Stocks that make the biggest moves at noon: Tesla, AMC Entertainment, Charles Schwab, and more
People are strolling outside the AMC Empire 25 movie theater in Times Square as the city continues its reopening efforts after restrictions were imposed in New York City on December 23, 2020 to slow the spread of the coronavirus.
Noam Galai | Getty Images
Check out the companies that are making headlines in midday trading.
Tesla – The electric vehicle maker’s share price rose 5% after Tesla’s first-quarter shipments exceeded Street’s expectations. The Elon Musk-led company said it had delivered a total of 184,800 vehicles, while analysts were looking for 168,000 deliveries. Wedbush updated Tesla after it went to press, saying it was a “paradigm shift”.
AMC Entertainment – The company’s shares rose 15% after B. Riley Securities upgraded the stock to a buy rating. “Godzilla vs. Kong destroys lingering concerns about the importance of the cinema window and shows a solid path to resurgence,” the company wrote in a statement to customers. B. Riley also raised his target for the stock to $ 13, 39% above where the stock closed on Thursday.
Carnival, Norwegian and Royal Caribbean – Carnival and Norwegian cruise lines rose 4.4% and 6.3%, respectively, after the Centers for Disease Control and Prevention updated their US cruise ship readmission guidelines. Norwegian specifically asked the CDC if they could resume cruises from US ports on July 4th. Royal Caribbean was up 3.4%.
Charles Schwab – The brokerage firm rose 2.9% to a 52-week high after Goldman Sachs put the stock on the condemnation list before earnings on April 15. The company said Schwab should exceed expectations, driven by higher net interest margins and trading strong exposure to retail. Goldman also raised its 12-month price target for Schwab from $ 67 per share to $ 77 per share.
Roblox – The online gaming platform’s stocks rose more than 6% after Goldman Sachs initiated coverage of the stock with a buy rating. The Wall Street firm said that by creating and monetizing content, Roblox can outsource game development costs to its developers while maintaining the upward economic trend. Roblox went public last month via direct listing.
GameStop – The video game company’s stocks were volatile on Monday, falling nearly 3% around noon. The company’s share price fell as much as 14% earlier in the day. The weakness came after GameStop announced it would sell up to $ 1 billion worth of additional shares following a historic Reddit short squeeze. The company intends to use the proceeds to further accelerate its e-commerce transformation and strengthen its bottom line.
Trimble – Shares in the digital construction and agriculture company rose nearly 4.6% after Cathie Woods Ark Innovation bought 453,214 of its shares. Based on Thursday’s closing price of around $ 83 per share, Ark had a purchase value of more than $ 37.6 million.
Ford, General Motors – Old auto stocks rose Monday after Wells Fargo began reporting on the overweight companies. Ford was up 2.4% while GM’s shares were up 3.7%. Wells Fargo said in two notes that Ford and GM are both poised to be leaders in the next generation of vehicles and transportation.
Pinterest – Photo-sharing stock rose 1.8% after the New York Times reported the company was considering buying social media company VSCO.
Planet Fitness – Shares in the fitness chain rose 1.5% after the Wall Street Journal reported that it plans to open up to 100 new locations in the coming fiscal year, adding to its current total of more than 2,100. CFO Tom Fitzgerald told the newspaper that Planet Fitness will also invest in its app.
– with reports from CNBC’s Pippa Stevens, Yun Li, Jesse Pound and Tom Franck.