Stocks making the biggest moves midday: Instacart, Disney, Planet Fitness, Rackspace and more

Market Insider

An empty parking lot is pictured in front of a Planet Fitness gym and fitness club in Alhambra, California, on May 12, 2020, after stay-at-home orders in Los Angeles County were extended until July amid the Covid-19 pandemic.
Frederic J. Brown | AFP | Getty Images

Check out the companies making headlines in midday trading.

Starbucks — Shares fell 2% in midday trading following a downgrade to market perform from TD Cowen. Analyst Andrew Charles noted concern over macroeconomic headwinds in China that could hit consumer spending at Starbucks stores.

Instacart — The grocery delivery stock roared out the gates as it debuted on the public market midday Tuesday. Shares popped about 35%. The company had priced its initial public offering at $30 a share Monday, the high end of the expected $28 to $30 range.

Disney — The entertainment stock slumped more than 3% after Disney revealed that it plans to nearly double its spending on its parks and cruises businesses to roughly $60 billion.

Super Micro Computer — Stock in the computer technology company climbed close to 2% after Barclays initiated coverage of shares at an overweight rating. Analyst George Wang said the stock could benefit from a still-growing artificial investment trend.

Deere — The industrial stock fell nearly 3% after Evercore downgraded the shares to in line from outperform. The Wall Street firm said the trends and early color from its contacts suggest revenue declines and agriculture production cuts for Deere’s next fiscal year.

Planet Fitness — Shares of the gym franchise slid 5% after JPMorgan downgraded the stock to a neutral rating from overweight. The investment bank cited the recent surprise ousting of CEO Chris Rondeau and an uncertain macroeconomic future as reasons for the downgrade.

Arm Holdings — Shares of the semiconductor company, which recently went public, dropped 4%. Redburn Atlantic Equities initiated coverage of the company as neutral and said it is overvalued right now.

Array Technologies — The solar tracker solutions provider increased 5% after Bank of America added the company to the US1 list, saying Array is a “diamond in the rough.”

Rocket Lab — Shares of the aerospace manufacturer tumbled 7% after Rocket Lab’s first launch failure in more than two years Tuesday morning. Rocket Lab’s uncrewed 41st Electron rocket launch failed about two minutes and 30 seconds after it lifted off in New Zealand.

Lazard — The stock fell 1.4% after Goldman Sachs downgraded the investment bank to sell from neutral, saying its outlook is too “challenging.”

Royal Caribbean — Shares of the cruise company gained about 2% after being upgraded to buy from hold by Truist, which said forward-looking trends for 2024 and 2025 seem “exceptionally strong.” The Wall Street firm also upgraded Carnival to hold from sell, sending shares nearly 2% higher.

Rackspace Technology — The cloud computing company popped Tuesday, gaining more than 36%. Raymond James earlier upgraded Rackspace to outperform from market perform and said it likes the company management’s execution.

— CNBC’s Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han and Michelle Fox contributed reporting.

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