Stocks making the biggest moves midday: Corning, Qualcomm, Wendy’s, Trade Desk & more

Here are the stocks making headlines in midday trading. Trade Desk – Shares tumbled almost 7%, putting the advertising tech company on pace for a fourth negative day in a row. HSBC cut its rating on Trade Desk to reduce from hold and slashed its price target to $20 from $31, implying about 13% downside from Friday’s close. Several Wall Street firms have downgraded the stock since the Trade Desk reported first-quarter earnings that missed expectations last week, along with disappointing guidance for the current quarter. Corning – Shares of the specialty glass and optical fiber company jumped 10%. Bank of America added Corning to its U.S. 1 List of top buy-rated investment ideas. Shares are on pace for a six-day winning run, surging since Nvidia announced it would invest up to $3.2 billion in Corning and partner with the company to open three new manufacturing plants focused on optical technologies. Chip stocks – Semiconductor stocks rose to start the week as investors continued their buying spree in the sector. The VanEck Semiconductor ETF (SMH) popped more than 1%, while Qualcomm surged 7% to touch a new 52-week high. Western Digital rose nearly 8%, while Nvidia gained 3%. Wendy’s – The fast-food chain tumbled 6%. JPMorgan downgraded Wendy’s to underweight from neutral, giving the stock a new price target of $6 and implying about 18% downside from Friday’s close. The firm cited a “continued decline” in headline U.S. same-store sales trends and a “lack of direction” around Wendy’s future as catalysts behind the downgrade. Lumentum — The stock rose nearly 5% on news it will join the Nasdaq 100 index. The company will replace CoStar on May 18. Monday.com — The software company gained 6% after it reported an earnings and revenue beat in its first quarter financial report. In a press release, the company said its launch of its AI platform helped its revenue grow 24% year-over-year to $351.3 million. Analysts polled by FactSet expected revenue to come in at $339.1 million. Sony — The stock jumped nearly 6% after the company announced a joint venture with Taiwan Semiconductor Manufacturing Company to develop and manufacture image sensors. In a press release , Sony said it will combine the company’s experience in sensor design and Taiwan Semi’s work in process technology to improve image sensor performance. Energy stocks — Oil prices rose on Monday after Iran rejected the latest U.S. peace proposal and President Donald Trump rejected the country’s counteroffer. Valero Energy rose 2%. Occidental Petroleum rose 4%. Devon Energy and ConocoPhillips added 2%. Circle Internet Group – The stablecoin issuer rose 15% after reporting mixed first-quarter financial results. Earnings per share of 21 cents beat expectations by 3 cents, based on a survey of analysts by LSEG. Revenue of $694 million missed expectations of $722 million. Circle also raised $222 million from BlackRock, Apollo, Intercontinental Exchange and other institutions in a token presale – a method for early-stage blockchain projects to raise capital. Micron Technology — The memory stock rose almost 6% on Monday, after it jumped 15% on Friday. An artificial intelligence-induced memory shortage has pushed the stock up more than 77% in the past month. — CNBC’s Tanaya Macheel contributed reporting Markets shift and headlines fade, but the core principles of building long-term wealth remain constant. Join us for our third CNBC Pro LIVE, where investors of all backgrounds - from financial professionals to everyday individuals - come together to cut through the noise and gain actionable strategies for smarter, more disciplined investing. No matter where you’re starting from, you’ll leave with clearer thinking, stronger strategies. Enter your email here to get a discount code.