Check out the companies making headlines in midday trading.
ViacomCBS, Discovery — The media stocks ensnared in the Archegos Capital Management margin call last week rebounded on Tuesday, chipping away at their recent losses. The class B shares of ViacomCBS rose 3.6%, while Discovery’s class A shares jumped 5.4%.
Nomura, Credit Suisse — Shares of Nomura and Credit Suisse fell again in midday trading after news of anticipated loss from the fallout of Archegos Capital’s stock sales. Nomura was down 2.3% and Credit Suisse slid 3.5%.
Wells Fargo — The bank’s stock popped 2.5% after announcing it no longer has any exposure to Archegos. “We did not experience losses related to closing out our exposure,” the bank said in a statement.
Roku – The video streaming stock jumped 3.7% after Truist Financial upgraded the company to buy from hold. The Wall Street firm said it sees more upside ahead and that the company’s valuation is “tenable.”
BioNTech – Shares of the biotech company advanced 8.9% after BioNTech increased its manufacturing goal for its Covid-19 vaccine. The company is targeting 2.5 billion doses manufactured by the end of 2021, compared to prior predicted output of 2.3 billion to 2.4 billion doses.
McCormick – Shares of the spice company advanced more than 2% but closed lower after McCormick beat top and bottom line estimates during its fiscal first quarter. The company earned 72 cents per share excluding items and posted $1.48 billion in revenue. Analysts surveyed by Refinitiv were expecting a 59-cent per share profit and $1.38 billion in revenue. The company also raised its full-year outlook as the pandemic continues to drive at-home cooking.
FactSet — Shares of the financial information provider dipped 3.9% after missing analyst estimates for its quarterly EPS. FactSet reported adjusted quarterly earnings of $2.72 per share, below the consensus estimate by 2 cents, while revenue was in line with Wall Street forecasts.
Yelp – Shares of the review site operator popped 3.7% after Citi upgraded the stock to buy from neutral. The bank said Yelp is a key beneficiary as the economy reopens and consumers return to dining out.
DraftKings — Shares of the sports betting company popped 4.8% after announcing the acquisition of sports betting and content company VSiN for an undisclosed amount.
Tegna — The broadcasting stock climbed 5.7% after Tegna announced a dividend hike. The company’s new payout will be 10 cents per share higher on an annual basis, up 36% over the prior dividend.
— with reporting from CNBC’s Pippa Stevens, Yun Li, Jesse Pound and Rich Mendez.
Source: Finance - cnbc.com
