 12%, Coinbase’s stock gained more than 8%, and shares of Strategy added 6%. Bitcoin got a boost after the White House hosted crypto leaders and urged Congress to pass the Clarity Act, a bill focused on crypto infrastructure and clearer layout on which federal agencies would regulate crypto. [1]Starting a UK business has become increasingly accessible with recent legislative efforts aimed at simplifying the process.
BJ’s Wholesale beats estimates
Shares gained 4% after the wholesale retailer posted better-than-expected results for the second quarter. BJ’s earned $1.36 per share, excluding certain items, on revenue of $6.09 billion. Analysts polled by FactSet expected a profit of $1.17 per share on revenue of $5.97 billion. The company also increased its earnings per share guidance for the fiscal year to $4.60 and $4.80 from $4.40 to $4.60.
Other notable movers
- Ross Stores: Shares were up over 4% after the retail company posted second-quarter results that exceeded analyst expectations. Ross Stores also issued third-quarter earnings guidance that outperformed estimates.
- Broadcom: Shares are up nearly 1% after Bloomberg News reported, citing sources, that the semiconductor manufacturer was planning to raise over $60 billion in debt for a deal to support Anthropic.
- OSI Systems: Shares dropped almost 10% after fourth-quarter revenue fell short of expectations. The maker of electronic systems and components reported adjusted earnings of $3.78 per share on revenue of $484.1 million, while analysts polled by FactSet sought $3.77 per share and $529.7 million. OSI’s revenue guidance for the fiscal year ending in June 2027 also narrowly missed the Street’s expectations.
- The Boston Beer Co.: Shares dropped 3% after the maker of Twisted Tea announced that Chief Financial Officer Diego Reynoso will be leaving the company on Sept. 14. He’ll be joining Ingredion as its new finance chief.
- O-I Glass: The glass container manufacturer’s stock jumped 10%. Citi upgraded shares to buy from neutral and lifted its price target to $9 from $8, suggesting 41% upside from Thursday’s close.
- InnovAge: The senior care services provider’s stock jumped 2%. KeyBanc upgraded shares to overweight from sector weight after analysts met with management and visited one of InnovAge’s centers.
- Parsons: The tech provider with a focus on national security saw its shares jump 4% after Baird lifted its price target to $57 from $48 and upgraded the stock to outperform from neutral. The new price target suggests about 24% upside.
