Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale on November 15, 2019 in New York City.
Angela Weiss | AFP | Getty Images
Check out the companies making headlines in midday trading.
Carnival, Norwegian Cruise Line, Royal Caribbean Cruises — Shares of cruise lines dropped on Wednesday as investors ditched riskier stocks after a three-day winning streak. Shares of Norwegian Cruise Line fell 7% and shares of Carnival Corp. dropped 6.4%. Royal Caribbean ticked nearly 8% lower. Norwegian extended the suspension of most voyages through the end of September.
Nikola Corporation – Shares of the battery-electric and hydrogen-powered truck maker gained more than 3% after Cowen initiated coverage on the stock with an outperform rating. The firm said it’s “more than just a truck company” and has “many unique characteristics.” Shares of the company have more than doubled since it went public on June 4 through a reverse merger.
Oracle – Shares of Oracle fell 4.8% after the software company reported disappointing revenue in its fiscal fourth-quarter results. Oracle’s revenue declined 6% to $10.44 billion, missing analysts’ estimates of $10.65 billion, according to Refinitiv. Earnings came in at $1.20 a share, compared with analysts’ average estimate of $1.15.
Beyond Meat – Shares of Beyond Meat jumped nearly 8% after the alternative meat company said it will start selling value packs of its meatless burgers at Walmart and Target stores nationwide. Meanwhile, Credit Suisse raised its price target on Beyond Meat to $142 from $90, calling the company a “net beneficiary” of the pandemic.
Stitch Fix – Shares of Stitch Fix rose nearly 2.3% after Wall Street firm Canaccord Genuity initiated coverage on the online clothing styling company with a buy rating. The firm said Stitch Fix presents “a consistent, emotionally appealing offering wrapped within a subscription-like experience.”
Hertz — Trading in the car rental company shares was halted around midday. The stock rose more than 5% earlier in the session despite SEC chairman Jay Clayton telling CNBC the regulatory agency has issues with Hertz’s plan to sell stock. Clayton said Hertz, which filed for bankruptcy during the pandemic, is aware the SEC has issues, but the regulator has not heard back yet from Hertz.
Lowe’s, Floor & Decor — Two stocks tied to home renovations and construction rose Wednesday after by Wall Street analysts raised their estimates for the stocks. Shares of Lowes rose 3% after Stifel raised its price target to $156 per share from $149, and Floor & Decor gained 3.3% after UBS hiked its target to $65 per share from $48. The moves also followed news of sharp rises for building permits and mortgage applications, which helped homebuilder D.R. Horton gain 1.9%.
United, American, Delta, Southwest — Airline stocks fell on Wednesday after three days of gains. United Airlines fell nearly 4% and American Airlines dropped 3.5%. Delta ticked 2.75% lower and Southwest lost 2%.
CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens contributed reporting.
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