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Stocks making the biggest moves midday: DraftKings, Tesla, Macy’s & more

The fantasy sports website DraftKings

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Here are the stocks making headlines in midday trading:

Tesla — Shares of the electric vehicle company rose more than 1% after two firms upgraded the stock. Morgan Stanley lifted its rating to equal weight from underweight on Thursday night, while Bank of America upgraded the stock to neutral from underperform on Friday. Shares of Tesla are up nearly 300% this year.

Macy’s, Kohl’s, Nordstrom —The three stocks all rose at least 4.4% in midday trading after the latest government data showed a 1.2% increase in U.S. retail sales during the month of July. Macy’s (up 7.6%), Kohl’s (up 4.7%) and Nordstrom (up 4.4%) are at an outsized risk during the coronavirus pandemic as lockdowns and infection worries keep shoppers away from brick-and-mortar malls.

DraftKings — Shares of the online-gambling company dropped 6% in midday trading after DraftKings said its loss for the second quarter widened despite strong revenues and a turnaround in user engagement. The Boston-based gambling company posted a second-quarter loss of $161.4 million, or 55 cents per share. The company’s worst-than-expected income figures came as Covid-19 continued to derail scores of professional and college sports leagues.

Simon Property Group — Simon Property shares rose more than 3% after the mall operator and Authentic Brands agreed to buy denim retailer Lucky Brand for $140.1 million. The deal would take Lucky Brand out of bankruptcy. Simon and Authentic Brands said they will negotiate with landlords to keep Lucky’s “key stores” open in North America.

Applied Materials — Shares of the semiconductor company rose more than 4% after its third-quarter earnings beat analyst estimates on the top and bottom line. The company also gave an upbeat forecast for the current quarter.

Dillard’s — Shares of the department store jumped more than 11% after the company reported a smaller-than-expected loss for its fiscal second quarter. Dillard’s reported a loss of 37 cents per share for the quarter, while analysts surveyed by FactSet expected a loss of $5.01 per share. Compared with the same quarter in 2019, the company increased its retail gross margin by 2.4 percentage points and reduced its inventory by 20%.

— CNBC’s Fred Imbert, Pippa Stevens, and Jesse Pound contributed reporting.

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