Tim Cook, chief executive officer of Apple Inc., waves while arriving on stage during the Apple Worldwide Developers Conference (WWDC) in San Jose, California.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines midday Monday:
Apple — The company gained 2.2% in volatile trading, following last week’s strong rally that pushed its market value above $2 trillion. The gains also came ahead of its 4-for-1 stock split, which takes effect on Aug. 31. The stock hit a new intraday high of $515.14 on Monday, bringing its 2020 gains to more than 70%.
Tesla — Shares of the electric vehicle company slid more than 1%, giving up an earlier gain of nearly 4% that pushed shares to a new all-time high. The stock is up 40% this month amid broad investor enthusiasm for the name.
Best Buy — Best Buy shares rose 3.3% in midday trading after Raymond James reiterated its “strong buy” rating on the shares and hiked its price target on the equity to $135 from $100 per share. The electronics retailer’s stock is up more than 33% this year as Covid-19 lockdowns sparked demand for at-home tech such as monitors, televisions and computers.
Pinterest — Pinterest shares fell more than 4% after Citi downgraded the image-sharing platform to neutral from buy. The bank said it has turned more cautious on the company after the outperformance this year and said its valuations are not “compelling.” Pinterest has gained 75% this year.
Deere — The farm equipment company rose more than 3% after Bank of America upgraded the stock to buy from neutral. BofA said in a note that Deere’s position as an industry leader and attractiveness to ESG investors should boost the stock’s valuation. Argus Research also raised its target price on the stock.
Churchill Downs — Shares of the thoroughbred racetrack company lost 1.6% in midday trading after Susquehanna downgraded the stock to neutral from positive. Analysts said Churchill Downs has “limited upside” after its announcement that it would not have spectators at the Kentucky Derby due to the coronavirus.
American Airlines, Delta, Norwegian Cruise Line, Carnival — Shares of airlines and cruise operator companies rose broadly as the daily count of U.S. coronavirus cases declines and the Trump administration approved an emergency treatment for the virus. American Airlines rose 10% and Delta gained 8.8%. Carnival and Norwegian Cruise Line gained more than 9% each.
Lululemon — Lululemon shares rose nearly 2% after an analyst at Susquehanna raised his price target on the stock to $426 per share from $360 per share. The new price target implies a 12-month upside of 15.5% from Friday’s close of $368.75. “Underlying momentum continues to build faster than most peers as headwinds from the crisis slowly abate,” the analyst said.
Medtronic — Medtronic advanced 1.8% after the company increased its dividend for fiscal second quarter to 58 cents per share, representing a 7% year-over-year increase.
—CNBC’s Jesse Pound, Pippa Stevens, Maggie Fitzgerald, Yun Li and Tom Franck contributed to this report.