The Moderna sign will be seen outside its headquarters in Cambridge, MA on March 11, 2021.
Boston Globe | Getty Images
Check out the companies that are making the headlines in midday trading.
Moderna – The drugmaker’s shares rose more than 7% after it was announced that it is developing a two-in-one vaccine boost to protect against both Covid-19 and the seasonal flu. The new vaccine, which the company calls mRNA-1073, combines Moderna’s current Covid vaccine with a flu vaccine, which is also under development, according to a press release.
Lululemon – The athleisure brand rose 11% to hit an all-time high after reporting strong earnings for the second quarter and saying it is on track to hit a 2023 sales target ahead of schedule. The company has outperformed other retailers during the pandemic and is ready to continue to do so when people return to offices.
GameStop – Shares in the video game retailer reduced losses on a post-profits sell-off as retail investors rallied for the Reddit favorite. GameStop fell as much as 10% before falling back into the green during the day. The company posted a smaller loss than last year and increased sales in the second quarter. The retailer gave an outlook for the coming quarters and details on its e-commerce transformation slightly, which disappointed Wall Street analysts. Meme stock preferred by Reddit traders is still up over 900% this year.
Boston Beer – The alcoholic beverage stocks lost over 3% after it withdrew its earnings forecast late Wednesday due to a slowdown in sales of its hard-seltzer brand Truly. That development came just weeks after the company blamed Truly’s poor sales for weaker-than-expected second-quarter results, which led it to lower its full-year forecast.
RH – The furniture retailer’s stocks rose nearly 8% after beating the top and bottom lines of quarterly results. RH earned $ 8.48 per share, according to Refinitiv, beating estimates of $ 6.48 per share. Revenues of $ 988.8 million were above expectations of $ 975.4 million.
Caesars Entertainment – Caesars shares rose 1.3% after the company announced it would sell the non-US assets of its William Hill sports betting unit to UK gaming company 888 Holdings. The deal is worth about £ 2.2 billion, or about $ 3 billion.
NetEase – Chinese regulators have summoned NetEase and other gambling companies to remind them of the children’s playtime restrictions. NetEase’s shares were down more than 2%.
Analog Devices – Analog Devices shares gained 3.5% after the company announced the acquisition of rival chip maker Maxim Integrated Products, which is expected to contribute to adjusted earnings 12 months after close, six months earlier than previously expected. Analog Devices expects the acquisition to be neutral to adjusted earnings in fiscal 2022.
Macy’s – The retailer’s shares rose about 2% after Cowen upgraded the stock to an outperform rating and said the stock could rise nearly 30%. The company pointed to the retailer’s digital push, as well as product innovation and price management as factors that will be driving upward. Macy’s shares nearly doubled this year.
Ford – Ford’s shares fell 2.1% after the automaker announced it would end vehicle production in India, costing about $ 2 billion. The company is closing two major plants in the country and about 4,000 people are expected to lose their jobs.
Blade Air Mobility – Blade shares rose 19% after JPMorgan said the airline could be the Uber of the Skies. The company predicts an 80 percent rally for Blade and believes the ridesharing market could be worth tens of billions of dollars within a decade.
Leslie’s – Leslie’s shares rose 3.7% after Stifel began coverage of the pool stock with a buy rating. The company said the stock is currently undervalued as Leslie’s is poised to “build on its leading market share” in the pool and spa market.
– CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Tanaya Macheel contributed to the coverage
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