Global Courant
A man walks past a panel with the logo of Logitech on the campus of the Swiss Federal Institute of Technology of Lausanne in Lausanne, Switzerland, November 27, 2019.
Fabrice Cofrini | AFP | Getty Images
Check out the companies making headlines during midday trading.
logitech — Shares plunged 12.3% after the company announced that President and CEO Bracken Darrell is leaving. Citi downgraded its stock rating to neutral from buy following the announcement.
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UnitedHealth UnitedHealth fell 7% after Chief Financial Officer John Franklin Rex said more seniors are getting medical procedures they’ve been putting off during the Covid-19 pandemic, according to a FactSet transcript of a presentation given Tuesday at the Goldman Sachs Annual Global Healthcare Conference. It is a trend that entails rising costs for health insurers. Other insurers also dropped out, such as humanwhich dropped 13%.
Toyota — Shares of the Japan-based automaker gained 4.5% on Wednesday. Shareholders re-elected chairman Akio Toyoda in approval of the company’s board and new electric vehicle strategy. Toyota announced earlier this week that it would introduce a full lineup of battery electric vehicles with “next generation” batteries.
Lumen Technologies — Telecommunications stocks gained 6% in afternoon trading Wednesday, adding to the 16% gain made Tuesday. On Monday, Lumen announced a new network interconnection ecosystem called ExaSwitch, which was created in partnership with Google and Microsoft.
Maxeon Solar Technologies — The share of solar energy gained 5.6%. Roth MKM upgraded shares from buying to neural, noting strong demand and opportunities for margin expansion ahead. Earlier this week, the company announced a new partnership with electric vehicle charging company ev.energy.
Advanced micro devices — Chip shares gained nearly 2% in afternoon trading, a day after the company announced its latest AI chips. Reuters also reported on Wednesday that Amazon Web Services is considering using AI chips from AMD. Several analysts were bullish, with Goldman Sachs raising its price target on AMD from $97 Wednesday to $137, signaling a 10% gain from Tuesday’s closing price.
Anheuser-Busch InBev — Shares rose 2.4% after Bernstein reiterated his outperform rating. The Bud Light parent has had a tough time lately, as his decision to work with a transgender influencer sparked conservative ire.
IPG Photonics — The laser company was up 14.1% after Raymond James upgraded the stock to outperform the market. Raymond James said the company is undervalued, particularly pointing to opportunities in electric vehicles.
Dave & Busters — Shares fell 4% after the company’s investor day. The sell-off comes despite Raymond James reiterating his strong buy advice following the company update. However, the company noted that some investors might take a “wait and see” approach to the stock given the potential for the health of the broader economy to influence discretionary spending.
Cinemark — Film stocks fell 5% following a downgrade to neutral from purchase by B. Riley. The company cited its uncertain movie list while noting that the stock should have a chance to benefit from improvements in the domestic box office and growth in Latin America over the longer term.
li car – The Chinese electric vehicle maker rose 5.5% after Morgan Stanley added a positive catalyst watch on the stock, pointing to strong recent weekly shipment data and the potential for recovery in the industry.
Netflix — The streaming giant rose 1.9% after two calls from analysts. Wolfe Research reiterated that stocks are outperforming, with the company saying it is optimistic about the crackdown on password sharing. While Barclays reiterated its equity assessment, the company raised its share price target from $250 to $375.
ByDash — Shares of the food delivery company fell more than 3% after Gordon Haskett downgraded the stock from buy to hold. The company said DoorDash’s current risk/reward profile is no longer sufficient to drive a favorable reaction to the stock price.
Deckers outside — Shares of the outdoor apparel company are up more than 3%, hitting a 52-week high after Raymond James began reporting the stock as an outperformer. The Wall Street firm said it likes its wide range of products, especially the Hoka brand, which it believes has strong momentum and is in the early stages of long-term global growth.
Shift4 Payments — Shares rose 2.2% after SVB Securities upgraded to outperform the market. SVB said the digital payment software name should see volume growth.
SoFi — SoFi gained 4.6% after BTIG named the stock a top pick in the financial technology space. The company said shares could rise more than 45% if student loan payments resume.
Estee Lauder — Shares of the beauty stock rose 2.9% after an upgrade to buy off hold by Berenberg. The company called the stock an attractive buying opportunity.
– CNBC’s Michelle Fox, Yun Li, Sarah Min and Hakyung Kim contributed to the reporting.
