Apple, Tesla, Beyond Meat, Amazon & more

spike

Apple CEO Tim Cook delivers the keynote address during the 2019 Apple Worldwide Developer Conference (WWDC) on June 03, 2019 in San Jose, California.

Justin Sullivan | Getty Images

Check out the companies making headlines midday Monday:

Apple — Shares rallied 3.5% as its long-awaited 4-for-1 stock split took effect. That gain made the tech giant the best-performing Dow component and put the stock up more than 30% since the split was announced July 30.

Tesla — The stock popped more than 8% in the final day of August as investors snapped up the popular electric car company on the back of a 5-for-1 stock split announced earlier this month.

Virgin Galactic — A Cowen analyst initiated Virgin Galactic with an outperform rating, sending the stock up 0.5%. In a note to clients, the analyst said Virgin Galactic “is uniquely positioned to benefit from the growing consumer interest toward luxury experiences, especially among high-net-worth individuals.”

Walmart — Shares of the retailer slipped over 3% following a downgrade to hold at R5 Capital. “We see a more muted outlook for sales over the next 12 months,” the firm said on Monday. R5 Capital has a $147 target on the stock, which is abut 9% above where it currently trades.

Beyond Meat — Beyond Meat gained more than 2% after Citi upgraded the alternative meat company to neutral from sell. The bank said it expect more food-service operators to add plant-based meat offerings to their menus, and Beyond Meat will get more market share over time both in the U.S. and overseas. The stock has soared more than 75% this year amid a surge in demand.

Rackspace Technology — Shares of the cloud company jumped 5.7% after a host of Wall Street firms initiated coverage on the stock. Goldman Sachs, Barclays, Deutsche Bank, BMO Capital markets and Evercore ISI all gave the company buy-equivalent ratings. “We expect RXT to sustain 20%+ FCF growth in a consistent manner driven by high single digit sales growth, stable to modestly improving margins and lower capex,” Evercore ISI said in a note to clients.

Alexion Pharmaceuticals — The health care stock popped 7.8% after SVB Leerink said in a note that the company was well positioned for industry competition for treatments for a rare blood disease. The firm said that Alexion’s market valuation is “significantly underappreciated” and could be a takeover target for larger pharmaceutical companies.

Amazon — Amazon shares rose 2% after the Federal Aviation Administration approved the e-commerce giant’s plans to operate a fleet of drones for its Prime Air delivery service. 

—CNBC’s Pippa Stevens, Yun Li, Michael Bloom and Jesse Pound contributed to this report. 

Source Article

Next Post

Broadway theatre operator sues insurance companies

Operating five theatres in Broadway, Jumacyn’s facilities have hosted critically acclaimed major stage productions including “The Book of Mormon,” “Hadestown,” “Mean Girls,” and “Moulin Rouge: The Musical.” According to Jumacyn’s lawsuit, “Federal and Pacific knew, and publicly acknowledged, that they could be obligated to pay for massive losses in the […]