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Check out the companies that are making the headlines in midday trading.
Tilray, Canopy Growth, Aphria, Aurora Cannabis – Several cannabis stocks fell Thursday, shedding some of the strong gains from earlier this week as Reddit traders piled up in the names. Tilray shares fell more than 40% after rising 50% on Wednesday. Canopy growth is down 21%, Aphria is down 31% and Aurora Cannabis is down more than 21%.
Bank of New York Mellon – BNY Mellon’s shares rose 2.7% in midday trading after announcements were made to fund Bitcoin and other digital currencies. The announcement marks a significant move by one of the country’s best-known custodians to validate the banking and funding of Bitcoin and other digital currencies.
Zillow – The real estate tech company’s shares rose more than 15% after an unexpectedly strong earnings report. Zillow had fourth quarter earnings per share of 41 cents and sales of $ 789 million. Analysts polled by Refinitiv expected 27 cents per share, or $ 741 million. Citi moved up the stock to buy from neutral on the report.
Kraft Heinz – Food inventories rose 5.6% after Heinz topped and bottomed out fourth quarter estimates. The company also announced that it is selling its nuts business to Hormel Foods for more than $ 3 billion in cash. The deal includes the Planters and Corn Nut brands.
Under Armor – The retailer’s shares rose 3% after Piper Sandler upgraded the stock to an overweight rating. “UAA shares remain the ‘least popular’ stock in our reporting,” the company said in a statement to customers. The company also doubled its price target on the stock from $ 14 to $ 28. The new target is around 25% above the level of the share on Wednesday.
Simon Property Group – The mall operator’s shares rose more than 3% after Morgan Stanley upgraded the stock to an overweight rating. “As the retail industry faces increasing mundane challenges, we see multiple drivers of earnings growth for SPG,” the company wrote in a message to customers. Morgan Stanley has a target price of $ 125 on the stock, up 18% from its closing price on Wednesday.
Spirit Airlines – The discount airline’s shares fell more than 8% after reporting disappointing fourth-quarter sales. Seaport upgraded Spirit Airlines from purchase to neutral.
Generac – The utility company’s shares rose 11% after surpassing its income statement for quarterly results. Generac earned $ 1.97 per share on revenue of $ 761 million. Wall Street expects earnings of $ 1.96 per share on revenue of $ 731 million, according to Refinitiv.
Virgin Galactic – Virgin Galactic’s shares rose more than 7% in trading Thursday after an FAA announcement indicated that the company’s next space flight attempt would remain on track on Saturday. An FAA notice released Thursday said the airspace around Virgin Galactic’s operations base at Spaceport America, New Mexico would be restricted to space operations from Saturday at 9:00 a.m. ET through Sunday at 6:00 p.m. ET.
Restaurant Brands – Restaurant Brands’ shares fell more than 4% after reporting disappointing earnings. Restaurant Brands reported earnings of 53 cents per share, according to Refinitiv, compared with analyst estimates of 65 cents per share.
Tempur Sealy – The mattress maker’s shares were up 10% by noon after the company posted earnings of 67 cents per share in the previous quarter, beating a refinitive estimate by 15 cents. The company also expects revenue to grow between 15% and 20% in 2021.
MGM Resorts – The casino operator’s stock fell more than 3% after disappointing quarterly results. MGM saw sales decline 53% in the fourth quarter. The sales figures were also below a FactSet estimate. According to FactSet, the company posted a quarterly loss of 90 cents, slightly better than expected.
Zynga – Shares in the mobile game developer rose nearly 9% by noon after CEO Frank Gibeau said the company was open to a takeover bid. However, he added that Zynga is not actively looking for a buyout. The company posted a 61% increase in net bookings in the previous quarter, beating analysts’ expectations.
Sonos – The high-end smart speaker maker saw its shares jump more than 16% after a strong earnings report. According to Refinitiv, Sonos beat estimates in both the top and bottom quarters of the last quarter. The company also raised its full-year revenue forecast.
– with reports from CNBC’s Yun Li, Jesse Pound, Tom Franck, Pippa Stevens and Richard Mendez.