Stocks making the biggest moves midday: Simon Property, Cisco, Sunrun & more
Check out the companies making headlines in midday trading.
Sunrun -- The solar stock popped 10% after Simmons Energy, a division of Piper Sandler, upgraded the stock to overweight from neutral. The firm said in a note to client that the recent pullback in solar stocks was puzzling and that shares of Sunrun could jump more than 60%.
Simon Property Group - Shares of the real estate company jumped more than 3% after Jefferies upgraded the stock to "buy" from "hold." The Wall Street firm said pent-up consumer demand and less bad debt are good signs for the mall operator.
Morgan Stanley - The bank's shares lost 2.6% despite topping analysts expectations for first quarter earnings on the back of better-than-expected trading and investment banking results. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.
Cisco – Shares of the equipment maker advanced more than 2% after Wolfe Research upgraded the company to an outperform rating. "The resurgence of IT spending, increasing software sales mix, and improving hyperscale play has put the company into the best position it has arguably had in some years," the firm said in a note to clients.
PNC Financial — The bank stock rose about 1.7% following a better-than-expected quarterly report. PNC posted $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue.
Bank of New York Mellon — Shares of the regional bank fell nearly 4% even after Bank of New York Mellon beat analyst estimates in the first quarter. The firm earned 97 cents per share on $3.92 billion in revenue, compared to Refinitiv estimates of 87 cents per share and $3.85 billion in revenue. The stock is still up more than 8% this year.
– CNBC's Maggie Fitzgerald, Jesse Pound, Pippa Stevens, and Yun Li contributed reporting.