Stocks moved across sectors on midday trading updates, with steep gains in select technology and consumer names and losses concentrated in parts of the chip complex and media. Meta Platforms extended its weekly rally after a Reuters report tied the company’s AI efforts to a September chip production plan, while SK Hynix surged following its Nasdaq debut and a large initial public pricing for its American depositary receipts. In other news, Seagate rose on a broker upgrade, WD-40 climbed after results and raised guidance, and Delta dipped despite a reported earnings beat.
Key takeaways
- Meta Platforms jumped nearly 6% on a Reuters report about AI chip production timing, reinforcing optimism around lower compute costs.
- SK Hynix surged about 17% after pricing its American depositary receipts at an initial level that raised $26.5 billion, drawing strong demand from U.S. investors.
- Chip stocks including Marvell Technology and Intel fell roughly 3% after SK Hynix’s debut, suggesting rotation within the semiconductor supply chain.
- Seagate rose almost 2% after Wells Fargo reiterated an overweight stance and lifted its price target, pointing to a path for future earnings and capital returns.
- WD-40 rallied 10% after third-quarter adjusted earnings beat expectations and the company increased full-year guidance.
What drove the biggest stock moves
Meta Platforms shares rose almost 6%, extending a weekly gain of more than 14%, its strongest run since early 2024. The catalyst was a Reuters report indicating that Facebook is looking to put an AI chip into production in September, with the report suggesting compute costs could come in below Wall Street expectations. Investors appeared to focus on the potential for improved unit economics as Meta ramps AI infrastructure.
SK Hynix was the standout mover in semiconductors after opening on Nasdaq at $170 and climbing roughly 17% as U.S. demand for the listing surged. The company’s American depositary receipts priced at an initial level of $149 and raised $26.5 billion, financing expansion plans that include investment in new factories and equipment. The debut set a tone for how U.S. investors are valuing South Korea’s semiconductor capacity story.
Other chip names declined as SK Hynix’s debut changed the relative winners and losers within the space. Marvell Technology and Intel each fell about 3%, reflecting a rotation effect even as investor appetite for semiconductors remained evident in SK Hynix’s listing.
Analyst actions and results support select winners
Seagate Technology gained nearly 2% following a Wells Fargo upgrade to overweight from equal weight. The bank said the company’s recent pullback made the stock a more attractive entry point, and it raised its price target to $1,100. Wells Fargo’s thesis pointed to an eventual path to more than $50 per share in earnings over time, alongside expectations for added capital returns through share buybacks and dividends.
WD-40 jumped 10% after posting third-quarter results. The company reported adjusted earnings of $2.33 per share, above the $1.56 per share expected by analysts surveyed by FactSet. WD-40 also increased its full-year guidance, providing investors with both an earnings beat and a forward-looking catalyst.
Delta Air Lines fell more than 2% even after its second-quarter earnings beat on both the top and bottom line. According to CNBC, CEO Ed Bastin said he expects pricing power tied to the earlier surge in jet fuel costs to persist even as oil prices fall. Despite the earnings strength, the stock’s decline suggested investors may have been weighing expectations for the durability of pricing power against a changing fuel-cost environment.
Corporate and regulatory headlines shift sentiment
Certain fintech and telecom-related headlines lifted stocks. Circle Internet Group rose about 6% after receiving approval from the U.S. Office of the Comptroller of the Currency to launch its crypto-focused bank. In a statement, CEO Jeremy Allaire described the approval as a key step in bringing blockchain technology into the core of the financial system.
Vodafone’s U.S.-listed shares jumped 13% after Reuters reported that French billionaire Xavier Niel took a 16% stake in Vodafone valued at about $6 billion, making him the largest holder. The move highlighted how major shareholder activity can quickly reshape investor expectations around capital structure and strategic direction.
Media and entertainment-related developments weighed on other names. Netflix fell about 3% after a Wall Street Journal report said the streaming company discussed adding live television channels and exploring bundling its offerings with other streaming services. The Journal also cited subscriber engagement signs of decline, adding pressure on the growth narrative.
In addition, Lamar Advertising declined nearly 3% after Citigroup cut its recommendation to neutral from buy. The billboard company expects adjusted funds from operations per share of $8.50 to $8.70 in 2026, while Citi forecast $8.72 per share; Citi said the risk-reward setup is unfavorable.
Shopify rose almost 2% following a Stifel upgrade to buy. The broker argued that Shopify can continue to execute further share gains in e-commerce. By contrast, a broader set of chip-related moves showed that strong demand for a new listing does not automatically lift every semiconductor peer.
What to watch next
Investors are likely to keep an eye on follow-through in AI-related infrastructure spending signals from Meta and on trading liquidity after SK Hynix’s debut. With earnings season still shaping near-term expectations for margins and guidance, the next focus is on how companies substantiate revenue and earnings trajectories—especially in airlines, data storage, and consumer industrials. Additional catalysts to watch include broker revisions tied to sector pullbacks and upcoming company updates on capital returns, guidance, and operational performance.
