Stocks making the biggest moves midday: Chipotle, Biogen, Snap, L Brands & more

Market Insider

Chipotle Mexican Grill is a chain of restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in Mission burritos and tacos.

Roberto Machado Noa | LightRocket | Getty Images

Check out the companies making headlines in midday trading. 

Chipotle — Shares of the Mexican restaurant chain rose nearly 10% following its strong quarterly earnings report. Chipotle saw digital sales grow 81% from an increased number of online orders as consumer avoid public spaces. Same-store sales rose 3.3% even as social-distancing measures roil the restaurant industry. Chipotle also posted better-than-expected profit. 

Snap — The social media stocked soared more than 27% after reporting a 44% jump year-over-year surge in revenue for its first quarter. The revenue growth was boosted in part by accelerated user growth. Snap’s daily active users grew to 229 million, 20% higher than in the same quarter a year earlier.

Biogen — Shares of Biogen plunged 9% after the biotech company  said in its first quarter earnings release that it expects to complete the filings for its Alzheimer’s drug during the third quarter, a delay from the previous schedule. Analysts from Cantor Fitzgerald said in a note that even the timeline seemed “aggressive.” The company’s revenue and earnings for the first quarter did come in above expectations.

L Brands — Shares of L Brands fell 20%, and were briefly halted for volatility, after Bloomberg News reported private equity firm Sycamore would terminate a deal to buy Victoria’s Secret. Sycamore and L Brands finalized the deal in late February, before shelter-in-place orders were implemented to curb the coronavirus outbreak.

Netflix — Shares of the streaming giant dropped 1.5% after giving conservative earnings guidance and warning of an expected decline in viewership and slowdown in growth down the road as people come out of lockdown orders around the world. Netflix blew away analyst expectations for new subscribers as the media company added 15.77 million global paid subscribers, compared to the 8.2 million expected. 

Exxon Mobil, Chevron, Halliburton — Energy stocks rose broadly as oil prices surged after a historic two-day plunge that sent West Texas Intermediate futures into a negative price on Monday. Exxon and Chevron climbed more than 2.6% each while Halliburton soared 10.7%.

Texas Instruments — Shares of Texas Instruments gained 2.3% after reporting first quarter results that beat Wall Street expectations. The company reported revenue of $3.33 billion, while analysts expected $3.17 billion, according to Refinitiv. The Dallas-based company expanded its guidance range for the second quarter.

Interactive Brokers — The online brokerage dropped more than 9% after disclosing a provisionary loss of about $88 million following oil’s historic plunge into a negative price earlier in the week. Interactive Brokers said several of its clients had long positions on the May contract, which went to a negative price on Monday. That decline led to client losses exceeding their account equity.

Johnson & Johnson — The health-care giant rallied 3.4% in midday trading after Bank of America upgraded the stock to a buy rating. Analyst Bob Hopkins wrote that he believes JNJ can outperform in the current turbulent market environment as a historically defensive name. He cited J&J’s history of outperforming the broader stock market during turbulent times while its strong first-quarter results and dividend raise “suggest JNJ should deliver solid results.” JNJ, the analyst said, outperformed by 25% and 28% respectively in 2001 and 2008.

AT&T — Shares of the media and telecommunications company fell 1.5% after reporting quarterly revenue and profit below what Wall Street expected as the coronavirus dent’s AT&T’s business. The pandemic reduced earnings by 5 cents per share, the company said. AT&T also withdrew its full year guidance. 

Expedia – Shares of Expedia gained nearly 10% after it’s reported the travel company is near a deal to sell a stake to private equity firms Silver Lake Partners and Apollo Global Management. Such a deal would raise about $1 billion, with Expedia seeking to raise funds as the pandemic takes a heavy toll on Expedia’s online travel bookings.

— CNBC’s Maggie Fitzgerald, Jesse Pound, Fred Imbert and Thomas Franck contributed reporting.

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