Stocks making the biggest moves midday: Netflix, Tesla, Nikola, Lennar

Trevor Milton CEO of Nikola

Massimo Pinca | Reuters

Check out the companies making headlines in midday trading.

Facebook, Amazon, Apple, Netflix, Alphabet, Microsoft — Shares of the group known as “FAANGM” rose broadly as tech tried to build on its solid gains from the previous session. Facebook and Alphabet were both up at least 2%. Netflix popped more than 3%, helped by a new overweight rating from KeyBanc. Amazon, Apple and Microsoft each gained over 1%.

Tesla – Shares jumped more than 6%, building on Monday’s 12.6% rise, and were on pace for their fifth straight day of gains. The move higher comes after Tesla dropped 10.9% last week after S&P Dow Jones Indices decided against adding the electric automaker to the S&P 500.

Lennar — The homebuilding stock sank 4.1% after the company reported its third-quarter results. Lennar beat estimates on the top and bottom lines and raised guidance. Wedbush, which has an outperform rating on the stock, said the results for order growth may cause short-term pressure for the stock.

Roku – Shares of Roku popped nearly 6% after KeyBanc initiated the streaming media platform with an overweight rating. The firm said Wall Street underappreciates Roku’s “competitive moat and monetization potential,” and the company is “well-positioned to capture video ad budgets, promote direct-to-consumer video, and video-on-demand.”

Kraft Heinz — Shares of the food and beverage company popped 1.5% after The Wall Street Journal reported Kraft Heinz is planning to cut $2 billion in costs over the next five years. The company also announced it would sell its natural cheese business to Groupe Lactalis for $3.2 billion. 

Nikola – Shares of the electric truck maker slid more than 7% following a report from Bloomberg News that the SEC is investigating short seller Hindenburg Research’s claims about the company. Nikola, in a statement Monday, said it “proactively contacted and briefed” the SEC last week regarding the report, and that it “welcomes the SEC’s involvement in this matter.”

Sony — Shares of the company ticked nearly 2% lower after saying it was cutting production targets for its upcoming PlayStation5 by 20%, due to issues with the consoles’ chips. 

Tupperware Brands –Shares of Tupperware Brands surged more than 10% after D.A. Davidson initiated coverage on the plasticware maker with a buy rating. The Wall Street firm also set a 12-month price target on Tupperware at $30 a share, which represents a 13% gain from here. D.A. Davidson said it sees “significant” upside potential as the company unveils a new growth strategy among other things.

VF Corp — Shares of the apparel company rose 1.3% after BTIG upgraded the stock to buy from neutral. BTIG said in a note to clients that it believes that company is resolving issues with excess supply for brands like The North Face and Timberland. BTIG set a price target of $88 per share for the stock, about 20% above where shares closed on Monday.

— with reporting from CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Fred Imbert.  

Source link




2021 Polestar 2 electric car gets 233-mile EPA range rating

The EPA has rated the 2021 Polestar 2 electric sedan at 233 miles of total range, falling shy of the basic Tesla Model...

China says its economy grew 4.9% in the third quarter

A pump attendant wears a mask as he refuels a car at a Sinopec gas station where customers can buy supplies as the...

How to get a college tuition refund before the deadline

The possibility of more campus closures has sparked a sudden interest in withdrawing from college before it's too late."All of us are counting...

U.S. stock futures mostly flat after Monday’s rally

U.S. stock futures were little changed on Monday evening ahead of the first presidential debate on Tuesday. Futures for the Dow Jones Industrial Average...

GM’s Cruise gets permission to test autonomous cars with no passengers

OAKLAND, Calif. — The race for driverless autonomous vehicles is heating up and on Thursday Cruise became the first to receive a permit...