Business

Ford, Snap, Virgin Galactic and others

Newly produced Ford Motor Co. pickup trucks. 2021 F-150s wait for missing parts in Dearborn, Michigan on March 29, 2021.

Rebecca Cook | Reuters

Check out the companies that make headlines in the afternoon trade.

Ford – Shares jumped about 4% as the automaker’s market capitalization topped $100 billion for the first time on Thursday. The rally comes as the company plans to increase production of electric vehicles, including the Mustang Mach-E crossover and the upcoming electric version of its popular F-150 pickup truck. Deutsche Bank also named Ford as one of the top car market leaders in 2022.

Delta Air Lines – The airline’s shares rose about 3% mid-day after outperforming the highs and lows of quarterly results. Delta earned an adjusted 22 cents per share on $9.47 billion in revenue. Wall Street expected adjusted earnings of 14 cents per share on revenue of $9.21 billion, according to Refinitiv. The company also said it expects to make a profit in 2022.

Boeing – Shares rose 3% after Chinese aviation regulators issued a directive to return the 737 Max to the skies. The planes were stopped for more than two and a half years after the second of two fatal accidents.

KB Home – The real estate developer’s shares rose 14% after posting better-than-expected quarterly results. KB Home reported earnings of $1.91 per share, up from $1.77 per share estimate, according to Refinitiv. KB Home also published a positive outlook for 2022.

Snap – Shares fell more than 6% after Cowen downgraded social media stocks to market. The firm said Snap should continue to run into issues due to Apple’s privacy rules.

Virgin Galactic – Shares fell 18.2% after the space tourism company announced plans to raise up to $500 million in debt. The company intends to raise $425 million from the sale of 2027 convertible senior notes through a private placement, with buyers expected to be granted an additional $75 million option.

Moderna — Shares in the vaccine maker fell 4.3% after the company said it plans to release data on Covid-19 vaccine trials involving children aged 2 to 5 by March. The company may apply for approval to vaccinate this age group if the data is confirmed, the statement said.

Virgin Orbit – Shares jumped more than 4% as the company was set to launch a satellite on Thursday afternoon.

Taiwan Semiconductor – Shares rose 6.9% after the chip maker’s fourth-quarter earnings and revenue beat StreetAccount consensus. The company also published an optimistic outlook.

Halliburton – Shares of the energy giant rose 2.5% to a fresh 52-week high after JPMorgan upgraded the stock from neutral to overweight. “We see more upside potential and a more attractive relative valuation in line with our ‘normalized’ structure,” JPMorgan said.

Mattel – Shares are up more than 3% after MKM upgraded the toy maker’s rating to buy from neutral. “We look forward to continued positive momentum in Mattel’s product portfolio in 2022,” MKM said in a statement.

– CNBC’s Maggie Fitzgerald, Pippa Stevens and Tana Machil provided reporting.


Source link

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button