Stocks making the biggest moves midday: Tesla, Nio, Airbnb, Disney & more
Check out the companies making headlines in midday trading.
Snowflake — Shares of the data-warehousing software maker slid more than 4% after Deutsche Bank downgraded the stock a hold rating. “Pent-up demand for high-multiple names, such as Snowflake, may be limited as we wrap up 2020 and investors look to protect their year,” the firm wrote in a note to clients. Deutsche Bank’s $335 target is roughly 10% below where the stock closed on Thursday.
Nio — U.S.-listed shares of the Shanghai-based electric vehicle company slid more than 6% after Nio said it would sell up to 69 million new shares. According to estimates from Deutsche Bank, the new share offering will raise more than $2.5 billion. Earlier this week Tesla said it plans to raise $5 billion through a new stock offering.
SolarEdge Technologies — Shares of the renewable energy company gained more than 8% after Piper Sandler initiated coverage on the stock with an overweight rating. The firm said it’s a “diversified powerhouse investing for long-term growth.” Piper’s $325 target is about 19% above where the stock closed on Thursday.
Airbnb – Shares of Airbnb gained another 3.5% on Friday, one-day after more than doubling on the company’s first day of trading. Airbnb opened at $146 per share on Thursday, significantly higher than the $68 per share price set for its IPO. The pop pushed the home-sharing company’s market cap to about $86.5 billion.
Tesla — Shares of the electric vehicle maker dipped 2% following a downgrade from Jefferies. “We don’t believe that Tesla can dominate the industry given the latter’s size, structure and politics,” the firm said Thursday evening in a note to clients. Jefferies did, however, raise its 12-month target on the stock to $650 from $500.
Disney — Shares of the media giant soared nearly 13% after the company said its streaming service, Disney+, could reach between 230 million and 260 million subscribers by 2024. The company also said its streaming business could be profitable by 2024.
Qualcomm — Shares of the chipmaker lost more than 4% after Bloomberg News reported Apple is starting to make its own cellular modem to be used in future devices. Apple’s push into independently making their own modem would replace components made by Qualcomm.
UPS — Shares of the delivery and logistics company advanced 1.7% after Deutsche Bank named the stock a catalyst call buy idea. The firm said in a note to clients that it expected a “sizeable” beat for UPS’ fourth-quarter results, and said the distribution of the vaccine would be positive for the company.
Vail Resorts — The vacation resort stock slipped 2.9% on Friday after the company reported weaker-than-expected results for its fiscal first quarter. Vail reported $131.8 million in revenue for the quarter, down roughly 50% from the same period last year. Analysts surveyed by FactSet expected $158.4 million in revenue. Vail did not provide forward guidance, citing uncertainty associated with the pandemic.
Lululemon – Shares of Lululemon dropped more than 5% despite the athletic apparel company posting better-than-expected quarterly results. Lululemon earned $1.16 per share in the third quarter, versus the 88 cents expected by analysts surveyed by Refinitiv. The company’s revenue also came in above estimates. However, Lululemon declined to offer guidance for full-year 2020 due to the uncertainty around the pandemic. The stock has gained more than 50% this year.
American Airlines – Shares of the airline slid more than 4% after Deutsche Bank downgraded its rating on the sector to hold. United and Delta Air Lines were each down more than 2%. The firm said that while it maintains its bullish long-term view, these stocks are “fairly valued” following their “record rally.”
– CNBC’s Yun Li, Maggie Fitzgerald and Jesse Pound contributed reporting.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.