Stocks making the biggest moves midday: RH, Bed Bath & Beyond, Penn National Gaming & more
People wearing protective masks practice social distancing as they line up to go into a store as some restrictions begin to lift during the coronavirus pandemic on May 18, 2020 in New York City.
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Here are the stocks making the biggest moves midday:
RH – Shares of the retailer surged 20% after the company beat top and bottom line estimates during the second quarter. RH earned an adjusted $4.90 per share, ahead of the $3.41 expected by analysts polled by Refinitiv. The company also gave an upbeat outlook.
Bed Bath & Beyond — Shares of the retailer jumped nearly 5% after Wedbush added the stock to its best ideas list. The firm said in a note to clients that Bed Bath & Beyond was poised for a “dramatic turnaround” in profitability.
Penn National Gaming — Shares of the gambling company stock rose more than 7% following a bold call from Rosenblatt Securities. The Wall Street firm initiated coverage of Penn National with a buy rating a Street high price target of $80 per share. Rosenblatt said Penn National’s partnership with Barstool Sports as an opportunity to grab market share.
Navistar International — The truck maker’s stock jumped more than 13% after Volkswagen subsidiary Traton raised its takeover offer from $35 per share to $43 per share. Traton, which already owns 16.8% of the company, first approached Navistar about a takeover in January
Tesla — The electric vehicle stock continued its volatile trading on Thursday, gaining 1.3% after being up nearly 9% at one point. The stock had only seen a move less than 3% in either direction once so far in September and had its worst day on record on Tuesday after it was not added to the S&P 500.
Sanderson Farms — The meat company saw its shares jump more than 4% after Goldman Sachs upgraded the stock to buy from neutral. The bank said in a note that the stock had an “increasingly attractive” valuation and that it should beat Wall Street estimates in the quarters ahead.
Spotify —The music streaming service gained 1.2% following an upgrade to outperform from neutral at Credit Suisse. The Wall Street firm is optimistic about forward looking subscriber numbers as well as bullish about major labels participating in the music streaming service’s “Marketplace” offering.
Overstock.com — Shares of the e-commerce name climbed 8 after tZERO, a subsidiary of the company, was approved by FINRA to launch a retail broker-deal. The technology firm is part of Medici Ventures, a blockchain-focused company that is owned by Overstock.
EOG Resources, Occidental Petroleum, Apache – The S&P 500 energy sector was the biggest loser among the 11 groupings as oil prices continued to slide amid concerns about a sluggish recovery in fuel demand. Shares of EOG Resources dropped more than 9%, bringing its 2020 losses to more than 50%. Apache lost 8.7%, while Occidental Petroleum and Devon Energy also shed more than 7% each.
— CNBC’s Yun Li, Pippa Stevens and Maggie Fitzgerald contributed to this story.