Check out the companies making headlines in midday trading.
Levi Strauss – Shares of the retailer jumped 2.6% after the company beat top- and bottom-line estimates during the first quarter. Levi’s earned 34 cents per share on an adjusted basis, while reporting $1.31 billion in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 25 cents on $1.25 billion in revenue. The results were boosted by strength in Levi’s digital sales, which jumped 41%.
FuboTV – The streaming service jumped 12.6% after FuboTV won the exclusive streaming rights to the qualifying matches of the Qatar World Cup 2022. The qualifying matches will feature 10 teams in the South American Football Confederation.
WD-40 — The stock tanked 9.5% after reporting earnings per share of $1.24, 8 cents below analyst estimates, according to Refinitiv. Revenue also missed expectations. The company said supply chain issues hurt its ability to meet customer demand.
Honeywell – Shares of the conglomerate rose 3.4% after Deutsche Bank upgraded the stock to buy from hold. Deutsche said it saw an attractive buying opportunity after sharp year-to-date underperformance. The bank also cited attractive end-market exposures, high-quality nature and likely near-term earnings upside.
DraftKings — Shares of the sports betting company popped 2% after Jefferies named DraftKings a top pick. The Wall Street firm called DraftKings a “top operator” and leader as states continue to legalize gaming.
Sogou — The internet search company rose 3.8% on Friday after Reuters reported that China’s antitrust regulators were prepared to approve Tencent’s plan to take the company private. The $3.5 billion deal would allow Tencent to buy the 60% of Sogou that it doesn’t already own.
PriceSmart — Shares of the discount retailer tanked 7.1% after missing analyst estimates for its quarterly earnings. PriceSmart said the pandemic continues to weigh on its business in certain markets.
Bridgetown Holdings — The SPAC backed by billionaire investors Peter Thiel and Richard Li dropped 2.3% on news it is in advanced talks to take Indonesia-based travel services company Traveloka public, according to people familiar with the matter who spoke to Bloomberg.
Boeing – Shares of the airplane maker fell 1% after U.S. airlines temporarily grounded more than 60 of the company’s 737 MAX jets on Friday. The move came after Boeing asked 16 carriers who operate the jet to address an electrical power system issue in the aircraft.
Okta — The software company rose 2.4% after BTIG upgraded the stock to buy from neutral. The firm said in a note that there appeared to be rising demand for Okta’s customer identity business and that competition from Microsoft did not appear to be a near-term threat.
— with reporting from CNBC’s Yun Li, Jesse Pound and Pippa Stevens.
Source: Finance - cnbc.com
