US Steel, Tesla, Unity Software, Beyond Meat et plus

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Find out which companies are making headlines in midday trading. US Steel – Shares of US Steel jumped more than 9% after the company reported a smaller than expected loss for its fiscal third quarter. US Steel posted a loss of $ 1.45 per share. Analysts polled by FactSet had expected a loss of $ 1.52 per share. CEO David Burritt said that “improving market conditions in June and July accelerated through August and September”.

Unity Software – Shares of Unity Software have climbed over 36% on the first day of trading. The software company – which trades on the Nasdaq under the symbol “U” – is trading above $ 70 per share, above its IPO price of $ 52 per share. Unity follows the market debut of software storage company Snowflake on Wednesday, the largest software IPO in history.

Tesla – Shares jumped more than 4% ahead of the company’s Battery Day on Tuesday. Morgan Stanley said the event could “potentially change the storytelling” for the company in a note to customers on Friday. Separately, Piper Sandler raised her target from $ 480 to $ 515, highlighting “misunderstood” aspects of the company’s business model, including the energy segment.

Beyond Meat – Beyond Meat fell more than 6% on Friday afternoon after JPMorgan downgraded the alternative meat company due to “sluggish” fundamentals and said the stock was “ahead of itself”. We believe that “the stock is ahead of itself and we consider Street’s estimates too high, thanks to main rival Impossible Foods which has taken stakes in grocery stores and restaurants hesitant to add complexity to the menu for a while. the COVID-19 crisis, ”the broker said in a note.

SunPower – Shares of the solar storage company rose 4% after Morgan Stanley upgraded the stock to be underweight. The Wall Street firm attributed the upgrade to a possible expansion of margins and higher storage penetration.

Dave & Buster’s – The entertainment and restaurant chain’s shares continued to turn dramatically, climbing almost 13% on Friday. Raymond James improved the stock to outperform market performance, saying its recent sell-off was “exaggerated”. The company revealed last week that it could potentially be forced into Chapter 11 bankruptcy later this year. He also made a similar disclosure last quarter.

Home Depot – Home Depot shares fell 1.1% midday after Oppenheimer downgraded its rating on the home improvement retailer and lowered its price target on the shares from $ 320 to $ 305. Oppenheimer also lowered his rating on Lowe’s from outperforming to performing. “Our updated models for HD and LOW reflect a ‘baseline’, in which trends in comps gradually moderate to around pre-COVID-19 levels,” the note said.

Foot Locker – Shares of Foot Locker gained around 1% after Argus Research upgraded the shoe retailer to buy on hold. The Wall Street firm said consumers “have returned to stores with the intention of buying merchandise” while digital sales remained strong.

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

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