Stocks making the biggest moves midday: Cray, Pinterest, Luckin Coffee & more

Stocks making the biggest moves midday: Cray, Pinterest, Luckin Coffee & more

May 17, 2019 Off By readly




Check out the companies making headlines midday Friday:

Cray — Shares of Cray surged 19.4% after the supercomputer manufacturer announced it will be bought out by Hewlett Packard Enterprise. The deal, valued at about $1.3 billion, is expected to close by the first-quarter of Hewlett Packard’s fiscal 2020.

Pinterest — Pinterest plummeted 11.6% after the social media company reported a larger-than-expected loss and a weak full-year outlook in its first quarterly report since going public. The company reported a loss of 32 cents per share while analysts polled by Refinitiv had only expected a loss of 11 cents per share.

Qorvo — Shares of Qorvo dropped 4.3% after the U.S. Bureau of Industry and Security, which is part of the Commerce Department, added Huawei to its entry list, barring American firms from doing business with Huawei without a licence. Qorvo, a semiconductor company, is one of more than 30 American firms that Huawei has listed as a “core supplier. “

Under Armour — Under Armour shares jumped more than 6% after an analyst at J.P. Morgan upgraded the stock to overweight from neutral, citing how management has “‘repositioned the global foundation for multi-year gross margin expansion.”

Wayfair — The furniture e-commerce company rose more than 1% after Jefferies initiated coverage of the stock with a buy rating and a price target of $192 per share. The analyst noted that Wayfair’s international growth will provide an “upside” surprise.

Deere — Deere shares fell more than 5% after the company reported weaker-than-expected earnings for the previous quarter. The company also lowered its fiscal 2019 earnings outlook and cited the ongoing U.S.-China trade war for its weak quarterly numbers.

Luckin Coffee — Shares of the Chinese coffee brand surged more than 32% in their first trading day ever and were trading up 24% midday. The jump marks one of the best IPOs of the year.

Foot Locker — An analyst at B. Riley FBR upgraded the retailer to buy from neutral, citing “improving trends” in its footwear business. The analyst also hiked Foot Locker’s price target to $73 per share from $62, implying a 30% surge from Thursday’s close. Foot Locker shares rose about 1%.

Baidu — Baidu shares plummeted more than 15% after the Chinese search-engine operator reported its first quarterly loss since 2005 and issued weaker-than-expected quarterly revenue guidance that missed expectations. CEO Robin Li also warned that a slowdown in China’s technology sector or the country’s broad economy could hurt the company.

Applied Materials — The semiconductor’s stock rose more than 4% after reporting better-than-expected earnings and revenue. Applied Materials posted quarterly earnings per share of 70 cents on revenue of $3.54 billion. Analysts polled by Refinitiv expected a profit of 66 cents a share on sales of $3.45 billion.

—CNBC’s Nadine El-Bawab contributed to this report.

Source of this (above) article: https://www.cnbc.com/2019/05/17/stocks-making-the-biggest-moves-midday-cray-pinterest-luckin-coffee-more.html