Check out the companies making the biggest moves midday:
Zillow Group — Shares advanced nearly 4% after Evercore ISI upgraded the stock to outperform from in line, saying investors should buy shares ahead of what could be a “rapid recovery” in the housing market. The firm also boosted its price target to $61 from $34, suggesting about 44% upside from Friday’s close.
Microsoft — The technology corporation’s shares rose more than 3% on Monday, pushing its market cap over $2 trillion once again, after Morgan Stanley reiterated its overweight rating for the stock. Microsoft announced its new AI-powered Bing search browser last week.
Ralph Lauren — Shares of the apparel giant rose almost 4% after Bank of America upgraded the stock to buy from neutral. The firm also raised its price target, saying the brand is differentiating itself among its peers during this challenging time. The move follows an upbeat earnings report on Thursday when it posted better-than-expected sales for the fiscal third quarter, according to Refinitiv.
Meta — The Facebook parent’s stock rose nearly 3% after the Financial Times reported it is planning another round of layoffs. Meta already let more than 11,000 employees go in November as part of its effort to become leaner and more efficient.
Fidelity National Information Services — Shares dropped 13% after the company gave weak guidance for the first quarter, although it reported a slight earnings and revenue beat for the fourth quarter, according to FactSet. Fidelity also said it will spin off its merchant solutions business.
AllianceBernstein — The financial stock added 2% on the back of an upgrade to outperform from neutral by Credit Suisse. The firm said AllianceBernstein’s stock is more attractive, especially following the company’s better-than-expected fourth quarter and future guidance.
XPO — Shares of the shipping company rose more than 3% on Monday as XPO’s stock recovered slightly from its heavy losses in the prior week. Shares slid late last week after XPO reported its fourth-quarter results. Morgan Stanley on Monday became the latest Wall Street firm to downgrade XPO, saying the stock could be in the “penalty box” after its latest report.
Fastly — Shares surged 27% after Bank of America double upgraded the stock to buy from underperform. In a note, analyst Tal Liani said Fastly could reach profitability by next year on the back of its core technology and new management team.
Illumina — Shares jumped 6%, recouping losses resulting from its disappointing earnings report last week. Illumina is also one of the stocks Goldman Sachs recently named as one that is “likely to generate the largest alpha.”
— CNBC’s Alex Harring, Hakyung Kim, Jesse Pound, Pia Singh and Michael Bloom contributed reporting.