Send me real-time posts from this site at my email
Cnbc.com

Stocks making the biggest moves midday: Novavax, Darden Restaurants, Eli Lilly and more

In this article

An Olive Garden restaurant in Times Square in New York.

An Olive Garden restaurant in Times Square in New York.

Richard Levine | Corbis | Getty Images

Here are the stocks making headlines in midday trading Thursday.

Novavax — Shares of the drug maker tumbled 13.9% after JPMorgan downgraded Novavax to underweight from neutral. The banks also slashed its price target on the stock, citing dwindling demand for Covid-19 vaccines.

related investing news

Retailers have a serious inventory problem. Here are the stocks most at risk, according to UBS

Sarah Min

a day ago

Here are Wednesday’s biggest analyst calls: Apple, Estee Lauder, Cisco, Micron, PayPal, Nvidia & more

Michael Bloom

a day ago

Mizuho downgrades Micron, says increasing competition and macro headwinds will pressure the stock

Alex Harring

a day ago

Darden Restaurants — Shares of Olive Garden’s parent company fell more than 4% after Darden’s fiscal first-quarter results showed lighter-than-expected revenue. The company reported $1.56 in earnings per share on $2.45 billion of revenue. Analysts surveyed by Refinitiv had penciled in $1.56 per share on $2.47 billion of revenue. Same store sales at Olive Garden rose just 2% year over year.

Eli Lilly — The pharmaceutical stock climbed 4.2% after UBS upgraded Eli Lilly to buy from neutral. UBS said that Eli Lily’s new weight loss product could be “the biggest drug ever.”

KB Home – Shares of homebuilder KB Home slipped 4% after the company reported earnings that disappointed Wall Street’s revenue expectations. The company reported earnings of $2.86 per share on $1.85 billion in revenue, where analysts surveyed by Refinitiv expected earnings of $2.67 per share and $1.87 billion in revenue.

Lennar — Shares of Lennar rose 2.5% after the company reported mixed quarterly results on Wednesday. The home construction company reported earnings of $5.03 per share and $8.93 in revenue, where analysts surveyed by Refinitiv expected $4.88 in earnings on $9 billion in revenue. KeyBanc said in a note to clients that Lennar “optimizes asset turns” better than competitors even as housing demand slows.

FactSet — Shares of the financial data company slumped more than 6% after FactSet’s fourth-quarter earnings came in short of expectations. The company reported $3.13 in adjusted earnings per share, below the $3.20 anticipated by analysts, according to Refinitiv. Revenue did beat expectations by $12 million, coming in at $499 million. FactSet’s operating margin shrank year over year.

Block — The payments platform tumbled 6.8% after Mizuho downgraded shares to neutral from buy and slashed its price target to $57 from $125, saying Block’s bitcoin focus is causing the company to lose focus on its main business.

Steelcase — Shares dropped 11.3% after the furniture company announced it will cut 180 salaried positions in the third quarter. In a statement, Steelcase CFO Dave Sylvester cited “recent volume decline in our incoming orders and lower than expected return-to-office trends in the Americas.” The company also reported its second-quarter results, saying organic order growth in the second quarter declined in the Asia Pacific region even as total revenue grew.

Trip.com — The U.S-traded shares of the Chinese travel company rose 5% despite Trip.com reporting shrinking revenue in the second quarter. Trip.com did report a much smaller net loss than in the first quarter. CEO Jane Sun said that bookings rebounded at the end of the second quarter and into the third.

Deutsche Bank — The bank’s shares rose 2.9%. CFO James von Moltke was reported saying at a conference Thursday that the bank will need to look at 2023 “with caution.” Dow Jones reported that company management also confirmed its full-year revenue guidance.

Virtu Financial — The market maker climbed 8% on a report that the Securities and Exchange Commission won’t ban the Wall Street practice of “payment for order flow.”

Alcoa — The aluminum maker’s stock fell more than 3% after Wolfe Research downgraded Alcoa to peer perform from outperform, citing the macro pressures on the commodity markets.

— CNBC’s Scott Schnipper, Sarah Min, Samantha Subin, Alex Harring and Carmen Reinecke contributed to this report.


More

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue