Check out the companies making headlines midday Monday:
SolarEdge Technologies – Shares of the solar-equipment maker jumped more than 4% ahead of the company’s third-quarter results, which will be released after the bell. Research firm Roth Capital Partners hiked its target on the stock to $300 from $191 on Monday ahead of the report, saying it expects the company to deliver “healthy” results. Other names in the solar industry, including First Solar, Sunrun and SunPower traded higher on Monday amid bets on a Joe Biden presidency.
Under Armour — The athletic retailer’s stock popped 6.1% following an upgrade to buy from hold at Stifel. The Wall Street firm cited an improving balance sheet for the company’s upgrade. It also raised its price target to $17 per share from $11.
Clorox — Shares of the disinfectant maker rose more than 4% on Monday on strong quarterly results. Clorox reported earnings of $3.22 per share on revenue of $1.92 billion. Wall Street had forecast earnings of $2.32 per share on revenue of $1.76 billion, according to Refinitiv. Sales of household goods rose 39% on a year-over-year basis, easily topping expectations.
D.R. Horton, Lennar —An analyst at Atlantic Equities initiated the two homebuilders with overweight ratings, citing “strong structural tailwinds” as the housing market keeps gaining steam. Shares of D.R. Horton gained 3.1% and Lennar advanced 2.1%.
Lemonade — The insurance stock climbed 6.1% after Piper Sandler initiated coverage of Lemonade with an overweight rating. The firm called the company “disruptive” and predicted growth among different products and geographies.
Lumber Liquidators — Shares popped about 19% on the back of better-than-expected results for the third quarter. The company posted adjusted earnings per share of 67 cents on revenue of $295.8 million. Analysts expected a profit of 26 cents per share on revenue of $275.6 million, according to FactSet. “Our sales trends strengthened as we saw sequential improvement in our Pro and Install customers from the second to Q3,” CEO Charles Tyson said in a statement.
Nielsen Holdings — Shares of media data-collecting company rose 5.5%, boosted by quarterly results that beat analyst expectations. Nielsen reported a profit of 43 cents per share on revenue of $1.56 billion. Analysts polled by FactSet expected a profit of 39 cents per share on revenue of $1.52 billion. The company also issued better-than-expected earnings and revenue guidance for the year.
ON Semiconductor — The chipmaker slipped 2% despite the company announcing better-than-expected third-quarter results over the weekend. The company reported a profit of 27 cents per share, topping a FactSet forecast of 20 cents per share. Revenue came in at $1.32 billion, better than what analysts had projected, but still down 5% year over year. ON Semiconductor’s forward guidance also topped expectations, according to FactSet.
Norwegian Cruise Line — Norwegian Cruise Line fell 3.8% after the cruise operator said it will extend its voyage suspension through the end of 2020 for its three brands. “The company will continue to work in tandem with global government and public health authorities and its Healthy Sail Panel expert advisors to take all necessary measures to protect its guests, crew and the communities visited,” Norwegian said in a statement.
Dunkin’ Brands — Dunkin’ Brands surged more than 6% after the coffee chain agreed to be taken private by Inspire Brands. Inspire will acquire Dunkin for $106.50 per share in cash. The deal is valued at approximately $11.3 billion including Dunkin’s debt.
—CNBC’s Pippa Stevens, Jesse Pound, Yun Li and Maggie Fitzgerald contributed to this report.
Source: Finance - cnbc.com
