Wall Street's midday movers on Monday delivered a mix of tech optimism, industrial surprises, and biotech setbacks. From Apple’s iPhone 17 momentum to Cleveland-Cliffs' rare earths ambitions, here's a rundown of the stocks making headlines.
Apple Pops on iPhone 17 Sales
Apple (AAPL) jumped 4%, leading the Dow, after Counterpoint Research reported that the iPhone 17 series outsold the iPhone 16 in both the U.S. and China during its first 10 days on shelves. Loop Capital upgraded the stock to buy from hold, citing stronger-than-expected demand. The base model has been particularly popular, reinforcing hopes that Apple may be regaining its footing in key markets.
KLA Corp. Gets a Boost
KLA Corp. (KLAC) rose 4% after Barclays upgraded the semiconductor equipment maker to overweight. Analysts pointed to long-term growth in process control intensity and KLA’s exposure to leading-edge chipmaking, where demand is expected to remain strong.
Cleveland-Cliffs Rockets Higher
Cleveland-Cliffs (CLF) surged 24% after announcing it is exploring a move into rare earths mining. CEO Lourenco Goncalves said the company is working with geologists to assess commercial viability. The steelmaker also beat Q3 expectations, posting $143 million in adjusted EBITDA versus a FactSet consensus of $127.9 million, while lowering its capital spending forecast.
Rare earth peers also rallied after reports that Australia’s prime minister plans to offer U.S. access to its resource holdings. United States Antimony (UAMY) rose 4%, while USA Rare Earth gained 8%.
Biotech: Winners and Losers
- WW International (WW) jumped 12% after announcing a partnership with Amazon to deliver GLP-1 obesity treatments.
- Summit Therapeutics (SMMT) fell 5% after reporting higher-than-expected R&D expenses and weaker trial comparisons versus partner Akeso.
- Exelixis (EXEL) slumped 13% following disappointing colorectal cancer trial results for zanzalintinib.
- Tempus AI (TEM) climbed 8% after Canaccord Genuity initiated coverage with a buy rating and a $110 price target, citing strong prospects for its diagnostics pipeline.
Aviation, Energy, and More Movers
- Archer Aviation (ACHR) rose 5% after signing a deal with Korean Air to commercialize its Midnight eVTOL aircraft, with up to 100 units on order.
- Liberty Energy (LBRT) added 6%, extending Friday’s rally, as upbeat sales commentary offset weaker Q3 revenue.
- Hologic (HOLX) gained 2.5% on reports that Blackstone and TPG are nearing a $17 billion acquisition.
- Cooper Companies (COO) jumped 4% after activist investor Jana Partners disclosed a stake and plans to push for strategic changes.
- Robinhood (HOOD) rose 6% after filings showed several large investors increased their stakes.
Tech and Financials
- AMD (AMD) climbed nearly 4% after Bank of America raised its price target to $300 from $250.
- Oracle (ORCL) dropped 4% after analysts flagged concerns about cloud deal economics and capital needs; JPMorgan cut its rating to neutral.
- Progressive (PGR) fell 3% after Morgan Stanley downgraded the insurer, citing growth deceleration and CPI headwinds.
- Regional banks ticked higher, with Zions (ZION) and Western Alliance (WAL) posting modest gains, while Triumph Financial (TFIN) jumped 8%. The SPDR S&P Regional Banking ETF (KRE) rose 1.4%.
- Applovin (APP) slid 4% after renewed regulatory scrutiny over its data practices.
The Bottom Line
From Apple's iPhone sales surge to Cleveland-Cliffs' rare earths pivot, Monday's session highlighted how quickly narratives can shift across sectors. Tech optimism, industrial expansion, and biotech volatility all played their part in shaping midday market action.