Stocks making the biggest moves midday: Boeing, Dollar Tree, Tesla and more
A Boeing 737 MAX 7 aircraft lands during an evaluation flight at Boeing Field in Seattle, Washington, September 30, 2020.
Lindsey Wasson | Reuters
Check out the companies making headlines in midday trading.
Boeing — Shares of the jet maker jumped more than 5% after a company executive said Sunday it’s “getting close” to resuming deliveries of its 787 Dreamliner, after suspending them to deal with production issues. He did not specify timing, but said it depends on the results of ongoing talks with regulators.
Tesla — The sell-off in Tesla shares continued Monday after declining more than 15% the week prior, marking the stock’s worst one-week performance in 20 months. Shares slid 4.2% Monday. Tesla CEO Elon Musk sold about $6.9 billion worth of Tesla stock over the course of last week.
Dollar Tree — Shares of the discount retail chain jumped 13% after Dollar Tree revealed the activist investor Mantle Ridge has built a more than 5% stake in the company. Deutsche Bank upgraded the stock to buy following the news, saying the activist could unlock value for shareholders.
Oatly — Shares of the oat milk producer plunged more than 21% after the company warned about pandemic challenges. Oatly said it is experiencing issues related to various Covid-related restrictions. However, the company posted a narrower-than-expected loss for the latest quarter, losing 7 cents per share versus the 10 cents a share loss anticipated by analysts, according to Refinitiv.
Tyson Foods — Tyson shares added 2.9% after the beef and poultry producer beat earnings expectations. The company posted a quarterly profit of $2.30 per share, 27 cents a share above Refinitiv estimates. Revenue also topped analysts’ forecasts.
EVgo — Shares of the electric vehicle charging company dipped more than 15% after Credit Suisse cut the stock to a neutral rating. In a note to clients the firm said that upside from the infrastructure bill is already priced in following shares’ more than 70% rally in November.
CrowdStrike — The cybersecurity stock dropped 12% on Monday after Morgan Stanley initiated coverage of CrowdStrike at underweight. The investment firm said in a note to clients that rising competition and slowing industry growth meant that CrowdStrike shares could fall.
WeWork — Shares of WeWork popped 2.2% after the company announced third-quarter earnings, the company’s first report since going public in October. Total revenue for the quarter was $661 million, up 11% from the previous quarter, WeWork said. The company also saw a loss of $4.54 per share. That’s an improvement from the loss of $5.51 per share in the year-ago quarter.
Warner Music Group — Warner Music Group shares declined more than 6% after the company missed on analysts’ earnings expectations. The company posted quarterly earnings of 5 cents per share, 10 cents lower than the Refinitiv consensus.
Vita Coco — Shares of the coconut water company soared more than 25% in midday trading after Goldman Sachs initiated coverage of the stock with a buy rating, saying the trend toward coconut water should continue and that a potential decrease in shipping costs should improve Vita Coco’s profitability outlook. Goldman set a price target of $22 per share for Vita Coco.
23andMe — 23andMe declined 10.6% after Citi downgraded shares of the genetic testing company to neutral from buy. Citi said 23andMe’s current valuation was “too rich” and “leaves little room for upside.”
Chevron — Shares of Chevron added 1.1% after UBS upgraded the stock to a buy rating from neutral. The firm said high oil prices should persist and boost the stock.
— CNBC’s Jesse Pound, Yun Li, Tanaya Macheel, contributed reporting