Stocks making the biggest moves midday: Apple, Snap, Costco & more

Stock Market

Chad Dickerson, Chairman and CEO of Etsy rings the Nasdaq Opening Bell in Celebration of IPO at Nasdaq on April 16, 2015 in New York City.

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Check out the companies making headlines in midday trading:

Etsy — Shares of Etsy rose 1.1% after Nomura Instinet began covering the stock with a buy rating, saying the company created “the leading marketplace for unique craft and vintage goods, with consistent management execution since 2017 that has reaccelerated the business.” Nomura sees Etsy shares climbing 25%, adding that it expects the company’s profit margins to improve as Etsy continues to expand its reach.

Snap — The social media company gained nearly 2% in midday trading after Morgan Stanley upgraded the stock to equal-weight from underweight. The firm said “strong” top-line momentum and “faster” ad revenue growth will lead to “higher profitability.”

Apple — The iPhone maker rose 2.3% Apple on Friday after a report that it is increasing the production of its iPhone 11 models by about 10%. Japan’s Nikkei news reported that Apple is bumping production by about 8 million units amid demand for the least expensive of the new models.

HP Inc. — HP said on Thursday that it will cut up to 16% of its workforce up to 9,000 workers, sending shares tumbling more than 9% on Friday. The computer and printer maker added that it will make cuts via a combination of employee departures and voluntary early retirement, with expected annual cost savings of about $1 billion by the end of fiscal 2022.

Apache — Shares of the oil and gas exploration company sank about 7% by lunchtime after a Morgan Stanley analyst warned that it’s the “most exposed” to a fall in natural gas prices. Wrote Devin McDermott: “Risks include commodity prices, Permian takeaway constraints impact on crude/gas realizations, disappointing well results and service cost inflation.”

Costco — The wholesale retailer rose about 1% after it reported quarterly profit of $2.69 per share, topping Wall Street’s expectations. Disappointing comparable-store sales came in below estimates, however, and kept the stock’s gains in check.

– CNBC’s Michael Sheetz and Pippa Stevens contributed reporting.

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