Stocks making the biggest moves midday: Snowflake, Ford, Penn National Gaming, Tesla & more

Snowflake banners decorate the New York Stock Exchange to market the debut of the software company’s shares in New York on Sept. 16, 2020.

Source: Snowflake

Check out the companies making headlines in midday trading. 

Tesla — Shares of the electric automaker shed more than 3% ahead of the company’s widely-anticipated Battery Day on Tuesday. “Our best guess: TSLA will announce plans to significantly expand battery cell manufacturing capacity to meet growing vehicle production,” research firm Baird said in a note to clients Thursday.

Dave & Buster’s Entertainment — The restaurant and arcade chain’s stock fell more than 19% after the company warned of bankruptcy if an agreement can’t be reached with lenders, according to a report from The Wall Street Journal. The company will also lay off more than 1,300 employees, according to locally filed WARN notices.

Domino’s Pizza — Shares of the pizza chain rose more than 1% after Oppenheimer named the stock a top idea. The firm said in a note to clients that Wall Street was underestimating the company’s same-store sales growth in 2021.

Ford – The stock jumped 4% after the automaker said it plans to differentiate its upcoming all-electric F-150 pickup from Tesla and General Motors’ competitive offerings by pivoting to heavy-duty hauling and towing rather than recreation. Pickups are key to Ford’s profitability as the series generated about $42 billion in revenue last year in the U.S., or about 30% of its total sales in 2019.

Herman Miller — The furniture stock soared more than 32% after the company beat earnings estimates and reinstated its dividend. Herman Miller reported adjusted earnings per share of $1.24 for its fiscal first quarter, while analysts surveyed by FactSet expected just 26 cents. Revenue also topped estimates by nearly 20% but was down compared with 2019. The company’s reinstated quarterly dividend will be just under 19 cents per share.

Snowflake — Alongside other technology stocks, shares of software company Snowflake fell more than 8% following its IPO on Wednesday, which was the biggest software market debut in history. The stock surged 111% in its first day of trading. Snowflake was worth $70.4 billion at the end of trading, more than five times its $12.4 billion valuation from February.

Penn National Gaming — Shares of the sports betting company surged more than 6% after Stifel hiked its price target to $80 per share from $47 per share. The gaming company made a significant investment earlier this year in Barstool Sports, a sports media company led by Dave Portnoy, and has seen its stock soar. The “Portnoy Momentum Trade” still has room to run, the note said.

First Solar — Shares of the solar panel installer slid more than 11% after the company announced a secondary offering of roughly 8.6 million shares, which is equivalent to 8.2% of outstanding shares. The stock is being sold by early investor Lukas Walton, meaning no new shares will be offered. First Solar will not receive any proceeds from the sale.

Stitch Fix – Shares of Stitch Fix gained more than 1% after Needham upgraded the online personal styling service to buy from a hold rating. The Wall Street firm said the company is becoming stronger by diversifying its model and getting more aggressive with client acquisition, while also benefiting from secular tailwinds. 

— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting.

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