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LivestreamMenuHere are some of the companies making headlines in midday trading. Asset managers – A slate of asset managers surged on Tuesday following news that Nvidia is partnering with a half-dozen firms in a bid to line up more than $500 billion in financing for hyperscalers and frontier artificial intelligence labs to build out data centers. Nvidia was last marginally lower. Partnering firm Blackstone advanced 4%, while Apollo and KKR both rose more than 6%. Jabil – The builder of circuit boards popped 5% on the back of an upgrade to buy from UBS. “We upgrade Jabil to Buy on a multiyear growth cycle fueled by AI investment from Amazon, Meta, and Google, rising healthcare demand as capacity comes online, and scaling automation and robotics markets,” analyst David Vogt said. AppLovin – The mobile tech company lost 5% after Bank of America downgraded shares to neutral. The firm said risks to AppLovin’s revenue growth forecast have increased. Bank of America also trimmed its price target to $400 from $430. Aramark — The operator of cafeterias, hospital kitchens and sports stadium food stands climbed 9%. Fiscal third-quarter revenue and earnings per share topped Street estimates, and Aramark raised its full year forecast for internally-generated revenue growth, StreetAccount said. Under Armour — Shares dropped 8% for the Baltimore-based sports apparel maker after Barclays downgraded Under Amour to an underweight rating from equal weight on Tuesday. Barclays said the company’s market share loss from “heightened competition,” no brand pricing power to make up for tariff and input costs and long product lead times as reasons for the downgrade. The analysts kept Under Armour’s price target at $5.00. Aecom — The infrastructure consulting firm shed nearly 7% on the back of its third quarter report. Revenue for the period came in at $3.59 billion, reflecting a 14% decline from the year-ago period. The company also posted an adjusted loss of 50 cents a share. A construction management project charge weighed on results. SpaceX – Elon Musk’s rocket company dropped nearly 5% on the day. Shares are about to snap a three-day losing run in which they climbed over 28%. Life360 — The developer of location sharing mobile applications plunged 25%. Second-quarter adjusted EBITDA beat Street estimates but StreetAccount said analysts largely attributed that a one-time tariff benefit and timing of costs. The stock had climbed 47% in the three months going into the results. Upwork — Shares in the virtual temp agency slumped 13%. Third-quarter guidance for earnings per share, revenue and adjusted EBITDA all trailed analyst estimates, while full year guidance declined from what Upwork had previously given, according to FactSet data. Fermi — The builder of massive data center campuses designed to power artificial intelligence jumped 22%. Fermi signed its first binding customer lease with AI cloud provider TensorWave for Fermi’s Project Matador campus outside Amarillo, Texas. The agreement covers 222 megawatts of facility power, representing about $6.5 billion in total contracted revenue. Hims & Hers Health – Shares fell 4% after the telehealth company trimmed the upper end of its full-year EBITDA outlook. Hims & Hers also posted a net loss of 37 cents per share for Q2, compared with a profit of 17 cents per share in the prior year. Plug Power – Shares rallied 13% after the electrical equipment manufacturing company reported a smaller-than-expected loss for the second quarter. On Holding — Shares for the Switzerland-based company dropped 20% on mixed second-quarter results. The sportswear company also reduced its full year revenue guidance. — CNBC’s Scott Schnipper, Tom Rotunno, Michelle Fox and Ananya Chetia contributed reporting.
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