Showing posts with label Biggest Moves Midday. Show all posts
Showing posts with label Biggest Moves Midday. Show all posts

Mar 24, 2020

Market Insider | Biggest Moves Midday: Stocks making the biggest moves midday: Norwegian Cruise Line, American Airlines, Virgin Galactic, Zillow & more

Maggie Fitzgerald

GP: Coronavirus: Grand Princess Cruise Ship - 106432154
People look out from aboard the Grand Princess cruise ship, operated by Princess Cruises, as it maintains a holding pattern about 25 miles off the coast of San Francisco, California on March 8, 2020.
Josh Edelson | AFP | Getty Images
Check out the companies making headlines in midday trading. 
Norwegian Cruise Line, Royal Caribbean, Carnival — Shares of cruise lines rebounded on hopes that a U.S. stimulus package, which Congress hopes to agree to on Tuesday, will include bailouts for an industry that has been hit hard by the coronavirus crisis. Shares of Norwegian Cruise Line soared nearly 40%, Royal Caribbean surged 28% and Carnival jumped 20%.
General Motors — General Motor shares jumped more than 13% after the automaker said it will draw about $16 billion from its revolving credit facilities to maintain flexibility amid the coronavirus outbreak. “We are aggressively pursuing austerity measures to preserve cash and are taking necessary steps in this changing and uncertain environment,” CEO Mary Barra said in a statement.
MGM Resorts, Wynn Resorts, Hilton, Marriott, Expedia — Hotel and travel stocks spiked on Tuesday as optimism grew about the U.S. economic relief bill passing. Casino stocks were some of the biggest winners, with MGM Resorts soaring nearly 40% and Wynn Resorts jumping 21%. Hotel giants Hilton and Marriott rose 15% and 11%, respectively. Expedia also beat the broader market rise, gaining 12%.
American Airlines, Delta Air Lines, United Airlines — Shares of airline stocks rallied Tuesday on optimism about a coronavirus stimulus deal. The stocks  have been decimated in recent weeks by the slowdown in travel from the coronavirus. Shares of American Airlines rallied 30%, Delta Air Lines rose 19% and United Airlines jumped 23%. Southwest rose more than 10% and Alaska Air Group gained 23%.
Virgin Galactic — The space tourism company’s stock jumped 26% after Morgan Stanley upgraded Virgin Galactic to overweight from equal weight. Virgin Galactic shares have fallen from its high about $40 hit last month and Morgan Stanley analyst Adam Jonas noted that “the world has changed” but that Virgin Galactic’s “story and the balance sheet remains intact.”
Chevron — Shares of the oil giant jumped more than 13% after the company announced a number of cost-cutting measures, including a 20% reduction in its capital spending plans for 2020, as well as a suspension of its share buyback program. As energy companies continue to face pressure from falling oil prices, CEO Michael Wirth told  CNBC that the company’s dividend is “very secure.”
Zillow — Shares of online housing marketplace Zillow surged more than 21% following an upgrade to buy from neutral from DA Davidson. The firm said the stock nearing a 50% pullback in the past month, combined with management’s steps to de-risk in the face of the coronavirus, have created a compelling opportunity. The firm lowered Zillow’s price target to $39 per share from $60 per share.
Zoom Video — Shares dropped 11% after a record run for the company that’s seen the stock more than double since the beginning of the year. The company, which offers video conferencing services, has benefited from the coronavirus-induced work-from-home movement.
Nvidia — Shares of chip stock Nvidia rallied more than 15% after Needham upgraded the company to buy from hold. The firm said Nvidia has a superior balance sheet and robust free cash flow.
—With reporting from CNBC’s Jesse Pound, Pippa Stevens, Fred Imbert and Michael Sheetz. 

Nov 14, 2019

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Walmart, Peloton, Canopy Growth, Kraft Heinz & more

Peter Schacknow

Check out the companies making headlines before the bell:
Walmart – Walmart earned an adjusted $1.16 per share for the third quarter, beating the consensus of $1.09, and raised its full year earnings outlook. Comparable sales were up 3.2 percent, beating estimates and rising for the 21st straight quarter. Revenue did come in slightly below Wall Street forecasts.
Viacom  – The media company beat estimates by 4 cents with adjusted quarterly profit of 79 cents per share, with revenue also beating estimates. Results got a boost from an increase in domestic advertising revenue.
Canopy Growth – The Canadian cannabis producer reported a wider than expected loss for its latest quarter, hit by restructuring charges. Revenue did come in higher than analysts had been expecting.
Cisco Systems – Cisco beat estimates by 3 cents with adjusted quarterly profit of 84 cents per share, with the networking equipment maker’s revenue also beating forecasts. However, Cisco issued a weaker-than-expected current quarter forecast and noted a slowdown in global technology spending.
BHP – BHP named the head of its Australian unit, Mike Henry, as its new chief executive officer. He will replace Andrew Mackenzie, who had been head of the mining giant for almost 7 years, at the end of this year.
American Outdoor Brands – American Outdoor will separate its Smith & Wesson firearms unit into a new public company. The transaction is expected to be completed in the second half of 2020.
Xerox – Xerox should push ahead in its bid to buy computer and printer maker HP, according to activist investor Carl Icahn. Icahn, who owns a 10.6% stake in Xerox, told The Wall Street Journal he also has a 4.24% stake in HP and that a combination of the 2 companies could yield big profits for investors.
Peloton Interactive – The fitness company is planning to introduce a cheaper treadmill and rowing machine next year, according to a Bloomberg report. Peloton is also said to be thinking about apps for Amazon’s Fire TV and the Apple Watch.
NetApp – NetApp reported adjusted quarterly profit of $1.09 per share, 15 cents above estimates, although the cloud data services company saw revenue slightly below forecasts. The company said enterprise spending remains cautious, but is no better or worse than it was in the prior quarter.
Kraft Heinz – Kraft Heinz was downgraded to “sell” from “neutral” by Goldman Sachs, which said the company has underinvested in some areas and faces cost pressures. The food producer’s stock is up more than 20% over the past month, but is still down more than 23% for the year.
Beyond Meat (BYND) – The plant-based burger maker was rated “buy” in new coverage at Berenberg, which notes that Beyond Meat is the only pure-play public company in a rapidly growing category.

Sep 12, 2019

Market Insider | Biggest Moves Midday: Stocks making the biggest moves midday: Caterpillar, SmileDirectClub, Oracle, Yelp & more

Michael Sheetz

GP: Caterpillar Construction Machinery, BLG Logistics Group Car Terminal 180612
Construction machinery of the US producer Caterpillar can be seen at the BLG Logistics Group Car Terminal, ready for shipping in Bremerhaven, Germany, 12 June 2017. Photo: Ingo Wagner/dpa (Photo by Ingo Wagner/picture alliance via Getty Images)
Ingo Wagner | picture alliance | Getty Images
Check out the companies making headlines in midday trading:
Caterpillar, Deere — Shares of Caterpillar and Deere fell 1.4% and 2.1%, respectively, after an analyst at Wells Fargo downgraded them to market perform from outperform. The analyst said Caterpillar’s upside from these levels will likely be “limited” while expectations around Deere’s ability to reduce costs are “elevated.”
SmileDirectClub – Shares of the online dentistry company dropped 19% as the company publicly listed on Thursday, opening trading at $20.55 a share. Priced to list at $23 a share, SmileDirectClub is on track to have the worst market debut this year of a “unicorn” company (meaning it is worth over $1 billion). The company priced the IPO above it’s expected range of $19 to $22.
Aurora Cannabis – Shares of cannabis company Aurora Cannabis tanked nearly 9% after reporting disappointing fourth quarter earnings and weak guidance. The company reported revenue of CA $98.9 million, compared to analysts’ expectations of CA$108.3 million, according to Refinitiv. GAAP earnings per share was 0 cents per share, which is unlikely to be comparable to estimates.
Oracle – Shares of computer software company Oracle cratered more than 5% on news that the company’s CEO Marc Hurd would be taking a leave of absence for medical reasons. The company also missed on its quarterly revenue. It reported revenue of $9.22 billion, while Wall Street expected $9.29 billion, according to Refinitiv. Earnings per share came in line with estimates at 81 cents.
Activision Blizzard – Nomura raised its rating of the gaming company to buy from neutral, with shares climbing about 1% after the upgrade. Nomura cited several drivers from Activision Blizzard for the upgrade, including the better than expected launch of World of Warcraft Classic and new features of hit game Overwatch.
Oxford Industries – The apparel maker’s stock dropped 9.5% after Oxford Industries missed expectations on its second quarter earnings. Oxford Industries lowered its expected full year earnings to account for the impact of tariffs, to a range of $4.25 a share to $4.45 a share from its previous range of $4.45 a share to $4.65 a share.
Yelp – Shares of Yelp rose 4% after the Wall Street Journal reported that Groupon may be looking to acquire Yelp. The report, citing people familiar with the plans, said Yelp may yield $1 billion in earnings, as well as $200 million in synergies; although some Groupon shareholders are reportedly concerned about Yelp’s recent performance.
DXC Technology – The information technology company’s stock dropped 14.9% after it announced the retirement of CEO Mike Lawrie. Several analysts downgraded DXC’s shares, according to FactSet, with firms expecting a new CEO will delay and slow the company’s growth plan.
AT&T – The telecommunications giant’s stock dropped 1% as the company warned that it will see lower revenues from wireless equipment due to persistent low rates of upgrades.
– CNBC’s Maggie Fitzgerald and Fred Imbert contributed to this report.

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