Midday trading saw several companies making the headlines. Starbucks shares went down by 2% after a downgrade to market perform from TD Cowen. Analyst Andrew Charles mentioned macroeconomic headwinds in China that could adversely affect consumer spending in Starbucks stores. Grocery delivery stock Instacart made a roaring entrance to the public market, with shares jumping 35% after the stock had been priced at $30 a share the day before. Disney stock took a dive of 3% as the entertainment giant revealed it would be almost doubling its spending on parks and cruises businesses, up to an estimated $60 billion. Super Micro Computer's shares saw a 2% rise after Barclays initiated coverage with an overweight rating; George Wang, the analyst, cited the boom in artificial investment as a potential benefit. Deere's stock decreased by 3% after Evercore downgraded the rating to in line from outperform. Planet Fitness' shares were lower by 5%, after JPMorgan changed the rating to neutral from overweight. The investment bank cited the recent removal of CEO Chris Rondeau and the uncertain macroeconomic climate as reasons for the downgrade. Arm Holdings, which went public not long ago, dropped 4% as Redburn Atlantic Equities initiated coverage as neutral. Array Technologies, a solar tracker solutions provider, soared 5% after Bank of America added it to the US1 list, labeling it a "diamond in the rough." On the other hand, Rocket Lab's aerospace stock crashed 7%, following a launch failure in New Zealand. Lazard's stock took a 1.4% dip after Goldman Sachs downgraded it to sell from neutral, citing challenging outlook. Royal Caribbean's cruise stock received a boost, shooting 2% higher after Truist upgraded it to buy from hold, on account of the 2024 and 2025 trends they found to be "exceptionally strong". Lastly, Rackspace Technology's cloud computing stock skyrocketed 36% after Raymond James upgraded it to outperform from market perform and praised the company management's execution. CNBC reporters Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han and Michelle Fox contributed to the report.
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