Midday stock movements: Tesla, Broadcom, Nike, ON Semiconductor, and others

October 2, 2026

Midday Market Movements

Here’s a roundup of notable shifts in company stocks around midday:

Tesla: Shares of Elon Musk’s electric vehicle company went up by 5% after announcing that it exceeded third-quarter delivery expectations. Tesla delivered 486,532 vehicles over the past three months, significantly more than the analysts’ predicted 461,100 units.
Broadcom: The semiconductor company’s stock climbed over 3% following news that Broadcom has agreed to lend Anthropic up to $42 billion for infrastructure improvements. This financial maneuver is part of a broader strategy in which investment banks aim to secure $42 billion in senior secured debt and an additional $18 billion in other debt for Anthropic. This funding will assist Anthropic in acquiring or leasing chips and computing hardware.
Nike: On the downside, Nike’s shares dropped nearly 6% after the company reported first-quarter revenue that fell short of analyst forecasts. The brand experienced a 4% decline in sales, particularly impacted by weaker performance in China. Additionally, Nike announced upcoming layoffs expected in 2027.
ON Semiconductor and Synaptics: Synaptics saw its shares soar 14%, while ON Semiconductor’s stock rose by over 5% after ON Semi revised its acquisition proposal for Synaptics to $123 per share, totaling around $5.7 billion.
Nexalin Technology: In contrast, Nexalin’s shares plummeted by 26% after finalizing a 10-year distribution and manufacturing agreement with Inovanexa Medical Technologies, which replaces an earlier agreement made in February. Nexalin’s Sync neurostimulation device has now gained approval for distribution in seven South American countries.
Vylor: The seed and genetics company saw its stock rise by 2% after being included in the S&P 500 list post its recent spinoff from Corteva. Meanwhile, Corteva’s shares dipped 3%, and it will now be part of the S&P MidCap 400.
Seagate Technology and Western Digital: Both companies faced significant losses, with shares dropping 13% amid reports that Toshiba in Japan plans to double its hard disk drive production for data centers, alongside a $380 million investment to expand its facilities in the Philippines.
Allegro Microsystems: Allegro’s stock surged by 9% after RBC Capital Markets began coverage with an outperform rating, setting a target price of $50 per share, suggesting a potential 37% upside based on recent closings. Allegro is expected to see its data center revenue more than double by fiscal 2027, benefiting along with its high-efficiency motor drivers from the growing demand for power supplies and networking equipment.
Arxis: Shares of this aerospace component designer jumped 4% following an upgrade to an outperform rating by RBC Capital. Analyst Ken Herbert noted that Arxis has significantly surpassed initial estimates since going public in 2026, with a new price target of $60 indicating a potential 26% rise from its last close.
Onto Innovation: This semiconductor inspection tool supplier saw shares increase by more than 5% after RBC initiated coverage with an outperform rating, forecasting 80% growth in its advanced packaging business for the year. RBC’s price target of $400 implies about a 27% increase from the latest closing figure.