Meta Platforms (META) – Analysts at JP Morgan upgraded shares of Meta to the equivalent of a buy rating Friday morning. The analysts cited “encouraging signs of increasing cost discipline.”
Globalstar (GSAT) – A play on the satellite space. News in the space Friday morning showed Maxar Technologies (MAXR) will be bought out in a $4 billion deal. Maxar shares were up more than 100% on the news.
Electronic Arts (EA) – A play on the video game space. Leader in the metaverse-style gaming space, Roblox (RBLX), published worse than expected November results on Thursday morning. Video game analysts Friday morning noted “rising engagement concerns” for Roblox. Traders Friday morning may have speculated about potential spillover from engagement concerns into the broader video game space.
US Steel (X) – A sympathy play following news Steel Dynamics (STLD) posted better-than-expected fourth-quarter earnings per share guidance. The steel pair trade is one of the most classic sympathy plays; steel stocks are very correlated with each other.
Foot Locker (FL) – A peer play ahead of upcoming earnings out of NIKE (NKE) next week. Foot Locker shares have been known to move with NIKE shares given their proximity within the sports apparel space.