Take a look at the companies making headlines in midday trading.
Roku – Needham’s Laura Martin, a top media analyst on Wall Street, upped her price target on Roku to $400 from $315, helping shares rise more than 8%. “What’s clear to us from 2020 is that ROKU has won the streaming wars in the US,” Martin wrote in a note to clients. “Its focus, platform competitive advantages, moats, and execution excellence all suggest to us that ROKU will continue to take market share in 2021.” Her new price target represents an 8% gain from here.
Sunrun – Shares of the solar company jumped more than 8% to hit a new all-time high as renewable energy stocks rallied on the heels of Democrats taking the Senate. SunPower, Sunnova and Enphase Energy were each up more than 8% as well.
Bed Bath & Beyond — The retailer tanked more than 10% after fiscal third-quarter results missed on the top and bottom lines. Bed Bath & Beyond reported adjusted earnings of 8 cents per share on revenue of $2.62 billion. Analysts expected earnings of 19 cents per share on revenue of $2.75 billion, according to Refinitiv. The retailer cited the sale of noncore assets like Cost Plus World Market and ongoing store closures that are part of its bigger turnaround plans for the drop in sales.
Walgreens Boots Alliance — The drug store popped more than 7% after Walgreens beat on the top and bottom lines of its quarterly results, helped by stronger-than-expected pharmacy sales. Walgreens reported earnings of $1.22 per share on revenue of $36.31 billion. Analysts expected earnings of $1.03 per share on revenue of $34.95 billion, according to Refinitiv.
JPMorgan Chase — Shares rose more than 4% after an analyst at Bank of America upgraded the banking stock to buy from neutral. The analyst said JPMorgan was “uniquely better-positioned” to benefit from the consumer picking up spending, higher long-term rates and “the potential return of travel and restaurant spend.”
Teladoc — Shares of the telehealth company jumped more than 7% after BTIG initiated coverage of the stock with a buy rating. The investment firm said in a note that it expects Teladoc’s volumes to continue to grow even after the pandemic.
3M — Shares dropped more than 3% after Bank of America downgraded the multinational conglomerate to neutral from buy. The Wall Street firm cited regulation risks surrounding PFAS, or per- and polyfluoroalkyl substances. The bank believes a Democrat-controlled Senate could accelerate legislation and regulation around PFAS contamination, which would hurt 3M’s margins.
Constellation Brands — The beverage and cannabis stock gained 3.4% after Constellation’s fiscal third quarter results beat Wall Street expectations. The company reported $3.09 in adjusted earnings per share on $2.44 billion in revenue. Analysts surveyed by Refinitiv were expecting $2.39 in earnings per share and $2.23 billion in revenue.
Alibaba – Shares of the China-based e-commerce giant slid more than 2% following multiple reports that the company could be added to the U.S. blacklist by the Trump Administration. On Wednesday the New York Stock Exchange said it would delist three China-based telecom companies.
CureVac — Shares of the German pharmaceutical company jumped 14% after it struck a deal with Bayer to help develop CureVac’s Covid-19 vaccine candidate.
DXC Technology — The IT consulting firm jumped 6.8% French rival Atos made an unsolicited takeover offer. Reuters reported that the offer is worth more than $10 billion.
— Fred Imbert, Maggie Fitzgerald, Pippa Stevens and Yun Li contributed to this story.
