Check out the companies making headlines in midday trading.
PayPal, Pinterest – Shares of PayPal climbed more than 3% as Pinterest shares tumbled more than 12% after PayPal addressed reports from last week that it’s in talks to purchase Pinterest, clarifying that it is not pursuing an acquisition of the social media giant “at this time.” Last week Pinterest shares surged on the reports, while PayPal shares dropped.
Tesla — Shares of the electric vehicle company jumped more than 9% to hit an all-time high following news that Hertz is ordering 100,000 vehicles to build out an EV rental fleet by the end of 2022. The deal, which will bring in a reported $4.2 billion for Tesla, is the largest ever purchase of electric vehicles. Morgan Stanley also raised its price target on the stock.
Kimberly-Clark — Shares of Kimberly-Clark dipped 3.2% after the consumer products company’s quarterly earnings came in at $1.62 per share, 3 cents lower than the Refinitiv consensus estimate. Kimberly-Clark said inflation and supply chain issues hurt earnings.
Restaurant Brands International — Shares of Restaurant Brands International fell 3.7% after the company reported quarterly earnings. The parent of Burger King and other chains topped earnings expectations by 2 cents per share while revenue came in slightly below expectations. The company said labor challenges impacted operations.
Exxon Mobil — Shares of energy stocks rose at oil prices climbed with U.S. benchmark WTI crude at its highest levels in seven years. Exxon gained 1.7%, ConocoPhillips added 1.4% and Chevron rose 1%.
Bakkt — Shares of Bakkt surged more than 75% after CNBC reported the newly public crypto firm would provide custodial services for Mastercard. Mastercard will soon allow banks and merchants to integrate crypto into their products, including bitcoin wallets, credit and debit cards that earn rewards in crypto and loyalty programs where points can be converted into bitcoin.
Carnival, Norwegian Cruise Line — Shares of Carnival retreated 1.8% after Citi downgraded the stock to neutral from buy. Meanwhile, Norwegian shares gained 0.9% after Citi initiated coverage of the stock with a buy rating. “Cruise lines are planning to have full fleets sailing by next summer and consumer interest, reflected in our web traffic data, is building, especially for high-end brands,” the Citi analysts said.
Otis Worldwide — The maker of elevators and escalators saw its shares dropping about 3% even after a better-than-expected quarterly report. Otis beat top and bottom lines for its third quarter earnings and revenue, according to FactSet. Shares have risen more than 23% this year.
Whirlpool — Shares of Whirlpool fell 1.3% after RBC downgraded the stock to underperform from sector perform. The firm said Whirlpool is losing market share and its margins look set to weaken.
Warby Parker – Shares of the eyewear brand jumped 4.7% after Goldman Sachs initiated the stock as a buy. In addition to the company’s brand strength, Goldman also cited its expanding brick and mortar footprint and market share capture.
— CNBC’s Yun Li and Tanaya Macheel contributed reporting
Source: Finance - cnbc.com
