Stocks making the biggest moves midday: Las Vegas Sands, Twitter, JPMorgan Chase, Beyond Meat & more
Twitter CEO and co-founder Jack Dorsey gestures while interacting with students at the Indian Institute of Technology (IIT) in New Delhi on November 12, 2018.
Prakash Singh | AFP | Getty Images
Check out the companies making headlines midday Monday:
Las Vegas Sands, Kohl’s, Gap, MGM Resorts — These stocks all rose sharply as hopes of a broader reopening of the U.S. economy increased with some states easing stay-at-home orders and allowing some businesses to resume operations. Las Vegas Sands and Kohl’s both gained over 5% while Gap advanced 12.9%. MGM Resorts closed 9.3% higher.
Twitter — Twitter gained more than 4% after Mizuho upgraded the social media company to neutral from underperform, saying the coronavirus impact is already reflected in the stock price. Twitter is set to report its quarterly earnings on Thursday.
JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America, Wells Fargo — Shares of bank stocks rose as interest rates got a boost from investors ditching safe-haven assets in hopes of the economy reopening. JPMorgan rose 4.3% and Goldman Sachs gained about 3.7%. Citi jumped 8% and Bank of America ticked 5.8% higher. Wells Fargo was up more than 5%.
Caterpillar — Caterpillar dropped as much as 3.7% on Monday after Morgan Stanley downgraded the machinery stock to underweight from equal-weight. The bank said in a note to clients that a multi-year downturn in non-residential construction could hurt the stock. The industrial bellwether is slated to release its quarterly earnings on Tuesday morning.
Beyond Meat — Beyond Meat fell more than 8% after UBS downgraded the plant-based meat producer to sell from neutral, saying the rebound doesn’t price in the risk of an economic downturn. Still, the stock is up more than 35% this year amid meat shortage fears. It also posted its best weekly performance last week since going public in May.
Deutsche Bank — The U.S.-listed shares of the German bank rose more than 12% on the back of a surprising preliminary profit for the first quarter. Deutsche posted a net income of 66 million euro after analysts expected the bank to post a loss.
Gilead Sciences — The pharmaceutical company dropped as much as 1.7% on Monday morning after UBS downgraded the stock to neutral from buy. The bank said in a note that it still believes the company’s remdesivir drug has a good chance at being effective against Covid-19, but that it may not turn into a near-term windfall for the company. The stock has been volatile in recent weeks amid reports of how the drug is faring during clinical trials.
Big Lots — Big Lots jumped 11.4% after the retailer said it continues to exceed its sales expectations as its stores remain open for business amid the coronavirus pandemic. The company said it experienced a significant acceleration of sales in the last two weeks. The stock has soared more than 50% this month alone, on pace for its best month since February 1999.
Regeneron Pharmaceuticals — Regeneron shares dropped more than 3% after the company said a U.S. trial using Kevzara to treat coronavirus didn’t have a notable benefit on patients who were severely and critically ill.
Tesla — Shares of the electric vehicle maker jumped more than 10% after the company asked dozens of employees to return to work on Wednesday in order to resume production at the Fremont, California car plant, according to internal correspondence shared with CNBC. The company will adhere to a “minimum basic operations” local health order at the plant until end-of-day March 3.
Bed Bath & Beyond — Bed Bath & Beyond shares jumped more than 22% after the company said digital sales have grown by over 85% so far in April. The firm also said that its stores across the U.S. and Canada, apart from Buy Buy Baby and Harmon Face Values, will remain closed until at least May 16. Shares have dropped 65% this year.
Revlon — The cosmetics company gained 20.8% after obtaining an additional $100 million in financing to mitigate the blow from the coronavirus downturn.
Embraer — Embraer shares dropped more than 7% after Boeing terminated a deal to buy 80% of the Brazilian company’s commercial jet business.
—CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed to this report.