Stocks making the biggest moves midday: Snap, Boeing, Alibaba, Lemonade & more
Check out the companies making headlines in midday trading.
Ormat Technologies — Shares of the alternative energy company advanced more than 4% after Bank of America initiated coverage on the stock with a buy rating and $96 target, according to FactSet. The stock rose to an all-time high on the heels of the bullish call.
Continental Resources — The oil company advanced more than 2% after KeyBanc upgraded Continental Resources to an overweight rating. The firm cited “improved leverage next year, significant [free cash flow] generation in 2021, and nice exposure to higher oil prices” as reasons for the the upgrade.
Barnes & Noble Education – The bookstore chain jumped 7% after chief financial officer Thomas Donohue said the company plans to continue its cost-cutting efforts as campuses remain closed, according to an interview with The Wall Street Journal. Donohue said he doesn’t expect further job cuts, and that the company will consider other cost-cutting measures, including fees paid to schools, according to the WSJ.
Snap – Shares advanced more than 7% after Goldman Sachs hiked its price target on the social media company to a street high of $70. The new target is about 35% above the stock’s current price of roughly $51. The bank said Snap’s partnerships as well as innovations will “increase the likelihood of revenue growth acceleration well beyond consensus forecasts in Q4 and beyond.” The stock is up more than 200% this year.
Boeing — The aerospace giant gained 1.5% as the 737 Max embarked on its first commercial flight in the United States since March 2019. The Boeing plane was scheduled for a roundtrip flight between Miami and New York for American Airlines on Tuesday, and the airline plans to expand service with the recently ungrounded jet in the weeks ahead.
Arcturus Therapeutics – Shares tanked more than 53% after the biotech company’s phase 1/2 study of its Covid-19 vaccine candidate showed underwhelming results. Arcturus said the vaccine produced a potent immune response to the virus, and the company has received approval to proceed with a phase 2 study. However, a Guggenheim analyst said the data released Tuesday “raised more questions than answers,” adding only a successful phase 3 efficacy trial will resolve the growing controversy around the company’s vaccine candidate.
Lemonade — The insurance company jumped more than 7%, rebounding from their recent slide. The company’s lockup period from its July initial public offering expired on Tuesday, and shares fell sharply in prior sessions, including a nearly 14% decline Monday.
Alibaba — Shares rose more than 5% after the People’s Bank of China said fintech affiliate Ant Group was drafting a plan to set up a financial holding firm. The report comes amid heightened scrutiny from Chinese regulators around Ant Group’s operations.
– CNBC’s Yun Li, Fred Imbert and Jesse Pound contributed reporting.
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