Midday Stock Means: Tesla, Boeing, Visa

The stock market is trading higher at noon. The S&P 500 rose 0.16% and the Nasdaq Composite rose 0.54%. The Dow Jones Industrial Average lost 0.03%. The Russell 2000 index rose 0.27%.

Consumer confidence saw its biggest one-month drop in three years, falling to 98.7 in September. Economists polled by Dow Jones had predicted a reading of 104.

Shares in China rose after Beijing announced measures to boost economic growth. Chinese fintech company Alibaba rose 7%, while electric vehicle maker Nio added 9%.

The Barclays analyst believes volume strength in Q3 will be driven almost entirely by China.

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S&P 500 Big Stocks Today

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

• Freeport-McMoRan (FCX) +7.3%
• Las Vegas Sands (Lys) +5.7%
• Estee Lauder (HE) +5.5%
• Nvidia (NVDA) +4.6%
• Wynn Resorts (WYNN) +4.2%

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

• Global payments (GPN) -6.5%
• Regeneron Pharmaceuticals (KINGDOM) -5.7%
• Visa (V) -4.4%
• McKesson (MCK) -4.3%
• Discover Financial Services (DFS) -4.1%

Also, stocks worth noting include:

• adze (TSLA) +0.8%
• Alibaba (crone) +7.4%
• Trump Media (DJT) +5.7%
• No ADR (NO) +9.2%
• Costco (COST) -1.6%
• Boeing (nay) -0.8%

Tesla rises after bullish analyst report

Tesla shares rose 1% after a positive outlook from analysts.

Barclays expects Tesla to report shipments of 470,000 units in the third quarter, up 8% year-on-year and above the consensus estimate of 461,000, according to thefly.com.

The analyst says third quarter volume strength will be driven almost entirely by China as Europe is weak. A delivery pace may lead to the stock holding strength and be a reminder of “dissipating concerns about fundamentals,” the analyst says.

Related: Analysts praise revolutionary Tesla rival, robotaxi event preview

Barclays affirmed its equal (effectively neutral) rating on Tesla, with a price target of $220.

UBS also expects Tesla to report shipments of about 470,000 units in the third quarter, but warns that consensus expectations appear high and energy storage deployments are “loaded.” UBS has a sell rating and a $197 price target on Tesla.

Boeing trades lower after making ‘final offer’ to striking workers

Boeing shares fell 1 percent after the company gave workers a 30 percent pay increase, up from a previous 25 percent proposal.

Boeing also doubled the ratification bonus to $6,000, reinstated the annual car bonus and increased the company’s 401(k) matching contribution.

Related: Analyst adjusts Boeing stock price target on strike impact

The company said it was the “best and final offer,” but workers said the new offer was “thrown at us without any discussion.”

The strike began on September 13 after workers voted 94.6% against the previous proposal, which the union supported. The union said there would not be a vote before Boeing’s deadline at the end of the week.

Visa falls into potential DoJ lawsuit

Visa fell 4 percent after Bloomberg reported that the U.S. Department of Justice is preparing to sue the company, alleging it monopolizes the U.S. debit card market.

The lawsuit could be filed as early as today, people familiar with the matter told Bloomberg. The antitrust division could accuse Visa of anti-competitive practices, including exclusive agreements and blocking rivals and technology firms from entering the market.

The probe was first initiated in 2021, when the payment processor said it believed its debit practices complied with applicable laws.

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