Devon Energy, Cloudera, AMC and more
A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.
Nick Oxford | Reuters
Find out which companies are making the headlines in midday trading.
Devon Energy and Marathon oil – Shares of Devon Energy and Marathon Oil jumped more than 12% each on the rise in oil prices. West Texas Intermediate Crude Futures, the US oil benchmark, hit its highest level in more than two years on Tuesday, largely lifting the energy sector. Western grew by almost 8%, while Exxon and Chevron increased by more than 2% each.
United Airlines and American Airlines – Shares of United and American both jumped around 2% each at noon after the latest air travel data showed volume at its level. highest level since before the Covid pandemic. The Transportation Security Administration screened an average of 1.78 million passengers over Memorial Day weekend. Low budget carriers Mind and Border also gained more than 3% each, while Alleviating increased by more than 2%.
Boeing – Shares of the aerospace giant rose more than 2% after Cowen improved the stock outperform, citing the upturn in air travel. “Rapidly improving air traffic is bolstering demand for aircraft; and while extending FAA oversight and timing of China’s MAX approval limit upwards through 2021, 2022-24 seems more brilliant, ”Cowen analyst Cai von Rumohr said in a note.
Cloudera – Software stock jumped about 24% after the company announced a $ 5.3 billion buyout by investment firms KKR and Clayton, Dubilier & Rice. The transaction will make Cloudera a private company, and the all-cash transaction is worth $ 16 per share.
AMC – AMC shares climbed around 21% by noon after the theater chain revealed in a securities filing that it sold over 8 million shares to an investment firm. Stock, a favorite on Reddit’s WallStreetBets forum, gained 116% last week on high volume fueled by retail traders.
Cinemark – The shares of the theater chain gained around 6% after the film ticket sales during Memorial Day weekend have achieved their best performance since the start of the pandemic. North American theaters raised nearly $ 100 million over the holiday weekend. Paramount’s “A Quiet Place Part II” boasted of a three-day, $ 48.4 million trip to the pandemic’s biggest debut movie.
Honest society – The consumer goods company is up about 4.6% in the midday session after receiving bullish ratings from several Wall Street analysts at the end of its IPO period. Morgan Stanley, who launched the cover of Honest Tuesday with an overweight price target, called it story of “strong growth”.
Nio – Shares of the Chinese electric vehicle maker jumped about 8.5% at noon after a citi recommendation, which upgraded it to buy and raised its price target, which gave it more than a 50% increase. The bank analyst said he was feeling a rebound in demand and increased sales of new energy vehicles in the coming months.
Abbott Laboratories – Shares of Abbott Laboratories fell about 8.5% at noon after the company lowered its outlook for fiscal 2021. Abbott is now forecasting adjusted earnings per share of $ 4.30 to $ 4.50 , compared to previous forecasts of at least $ 5.00, according to FactSet.
Canopy growth – Shares of the cannabis producer fell 3.8% after missing Wall Street expectations for its quarterly financial results. Canopy Growth reported fourth quarter net sales of C $ 148 million ($ 122.9 million) compared to analysts’ estimate of C $ 152 million ($ 126.2 million), according to Refinitiv.
– CNBC’s Tanaya Macheel, Jesse Pound and Pippa Stevens contributed reporting.
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