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Latest Business News
Stocks Making Headlines in Midday Trading
Lordstown Motors
Lordstown Motors, an embattled electric truck maker, plummeted over 30% after filing for bankruptcy. The Ohio-based startup is also currently suing Taiwanese manufacturer Foxconn over a $170 million funding deal.
Walgreens Boots Alliance
Walgreens saw its shares drop nearly 9% after the retail pharmacy chain slashed its full-year earnings guidance to $4 to $4.05 per share from a previous forecast of $4.45 to $4.65 per share and missed Refinitiv's Q3 adjusted earnings per share forecast of $1.
Delta Air Lines
Delta Air Lines saw its shares rise 3.3% after forecasting full-year earnings at $6 per share - the high-end of its previously set range. The airline saw increased demand and customers opting for more expensive fare classes.
American Equity Investment Life
Following a report that Canadian investment firm Brookfield was nearing a deal to buy for approximately $4.3 billion, American Equity Investment Life's stock rose about 17%.
Cruise Stocks
Cruise stocks were trending upwards with Carnival climbing 6.4% after reporting a smaller-than-expected loss for Q2 and giving strong guidance. Royal Caribbean and Norwegian also advanced 2.5% and 4.1%, respectively, after tumbling on Monday.
Generac
Generator stock Generac saw a rise of 7% after CEO Aaron Jadgfeld reported the company was seeing a "dramatic increase" in demand in Texas.
Roblox
Gaming platform Roblox popped 5.8% after Bank of America reiterated its buy rating, calling it a leader in the Metaverse category.
Meta Platforms
Big technology stock Meta Platforms added 2% after Citi reiterated its buy rating and expressed optimism for Reels.
Kellogg
Kellogg's stock traded 1.9% higher following an upgrade to buy from neutral by Goldman Sachs, which said shares were mispriced given growth potential for investors.
Nike
Athletic retailer Nike added 1.3% after Oppenheimer reiterated its outperform rating ahead of earnings later in the week.
Frontier Communications
Shares rose 4.1% for Frontier Communications after Wolfe Research initiated coverage of the stock at outperform and praised its leading speed and reliability.
Coterra Energy
Coterra Energy saw a 2.2% increase after an upgrade to overweight from neutral by JPMorgan, which said shares were attractively valued.
Unity Software
Gaming software stock Unity Software jumped 11% after Wells Fargo initiated coverage with an overweight rating. Wells Fargo expressed that negative sentiment about the metaverse has overshadowed the stronger aspects of Unity's business.
Saia
Transportation stock Saia saw a 6.7% increase after Evercore ISI upgrade the stock to outperform from in line. The firm said risk seems skewed to the upside.
Wingstop
Following a Northcoast upgrade to buy from neutral, citing the potential for the growth story to keep it as an industry leader, Wingstop's shares gained 3.1%.
Cars.com
Shares of online auto marketplace Cars.com advanced 6% following JPMorgan's initiation of the stock at an overweight rating. The firm called the stock a safe place to hide given this macroeconomic environment.
The stock market is constantly moving, and following the trends can be critical for new businesses. Today’s news saw many companies experience rises and falls due to a range of factors. One clear takeaway is the impact of shifting demand on the airline industry. Delta Air Lines experienced a rise in shares due to increased customer demand and more expensive fare classes. Meanwhile, Walgreens Boots Alliance saw a drop in shares after slashing its earnings guidance, showing how demand can also fall. Among the major gainers were American Equity Investment Life, whose shares rose following reports that Canadian investment firm Brookfield is nearing a deal to buy. Additionally, Saia experienced a 6.7% increase after Evercore ISI upgraded the stock to outperform from in-line. In contrast, Lordstown Motors, an Ohio-based electric truck maker, saw its shares plummet more than 30% following a bankruptcy filing and lawsuits over a large funding deal. The market is always changing, and it’s important for new businesses to be aware of these fluctuations and consider how they may impact the industry.
