Lordstown Motors Corp Chief Executive Steve Burns poses with a prototype of the electric vehicle start-up’s Endurance pickup truck, which it will begin building in the second half of 2021, at the company’s plant in Lordstown, Ohio, U.S. June 25, 2020.
Lordstown Motors | Reuters
Check out the companies making headlines in midday trading.
Lordstown Motors — The embattled electric truck maker dropped more than 30% after filling for bankruptcy. Lordstown is also suing Taiwanese manufacturer Foxconn over a $170 million funding deal.
Walgreens Boots Alliance — Shares tumbled nearly 9% after the retail pharmacy chain lowered its full-year earnings guidance to $4 to $4.05 per share from its previous forecast of $4.45 to $4.65 per share. Walgreens also reported adjusted earnings per share for its fiscal third quarter of $1, missing a Refinitiv forecast of $1.07.
Delta Air Lines — Shares rose 3.3% after the airline put its forecast for full-year earnings at $6 per share, at the high end end of the previously set range. Delta said it has been helped by strong demand and customers opting for more expensive fare classes.
American Equity Investment Life — The insurance firm’s stock popped about 17% following a report by Bloomberg News that Canadian investment firm Brookfield was close to making a deal to buy American Equity Investment Life for approximately $4.3 billion.
Cruise stocks — Carnival climbed 6.4%, reversing course after tumbling Monday. The cruise line reported a smaller than expected loss for its second quarter, while also giving strong guidance. Royal Caribbean and Norwegian advanced 2.5% and 4.1%, respectively, after also taking a leg down on Monday.
Generac — The generator stock climbed 7% after Bloomberg News reported that Generac CEO Aaron Jadgfeld said the company was seeing a “dramatic increase” in demand in the Texas region.
Roblox — The gaming platform popped 5.8% after Bank of America reiterated its buy rating, saying the stock is a leader in the Metaverse category.
Meta Platforms — The big technology stock added 2% after Citi reiterated its buy rating. The firm said its particularly optimistic about Reels.
Kellogg — Kellogg traded 1.9% higher on the back of an upgrade to buy from neutral by Goldman Sachs. The Wall Street firm said shares were mispriced given the growth potential for investors.
Nike — The athletic retailer added 1.3% after Oppenheimer reiterated its outperform rating ahead of earnings later this week.
Frontier Communications — Shares rose 4.1% on the back of Wolfe Research initiating coverage of the stock at outperform. Wolfe said the company has leading speed and reliability.
Coterra Energy — Coterra added 2.2% on the back of an upgrade from JPMorgan to overweight from neutral. JPMorgan said shares are attractively valued.
Unity Software — The gaming software stock jumped 11% after Wells Fargo initiated coverage of Unity with an overweight rating. Negative sentiment about the metaverse has overshadowed the stronger aspects of Unity’s business, Wells Fargo said in a note to clients.
Saia — The transportation stock rose 6.7% on the back of Evercore ISI upgrade to outperform from in line. The firm said risk seems skewed to the upside.
Wingstop — Shares gained 3.1% after Northcoast upgraded Wingstop to buy from neutral, citing the potential for the growth story to keep it as an industry leader.
Cars.com — Shares advanced 6% following JPMorgan’s initiation of the online auto marketplace at overweight. The firm called the stock a safe place to hide in this tough macroeconomic environment.
— CNBC’s Jesse Pound and Michelle Fox contributed reporting
