L Brands, Estee Lauder, CureVac, Tesla and more

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Here are the actions that make the headlines at noon.L Brands – Shares of L Brands led the S&P 500 higher Thursday with a 5% rally after the company reported a surprise quarterly profit despite Covid-19 business closings. Strong demand for soaps and disinfectants helped drive the company’s Bath & Body Works business forward, while Victoria’s Secret saw online sales increase 28%.

Estee Lauder – Shares of the beauty company plunged more than 7% after disappointing quarterly results. Estee Lauder reported a loss of 53 centers per share, a loss much larger than the expected 19 cents per share. Income also missed estimates. Estee Lauder had sales of $ 2.43 billion, lower than the $ 2.45 billion forecast. Estee Lauder said she is launching a two-year initiative to rebalance its investments, which will include a reduction in its business footprint and an increased focus on digital sales. It also plans to cut up to 2,000 jobs worldwide.

CureVac – Shares of the German biotech company jumped more than 14% after the company announced it was in advanced talks with the European Commission to provide up to 405 million doses of a potential Covid vaccine- 19. The company’s vaccine candidate is currently in phase 1.

Tesla – Tesla shares jumped nearly 6% to an all-time high of $ 1994.75, approaching the $ 2,000 mark. The electric carmaker’s stock has climbed more than 20% this week alone, pushing its massive gains in 2020 to over 370%. There were no apparent headlines Thursday that could spur the rally, but investors were even more excited about the stock after Tesla announced a 5-to-1 stock split, which takes effect on August 31.

Synopsys – The semiconductor design company saw its share rise 4.9% after reporting better-than-expected results for its fiscal third quarter. The company reported adjusted earnings per share of $ 1.74 on revenue of $ 964.1 million, while analysts polled by FactSet expected earnings per share of $ 1.94 and revenue. of 894.1 million USD. The company said in a statement that it was confident in its “outlook and resilient business model” and raised its revenue and profit guidance.

Alibaba – Shares of the Chinese e-commerce giant slipped more than 1%, despite first-quarter earnings beating analysts’ estimates up and down. The company said mobile users increased by 28 million in the quarter, bringing the total number of mobile users to 874 million.

Shake Shack – The fast food chain’s shares traded more than 2% higher after Wedbush upgraded its rating on the stock to outperform neutral. “SHAK was the preeminent growth story in restaurants before COVID, and we think the growth story is even more compelling after COVID,” the company said. Wedbush’s 12-month price target of $ 77 is about 40% higher than where the stock is currently trading.

Intel – Tech stock rose 2% after the company announced a $ 10 billion fast-track share buyback program. The company said it believed its shares were “well below intrinsic value.” The stock had fallen about 20% in the past month.

Elanco – Shares of the animal health company rose 7% after Morgan Stanley raised the stock to overweight to neutral. The company said in a note that it was optimistic about the company’s “long-term outlook” and said the company’s profit growth could be strong even if sales growth is only “moderate.” .

– CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald and Tom Franck contributed to this story.

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