Wynn Resorts, Beyond Meat, Avis Budget and more

Wynn Resorts, Beyond Meat, Avis Budget and more

Take a look at the stocks that made the biggest moves of the afternoon.

Wynn Resorts, Las Vegas Sands – Major casino stocks continued to fall on Thursday as Macau authorities revise licensing rules and regulations around the island’s massive gambling industry. Shares of Wynn Resorts fell 3.9%, while Las Vegas Sands fell almost 3.3%. JPMorgan downgraded both stocks on Thursday, with Melco Resorts saying there was too much uncertainty about potential changes in Macau.

Beyond Meat – Shares of the alternative meat company fell more than 5% after Piper Sandler lowered the stock to an underweight due to slower sales expectations. The company wrote in a note to customers: “Pair is an early leader in plant-based meats, but we believe its current all-channel retail momentum is below consensus expectations, and our products food will continue to grow. The estimate could be even higher. Piper also lowered her target on the stock from $ 120 to $ 95. The new target is about 14% lower than where the title closed on Wednesday.

Lilium – Shares of the electric aircraft developer rose more than 5% after Piper Sandler started covering overweight Lilium. The investment firm said Lilium offered serious benefits to investors willing to wait for volatility.

Avis Budget Group – Rental car inventory jumped more than 9% after Bank of America moved Avis Budget from neutral to buy. The company said higher rental car prices “are expected to continue until 2022”.

DoorDash – Shares of DoorDash rose nearly 6% after Bank of America moved the food delivery company from neutral to buy. “We see a strong 5-year growth opportunity for deliveries via mobile apps, reversing 2021 projections and the rapid transformation of local commerce,” Bank of America said.

Lordstown Motors – Shares of electric vehicle company Lordstown Motors fell 3.8% after Bank of America lowered the stock from neutral to underperforming. Competition in electric vehicles is intensifying, but the bank has called Lordstown “just one of many participants” and “one of the least legitimate in the world of young electric vehicle manufacturers.”

Fisker – Shares of the electric carmaker fell around 6.5% after declining to neutral following the Bank of America takeover. The Wall Street firm said that if Fisker is more legitimate in the world of start-up electric vehicle manufacturers, it is in large part because of his relationship with subcontractor Magna.

Freeport-McMoRan – Shares of the mining company fell more than 7% on Thursday as the price of metals, including silver and copper, fell. The president of the company also discussed the development of mining projects during the Morgan Stanley virtual conference on Wednesday.

Virgin Galactic – Shares of the space exploration company rose more than 3% after its private competitor SpaceX pulled off an all-civilian flight.

—Michael Bloom, Tanaya Machiel, Maggie Fitzgerald, Hannah Miao and Pippa Stevens of CNBC contributed to this report.

LEAVE A REPLY

Please enter your comment!
Please enter your name here