A pedestrian walks past a Victoria’s Secret shopping front and drives up Robson Street during the COVID-19 crisis on April 17, 2020 in Vancouver, Canada.
Andrew Chin | Getty Images
Here are the stocks that make headlines in midday trading.
L Brands – Shares of L Brands led the S&P 500 higher on Thursday with a 5% rally after the company reported a surprising quarterly profit despite Covid-19 business closures. Sharp demand for soups and sanitary products helped lift the company Bath & Body Works, while Victoria’s Secret saw a 28% climb in online sales.
Estee Lauder – Shares of beauty company plummeted more than 7% after their disappointing quarterly results. Estee Lauder reported a loss of 53 cents per share, a much wider loss than the 19 cents per share expected. Revenue also lacked estimates. Estee Lauder generated $ 2.43 billion in revenue, below the forecast of $ 2.45 billion. Estee Lauder said it is launching a two-year initiative to rebalance its investments, which will include a reduction in its retail footprint and increased emphasis on digital sales. It also plans to cut up to 2,000 jobs worldwide.
CureVac – Shares of German biotech company jumped more than 14% after the company announced it was in advanced talks with the European Commission to deliver up to 405 million doses of a potential Covid-19 vaccine. The company’s vaccine candidate is currently in tears one-on-one trial.
Tesla – Shares of Tesla jumped nearly 6% to reach a high of $ 1994.75, approaching the $ 2,000 mark. The electric carmaker’s stock rose just over 20% this week, shifting its massive profits from 2020 to more than 370%. There were no apparent headlines on Thursday that could make the rally, but investors have been even more enthusiastic about the stock after Tesla announced a 5-for-1 action split, which takes effect on Aug.31.
Synopsys – The semiconductor design firm saw its share increase 4.9% after reporting better-than-expected results for its fiscal third quarter. The company reported $ 1.74 in adjusted earnings per share at $ 964.1 million in revenue, while analysts surveyed by FactSet expected $ 1.94 in earnings per share and $ 894.1 million in revenue. The company said in a release that it was confident in its “outlook and future business model” and raised its revenue and revenue forecasts.
Alibaba – Shares of the China-based e-commerce giant slipped more than 1%, despite first-quarter earnings from top and bottom analysts. The company said mobile users increased by 28 million in the quarter, bringing total mobile users to 874 million.
Shake Shack – Shares of the fast food chain traded more than 2% higher after Wedbush lifted its rating on the stock market to perform better than neutral. “SHAK was the leading growth story within pre-COVID restaurants, and we believe the growth story is even more attractive post-COVID,” the company said. Wedbush’s 12-month price target of $ 77 is about 40% above where the stock is currently trading.
Intel – Tech stocks rose 2% after the company announced a $ 10 billion accelerated announcement program. The company said it believes its shares were “well below intrinsic valuation.” The stock had dropped about 20% in the past month.
Elanco – Animal Health Company shares up 7% after Morgan Stanley upgraded the stock to overweight neutral. The company said in a note that it was bullish on the “long-term outlook” for the company, saying the company’s revenue could be strong, even if sales growth is only “moderate.”
—CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald, and Tom Franck contributed to this story.
.
