Staff bring a television to Steve Steward’s car in a Best Buy store on Black Friday, traditionally one of the busiest shopping days of the year. The amount is lower this year due to the increased popularity of online shopping due to concerns about the COVID-19 pandemic.
Paul Hennessy | SOPA pictures | LightRocket | Getty Images
Check out the companies that are making headlines in mid-day trading.
Casper Sleep – Mattress inventory rose 25% on Monday after Wedbush improved inventory to outperform neutral. The investment firm said in a note that Casper had fixed some of the execution issues that hurt the company last year and was poised to gain market share.
Etsy – Online Crafts website stocks fell more than 3% in midday trading after a KeyBanc analyst pulled back on a long-standing bullish view on its share capital. Analyst Edward Yruma wrote that most of the growth in the pandemic is likely priced in from Etsy and downgraded the stock to sector weight after overweighting the name since 2017.
Best Buy – The electronics retailer’s shares fell 1.5% after Wedbush downgraded the stock from Buy to neutral and cut its 12-month price target from $ 135 per share to $ 125 per share. The Wall Street company said the category “will continue to see growth in the home improvement and home furnishings category in 2021.”
Simon Property Group – The mall operator’s shares rose about 3% after Evercore ISI upgraded the stock to outperform the line. The Wall Street company expects a positive response to the company’s upcoming earnings report on May 10 as malls continue to reopen.
Discover Financial The financial services firm’s stock rose nearly 3% after Bank of America upgraded its rating to buy from neutral. The company’s management team had earned the benefit of the doubt in making planned investments in its business. Discovery reported a jump in profits last week.
Otis Worldwide – The escalator maker rose more than 6% after beating its income statement for its quarterly results. Otis reported earnings of 72 cents per share on sales of $ 3.41 billion. According to Refinitiv, analysts expect earnings of 63 cents per share on sales of 3.18 billion US dollars.
Flagstar Bancorp. Regional bank shares rose more than 7% after it was announced that New York Community Bank will acquire Flagstar in an all-stock deal valued at approximately $ 2.6 billion. The New York Community Bank gained more than 4%.
Albertsons – The grocery chain’s shares fell about 6% despite surpassing the income statement for quarterly results. The company reported earnings of 60 cents per share, which, according to Refinitiv, is above the 51 cents per share forecast by analysts. Revenue was $ 15.77 billion, beating estimates of $ 15.67 billion.
– with reports from Yun Li, Jesse Pound and Tom Franck of CNBC.
Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign in to start a free trial today