Business

Boeing, Dollar Tree, Tesla and others

A Boeing 737 MAX 7 aircraft lands during a familiarization flight at Boeing Field in Seattle, Washington on September 30, 2020.

Lindsey Wasson | Reuters

Pay attention to the companies that hit the headlines at noon.

Boeing – Shares in the jet-plane maker jumped 5.5% after a company executive said Sunday that he was “approaching” the resumption of deliveries of his 787 Dreamliner after suspending shipments to address production concerns. He did not specify a timeline, but said it depends on the outcome of ongoing negotiations with regulators.

Tesla – The Tesla stock sell-off continued on Monday after falling more than 15% a week earlier, posting its worst weekly performance in 20 months. The stock fell 1.9% on Monday. Tesla CEO Elon Musk has sold about $ 6.9 billion in Tesla shares over the past week.

Dollar Tree – Shares in the discount retail chain jumped 14.3% after Dollar Tree announced that investor activist Mantle Ridge has acquired more than 5% of the company. Deutsche Bank raised its pre-buy share price following the news, saying the activist could raise its shareholder value.

Oatly – Shares in an oat milk maker fell 20.8% after the company warned of a pandemic. Oatly said it is experiencing issues with various Covid-related restrictions. However, according to Refinitiv, the company posted a smaller-than-expected loss in the last quarter, losing 7 cents per share versus 10 cents per share expected by analysts.

Tyson Foods – Tyson added 3.6% after the beef and poultry maker beat earnings expectations. The company posted quarterly earnings of $ 2.30 per share, up 27 cents per share over Refinitiv’s estimates. Revenue also beat analysts’ forecasts.

EVgo – Shares in the electric car charging company fell 14.3% after Credit Suisse downgraded its rating to neutral. In a note to customers, the company said the infrastructure bill had already accounted for its next more than 70% share rally in November.

CrowdStrike – Cybersecurity stocks fell 10.6% on Monday after Morgan Stanley began underweight CrowdStrike coverage. The investment firm said in a note to clients that increased competition and slower industry growth mean CrowdStrike’s stock could fall.

WeWork – WeWork shares jump 3.4% following the company third quarter earnings reported, the company’s first report since publication in October. Total revenue for the quarter was $ 661 million, up 11% from the previous quarter, WeWork said. The company also suffered a loss of $ 4.54 per share. That’s an improvement from a loss of $ 5.51 a share in the year-ago quarter.

Warner Music Group – Shares of Warner Music Group fell 6.2% after the company fell short of analysts’ expectations. The company posted quarterly earnings of 5 cents per share, 10 cents below the Refinitiv consensus.

Vita Coco – Shares in the coconut water company soared 21.2% in daytime trading after Goldman Sachs initiated buy rating coverage on the stock, saying the trend towards coconut water should continue and that a possible drop in shipping costs should improve the outlook for profitability Vita Coco. … Goldman has set a target price of $ 22 per share for Vita Coco.

23andMe – 23andMe shares fell 11.5% after Citi downgraded the genetic testing company from Buy to Neutral. Citi considers 23andMe’s current valuation “too high” and “leaves little room for growth.”

Chevron – Chevron gained 2.3% after UBS upgraded the stock to Buy from Neutral. The firm said high oil prices should continue and boost stocks.

– CNBC’s Jesse Pound, Yoon Lee, Tanaya Mashil provided reporting.


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