A man walks by a panel with the logo of Logitech on the campus of the Swiss Federal Institute of Technology of Lausanne in Lausanne, Switzerland, Nov. 27, 2019.
Fabrice Coffrini | AFP | Getty Images
Check out the companies making headlines in midday trading.
Logitech — Shares tumbled 12.3% after the company announced president and CEO Bracken Darrell is departing. Citi downgraded shares to neutral from buy following the announcement.
UnitedHealth — UnitedHealth dropped 7% after CFO John Franklin Rex said more seniors are getting medical procedures they delayed during the pandemic, according to a FactSet transcript of a presentation made Tuesday at the Goldman Sachs Global Healthcare conference. It’s a trend that means rising costs for the health insurance company. Other insurers also dropped. Humana slid 13%.
Toyota — The Japan-based automaker’s shares gained 4.5% Wednesday. Shareholders re-elected chairman Akio Toyoda in an endorsement of the company’s governance and new electric vehicle strategy. Toyota announced earlier in the week it would introduce a full lineup of battery electric vehicles with “next generation” batteries.
Lumen Technologies — The telecommunications stock gained 6% during midday trading Wednesday, adding to the 16% advance that was made Tuesday. On Monday, Lumen announced a new network interconnection ecosystem called ExaSwitch that was created in partnership with Google and Microsoft.
Maxeon Solar — The solar stock gained 5.6%. Roth MKM upgraded shares from buy to neural, noting strong demand and the potential for margin expansion ahead. Earlier in the week, the company announced a new partnership with electric vehicle software charging company ev.energy.
Advanced Micro Devices — The chip stock gained nearly 2% in midday trading, a day after the company announced its latest artificial intelligence chips. On Wednesday, Reuters also reported Amazon Web Services is considering using AMD’s AI chips. Several analysts were also bullish, with Goldman Sachs upping its price target on AMD to $137 from $97 Wednesday, suggesting 10% upside from Tuesday’s close.
Anheuser-Busch InBev — Shares rose 2.4% after Bernstein reiterated its outperform rating. The Bud Light parent has struggled recently as its decision to work with a transgender influencer sparked conservative ire.
IPG Photonics — The laser company jumped 14.1% after Raymond James upgraded the stock to outperform from market perform. Raymond James said the company is underappreciated, specifically pointing to opportunities in the electric vehicle space.
Dave & Buster’s — Shares slid 4% following the company’s investor day. The selloff comes despite Raymond James reiterating its strong buy rating following the company update. However, the firm did note some investors may take a “wait and see” approach to the stock given the potential for the health of the broader economy to impact discretionary spending.
Cinemark — The movie stock slid 5% on the back of a downgrade to neutral from buy by B. Riley. The firm cited its uncertain film slate, while noting the stock should have a longer-term opportunity to benefit from improvements in the domestic box office and growth in Latin America.
Li Auto — The Chinese electric vehicle maker popped 5.5% after Morgan Stanley added a positive catalyst watch on the stock, pointing to strong recent weekly shipment data and the potential for a recovery in the sector.
Netflix — The streaming giant rose 1.9% on the back of two calls from analysts. Wolfe Research reiterated shares as outperform, with the firm saying it’s bullish on the password sharing crackdown. Though Barclays reiterated its equal rate rating, the firm raised its price target on shares to $375 from $250.
DoorDash — Shares of the food delivery company fell more than 3% after Gordon Haskett downgraded the stock to hold from buy. The firm said DoorDash’s current risk/reward profile is no longer enough to drive favorable share price reaction.
Deckers Outdoor — Shares of the outdoor apparel company jumped more than 3% to hit a 52-week high after Raymond James initiated the coverage on the stock as outperform. The Wall Street firm said it likes its wide array of products, particularly the Hoka brand, which it believes has strong momentum and is in the early innings of long-term growth globally.
Shift4 Payments — Shares advanced 2.2% following an upgrade from SVB Securities to outperform from market perform. SVB said the digital payments software name should see volume growth increase.
SoFi — SoFi gained 4.6% after BITG names the stock a top pick in the financial technology space. The firm said shares could rally more than 45% as student loan payments resume.
Estée Lauder — Shares of the beauty stock rose 2.9% following an upgrade to buy from hold by Berenberg. The firm called the stock an attractive buying opportunity.
— CNBC’s Michelle Fox, Yun Li, Sarah Min and Hakyung Kim contributed reporting
