Learn more about the companies that are making headlines in mid-day trading.
Moderna – The drugmaker’s shares rose more than 7% after announcing it was developing a two-in-one booster vaccine that protects against both COVID-19 and seasonal flu. According to a press release, the new vaccine, which the company calls mRNA-1073, combines Moderna’s current COVID vaccine with the flu vaccine, which is in development.
Lululemon – The athleisure brand jumped 11% to an all-time high after reporting strong second-quarter earnings and saying it was on track to hit its 2023 revenue target ahead of schedule. The company has outperformed other retailers during the pandemic and is expected to continue as people return to their offices.
GameStop – Shares in the video game retailer ignored losses from a post-profit sale as retail investors rallied to front-runner Reddit. GameStop fell 10% before returning to intraday green. The company reported lower losses in the second quarter than a year ago and higher sales. The retailer was light-hearted in providing outlook for the next few quarters and details on its e-commerce transformation, which disappointed Wall Street analysts. The stock of memes favored by traders on Reddit is still up over 900% this year.
Boston Beer – Shares of the alcoholic beverage fell more than 3% after lowering its profit forecast on Wednesday night amid falling sales of its hard salt brand Trulli. The move came just weeks after the company blamed weaker-than-expected second-quarter earnings on weak sales at Truly, leading it to lower its guidance for the full year.
RH – Shares of the furniture retailer have jumped nearly 8% after beating its quarterly results in terms of sales and revenue. According to Refinitiv, RH earned $ 8.48 per share, which exceeds estimates of $ 6.48 per share. Revenue was $ 988.8 million, higher than expected at $ 975.4 million.
Caesars Entertainment – Caesars shares rose 1.3% after the company said it would sell the non-U.S. Assets of its William Hill sports betting unit to U.K. gaming company 888 Holdings. The deal is worth around £ 2.2bn, or around $ 3bn.
NetEase – Chinese regulators have called on NetEase and other game companies to recall restrictions on play time for children. NetEase stock fell more than 2%.
Analog Devices – Shares of Analog Devices rose 3.5% after the company announced its acquisition of rival chipmaker Maxim Integrated Products, which is expected to increase adjusted profit in the 12 months after closing, compared to six months earlier. Analog Devices said it expects the acquisition to be neutral to adjusted earnings for fiscal 2022.
The retailer’s shares rose about 2% after Macy’s-Cowen raised the stock to an outperformance rating, saying the stock could jump about 30%. The company pointed out that the retailer’s digital push along with product innovation and price management were factors that would drive the rise. Macy’s shares have almost doubled this year.
Ford – Ford shares fell 2.1% after the automaker said it would end production of vehicles in India that would cost around $ 2 billion. The company is closing two large factories in the country and around 4,000 people are expected to lose their jobs.
Blade Air Mobility – Blade shares jumped 19% after JPMorgan said the air rideshare company could be the Uber of the sky. The company predicts an 80% rally for Blade and estimates the Hawaii rideshare market could be worth billions of dollars within a decade.
Leslie – Leslie’s shares rose 3.7% when Stifel started hedging Poole’s shares with a buy note. The company said the stock is currently undervalued as Leslie Pool & Spa prepares to “build its main market share” in the market.
– CNBC’s Pippa Stevens, Yun Lee, Maggie Fitzgerald and Tanaya Machel contributed reporting
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