Stocks making the biggest moves midday: Goldman Sachs, AMD, Oklo, Circle Internet & more

Midday trading saw notable stock movements, with Advanced Micro Devices (AMD) jumping 9% on robust long-term data center revenue growth targets and On Holding surging 19% after raising guidance for the third consecutive quarter. Financial operations firm BILL Holdings and cloud-native platform Clearwater Analytics also rose significantly on reports of potential sales. Conversely, Alkermes dropped 9% following mixed Phase 2 drug trial results, while GlobalFoundries fell over 3% despite exceeding Q3 earnings expectations, and bank stocks broadly gained as Treasury yields declined.

Analysis

Advanced Micro Devices (AMD) surged 9% following an internal forecast of 60% annual data center revenue growth over the next three to five years, signaling robust long-term prospects in a key growth segment. Similarly, On Holding (ONON) climbed 19% after exceeding revenue and earnings estimates and raising its forward guidance for the third consecutive quarter, indicating strong operational momentum and brand strength. These movements highlight investor confidence in companies demonstrating clear growth trajectories and positive outlooks.

M&A speculation provided significant boosts, with BILL Holdings (BILL) and Clearwater Analytics (CWAN) rising nearly 12% and 9% respectively, on reports of potential sales to larger rivals or private equity. Concurrently, bank stocks, including Goldman Sachs (+3.8%) and JPMorgan Chase (+1%), saw broad gains, with the Financial Select Sector SPDR Fund (XLF) climbing 1%, driven by declining Treasury yields which typically improve lending margins. This indicates that M&A catalysts and macro-economic shifts are strong market movers.

Conversely, Alkermes (ALKS) dropped 9% as its ALKS 2680 narcolepsy drug, while advancing to Phase 3, may require higher or split dosing for effectiveness, introducing development uncertainty. GlobalFoundries (GFS) fell over 3% despite beating Q3 earnings and revenue estimates, suggesting investor focus on future outlook or competitive pressures beyond immediate results. Circle Internet (CRCL) also declined 11% despite beating expectations, potentially reflecting broader stablecoin market concerns or its 40% decline over the past three months.

Key Decisions for Investors

• Investors should prioritize companies demonstrating robust long-term growth targets and consistent upward revisions in guidance, such as AMD and On Holding, for potential alpha generation
• Evaluate M&A speculation as a significant short-term catalyst for companies like BILL Holdings and Clearwater Analytics, but be mindful of deal certainty and valuation implications
• Exercise caution with biotech firms facing development uncertainties post-trial results and companies where positive earnings are overshadowed by broader market or sector-specific concerns
• Monitor macro-economic shifts, like declining Treasury yields, for their potential to create sector-wide tailwinds in areas like financial services