From Yahoo Finance: 2025-05-09 19:55:00

The stock market dipped on Friday as investors braced for trade talks between the US and China. Despite this, 10 companies saw double-digit gains due to positive earnings and outlooks. Microchip Technology Inc. (MCHP) surged 12.6% to $55.33 after an upgrade from Bank of America, citing sales recovery and cost-cutting measures.

Bank of America raised MCHP to Neutral from Underperform, praising CEO Steve Sanghi’s restructuring efforts and customer focus. The firm also raised MCHP’s price target to $56. In Q1, MCHP reported a net loss of $156.8 million, with sales down 27% to $970.5 million. Despite this, the firm remains confident in MCHP’s earnings potential.

MCHP ranks 4th on the list of Friday’s best-performing stocks. While MCHP shows investment potential, AI stocks may offer higher returns in a shorter time frame. Consider exploring AI stocks for promising opportunities.

Read more: Why Microchip Technology Inc. (MCHP) Soared On Friday