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Chief Executive Steve Burns of Lordstown Motors Corp poses with a prototype of the electric startup’s Endurance pickup truck, which will be built in the second half of 2021 at the company’s plant in Lordstown, Ohio, U.S., at June 25, 2020.
Lordstown Engines | Reuters
Check out the companies making headlines during midday trading.
Lordstown engines — The embattled electric truck maker fell more than 17% after bankruptcy. Lordstown is also suing Taiwanese manufacturer Foxconn over a $170 million financing deal.
Walgreens Boots Alliance — Shares fell 9.3% after the pharmacy chain cut its full-year earnings forecast 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 the fiscal third quarter of $1, beating Refinitiv’s forecast of $1.07.
Delta Airlines — Shares rose 6.8% after the airline set its full-year earnings forecast at $6 per share, at the high end of the range previously set. Delta says it has been helped by strong demand and customers opting for more expensive fare classes.
American Equity Investment Life Shares of the insurance company rose about 17.2% following a Bloomberg News report that Canadian investment firm Brookfield was close to closing a deal to buy American Equity Investment Life for about $4.3 billion.
Cruise Stocks — Carnival climbed 8.8%, a course reversal after Monday’s tumbling. The cruise line reported a smaller-than-expected second-quarter loss while also providing strong guidance. Royal Caribbean And Norwegian rose 4.3% and 5.7% respectively, after trailing on Monday as well.
General — Generator inventory rose 8.8% after Bloomberg News reported that Generac CEO Aaron Jadgfeld said the company saw a “dramatic increase” in demand in the Texas area.
roblox — The gaming platform shot up 6.7% after Bank of America reiterated its buy rating, saying the stock is a leader in the Metaverse category.
Meta platforms — The major tech stock rose 3.1% after Citi reiterated its Buy recommendation. The company said it was extremely optimistic about Reels.
Kellogg — Kellogg was trading 1.7% higher on 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 1.7% after Oppenheimer reiterated his outperform rating ahead of earnings later this week.
Border communication — Shares were up 8.1% thanks to Wolfe Research initiating coverage of the stock on outperform. Wolfe said the company leads the industry in speed and reliability.
Coterra Energy — Coterra added 1.3% thanks to JPMorgan’s upgrade to overweight from neutral. According to JPMorgan, the shares are attractively valued.
Unity software — Gaming software stocks rose 15.4% after Wells Fargo began covering 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 — Transportation inventory increased 6.3% due to Evercore ISI upgrade to outperform in-line. The company said risk appears to be skewed upwards.
Wing stop — Shares rose 3.9% after Northcoast upgraded Wingstop to buy from neutral, citing the potential for the growth story to maintain it as the market leader.
cars. com — Shares rose 5.9% after JPMorgan overweighted the online auto market. The company called the stock a safe haven in this difficult macroeconomic environment.
– CNBC’s Jesse Pound and Michelle Fox contributed to the reporting
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