Stocks making the biggest moves midday: Lennar, Coinbase, Array Technologies and more
A worker at a Lennar home under construction.
Justin Sullivan | Getty Images News | Getty Images
Check out the companies making the biggest moves midday Monday:
D.R. Horton, Lennar, PulteGroup — Homebuilder stocks moved higher on Monday after KeyBanc double upgraded the sector to overweight from underweight. Analyst Kenneth Zener said that homebuilders, which have underperformed this year, tend to rebound sooner and more sharply than the broader market. Shares of Lennar rose about 2%, while D.R. Horton gained over 2%, and PulteGroup jumped nearly 4%.
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Array Technologies — The solar stock jumped over 3% after Piper Sandler upgraded Array Technologies to overweight from neutral, saying the company has more upside ahead on an improved forward outlook.
SunOpta — Shares of SunOpta rallied more than 5% after being named a top pick by Cowen. Analyst Brian Holland, who has a buy rating on the stock, wrote in a note that “the company’s agnostic posture and capital execution is affording strong growth sight lines underappreciated by the market.” His $15 price target implies 55.9% upside from Friday’s close.
Opendoor Technologies — Opendoor dropped 6% after a Bloomberg reported the iBuyer lost money on 42% of its August resales. Like others in the housing space, the company faces headwinds including a housing recession and mortgage rates over 6%.
AutoZone — AutoZone shares fell more than 2% as traders pored over a mixed quarterly earnings report. The company’s gross margins of 51.5% were slightly below a StreetAccount estimate of 51.9%. Still, AutoZone earned $40.50 per share in the previous quarter, beating a forecast of $38.51 per share.
NCR — Shares of NCR slid almost 3% after being downgraded to equal-weight from overweight by Morgan Stanley. The firm said the path to unlocking shareholder value is “less clear and longer tailed” after the enterprise payment solutions company said Friday it would separate into two companies.
Wix — Shares of Wix soared 11% after activist investor Starboard Value revealed a 9% stake in the web development platform company. According to Reuters, Starboard has spoken to Wix about how it can improve operations of the company, which has lost half its value this year.
Coinbase — Shares of the cryptocurrency exchange fell more than 7% as the price of bitcoin dipped to its lowest level since June and traders continued unwinding short positions following the completion of the Ethereum merge. Stocks also fell Monday ahead of the Fed decision this week. Crypto prices are largely macro driven, and Coinbase’s revenue relies heavily on trading fees.
Gamco Investors — Shares of the Mario Gabelli-led investment firm plunged almost 12% after announcing after the bell on Friday it was voluntarily delisting from the New York Stock Exchange. Gamco has filed an application for its common stock to be quoted on the OTCQX platform, operated by OTC Markets Group.
Ralph Lauren — The luxury clothing and household goods maker rose almost 2% after an investor update pointed to high single digit sales growth.
—CNBC’s Alexander Harring, Sarah Min, Jesse Pound, Tanaya Macheel and Yun Li contributed reporting.