U.S. tech and retail stocks swing as analyst calls and deal news drive midday trading

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Highlights

Micron Technology, Seagate Technology, Western Digital, and Sandisk are falling 2–5% as China's CXMT announces next-generation memory chip production to compete globally.
eBay surges over 5% after Morgan Stanley upgrades it to a top pick with a $132 price target, citing live-selling market growth exceeding 40%.
IonQ plunges over 8% following its up-to-$1.3 billion acquisition of Elisity, dragging Rigetti Computing and D-Wave Quantum down about 5% each.

Analyst upgrades and competitive pressure shape moves

As reported by CNBC, several of the session's biggest share-price moves are tied to analyst actions and sector competition emerging during midday trading.

Memory-chip stocks are falling after China's CXMT says it will begin producing next-generation memory chips that will compete for market share with U.S. and Korean companies. Micron Technology is down about 3%, Seagate Technology is also losing about 3%, Western Digital is off more than 2%, and Sandisk is dropping more than 5%. The Roundhill Memory ETF, trading under ticker DRAM, is shedding 4%.

EBay is jumping more than 5% after Morgan Stanley names the company a top pick and raises its price target to $132, implying nearly 18% upside. The bank estimates the $27 billion live-selling market, where products are sold in real time through livestreams, is driving more than 40% of eBay's growth.

Salesforce is rising almost 2% after Bank of America double-upgrades the stock to buy from underperform. The bank argues that artificial intelligence is likely to deepen dependence on the software company rather than disrupt it.

First Solar is adding 2% after Truist upgrades the stock to buy from hold, citing confidence in long-term growth, strong solar-market demand and the company's pricing power. Biogen is gaining nearly 4% after JPMorgan lifts its rating to overweight from neutral, pointing to several clinical readouts in 2027 as potential catalysts.

SLM is advancing 4% after Morgan Stanley upgrades the education-loan administrator to overweight from equal weight, saying the stock's 15% year-to-date decline presents a buying opportunity given its valuation. Mattel is also higher, up 1% after Seaport upgrades the toymaker to buy from neutral amid speculation around a potential takeover and what the firm sees as underappreciated value in toy stocks.

AI optimism and deal reaction ripple across sectors

Meta Platforms is gaining more than 3% on speculation that the company is preparing to roll out a new artificial intelligence model codenamed Watermelon, according to StreetAccount. On Monday, Meta AI chief Alexandr Wang posts on X that the "vibes kinda good," followed by a watermelon emoji.

Optical-networking and component stocks are retreating as investors lock in gains after artificial-intelligence plays rebound last Friday. Ciena is down more than 8%, Lumentum is sliding 9%, and Applied Optoelectronics is falling 6%.

IonQ is dropping more than 8% after The Wall Street Journal reports that the company has bought cybersecurity firm Elisity for up to $1.3 billion. The move is also weighing on other quantum-computing names, with Rigetti Computing and D-Wave Quantum each shedding roughly 5% in sympathy.

Wall Street analyst calls across technology, biotech, and other growth sectors were a key driver of notable stock moves, with firms issuing upgrades, reiterations, and higher price targets after recent volatility. Our earlier article highlighted bullish calls on names like Salesforce and eBay tied to enterprise AI expectations and live-commerce momentum, alongside upgrades for First Solar, Biogen, SLM, and Mattel that signaled improving sentiment around longer-term growth and cash flows.

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