Midday Stock Media: Temu Parent, Planet Fitness, MIRA Pharmaceuticals

The stock market is trading at midday after rising in the morning. The S&P 500 is down 0.2 percent and the tech-heavy Nasdaq Composite lost 0.8 percent. The Dow Jones Industrial Average added 2.3%. The Russell 2000 index rose 0.4%.

Trending Stocks:

The semiconductor sector is experiencing an overall decline. Nvidia fell 2.5% and is now trading around $126. Broadcom lost 3.7 percent and became one of the S&P’s biggest losers at midday. ASML, AMD and Micron fell 2%, 2.6% and 3% respectively.

Investors await Nvidia’s earnings report on Wednesday, August 28th. Other major financial results this week include Nordstrom (Tuesday), Salesforce (Wednesday) and Best Buy (Thursday).

Temu’s CEO expects a potential short-term drop in profitability.

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S&P 500 Big Stocks Today

Five S&P 500 stocks making big midday moves are:

• Dayforce Inc (DAY) +3.%
• Warner Bros Discovery Inc (WBD) +3.2%
• First Solar Inc (FSLR) +3.1%
• Nucor Corp (NUE) +2.8%
• Gen Digital Inc GEN +2.5%

The five worst-performing S&P 500 stocks with the biggest midday declines are:

• Super Micro Computer Inc (SMCI) -7.7%
• Broadcom Inc (AVGO) -3.7%
• Micron Technology Inc (MU) -3.2%
• Tesla Inc (TSLA) -3.1%
• Cadence Design Systems Inc (CDNS) -3.0%

Also, stocks worth noting include:

• MIRA Pharmaceuticals MIRA +15%
• Planet Fitness (PLNT) +1.4%
• PDD Holdings (PDD) -28.6%
• Alibaba (crone) -4.0%
• Nvidia (NVDA) -2.5%

Temu-parent PDD sinks with revenue miss

Temu’s parent PDD Holdings fell nearly 30 percent after posting disappointing second-quarter results.

The Chinese bargain e-commerce retailer posted revenue of 97.06 billion yuan ($113,355.8 million), up 86 percent, but missed the 100.17 billion yuan expected by analysts. Earnings per share were 23.24 yuan, or $3.2, beating the forecast of 20.43 yuan.

Related: Temu Lawsuit Says App’s Low Prices Cover Its Harmful Intentions

“We see many challenges ahead,” said PDD CEO Lei Chen, “We are prepared to accept short-term sacrifices and the potential drop in profitability.”

Chinese consumers are cutting back on spending due to a weak economy and high unemployment rates.

PDD’s rival Alibaba missed market expectations for revenue earlier this month, while JD.com posted modest quarterly revenue growth of just 1.2 percent.

Planet Fitness goes higher according to analyst rating

Shares of Planet Fitness rose 1.4% after Baird named it a “Bullish Fresh Pick” for the year-end, retaining an outperform rating with a $92 price target.

“Planet Fitness is an attractive idea in a slowing growth environment,” the analyst said in a research note. The firm believes Planet’s value and franchise model will remain resilient, with potential boosts from lower interest rates and construction costs.

Related: Planet Fitness Membership Change Drives New Share Price Targets

Earlier this month, Macquarie raised Planet’s price target to $91 from $76 and maintained an outperform rating.

“The company reported an upturn in the second quarter, driven by the benefit of the opportunity to replace equipment, with promotional activity driving franchisees to re-equip,” the analyst said, adding that Planet Fitness could benefit from the power of establishing of prices and increase earnings.

Planet Fitness reported earnings of $0.71 per share on revenue of $300.94 million for the second quarter, both beating analysts’ estimates.

Mira grows after medical discovery

Shares of MIRA Pharmaceuticals rose 15% after it announced a breakthrough in the treatment of neuropathic pain.

MIRA released a study on August 26 showing that low oral doses of Ketamir-2 resulted in substantial pain relief lasting 14 to 22 days after surgery, while higher doses achieved complete normalization of pain thresholds , reversing neuropathic pain by 100%.

More medical care:

• Analyst revises price target on AbbVie stock based on drug sales estimates
• Medical Power of Attorney: Key Steps to Protect Your Health Care Decisions
• Average Americans on Medicare are worried about benefit cuts in 2025

MIRA is undertaking further research to evaluate the potential of Ketamir-2 for treating cancer-induced depression and neuropathic pain.

“Neuropathic pain is a debilitating condition that imposes an enormous burden on patients, often leaving them with limited and ineffective treatment options,” said CEO Erez Aminov, “These findings suggest that Ketamir-2 could offer patients a more affordable, safer and more efficient. treatment option, potentially transforming the standard of care for neuropathic pain.”

Related: Veteran fund manager sees world of pain coming for stocks