Lordstown Motors Corp.’s Endurance electric pickup truck. sits on stage during a unveiling ceremony in Lordstown, Ohio, the United States, on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Clean Energy Fuels – Clean Energy Fuels shares rose more than 14% as discussions on Reddit’s WallStreetBets forum increased. The renewable natural gas company has a relatively small float of 66%, which means the stock is easier to manipulate, and about 8% of its float is being sold short, according to data from FactSet.
Clover Health, ContextLogic, AMC Entertainment, Wendy’s – Some of the most popular Reddit stocks lost ground in the past few weeks on Wednesday as social media traders shifted their focus to other ideas. AMC’s shares were down nearly 10%, while Clover was down about 13%, ContextLogic was down more than 3%, and Wendy’s was down about 11%. Wendy’s was also downgraded to Hold by Stifel.
Lordstown Motors Corp – The electric vehicle company saw its shares fall more than 17% after it announced in a filing with the Securities and Exchange Commission Tuesday that it had problems financing vehicle production and “had serious doubts” about its ability insist to continue. Bank of America maintained a neutral rating from Lordstown, and RBC Capital Markets began underperforming on Wednesday.
Campbell Soup Company – The grocer’s stock fell more than 5% in midday trading after reporting quarterly earnings of 57 cents per share, missing analysts’ estimates by 9 cents. The company has lowered its full-year forecast and expects higher costs to hurt margins, even if price increases are planned for later this year.
Merck – The drugmaker’s shares rose more than 2% after the company said the U.S. government agreed to buy approximately $ 1.2 billion for 1.7 million courses of its experimental Covid-19 treatment pay if approved by US regulators. Merck expects to have more than 10 million treatments of therapy available by the end of this year.
Abercrombie & Fitch – The clothing retailer’s shares rose more than 1% after Jefferies upgraded the stock to buy off hold. Jefferies said Abercrombie & Fitch is experiencing a brand boost that is underrated on Wall Street.
Fox Corp. The media giant’s shares rose over 3% in midday trading after Wells Fargo upgraded its rating on the stock, saying it could climb to $ 47 in the next 12 months. Wells is optimistic about the company’s involvement in sports betting: “Our detailed sports betting scenario analyzes indicate a potential increase in the share price of 17% to 34% over the next few years.”
– CNBC’s Pippa Stevens, Tanaya Macheel, Yun Li, Maggie Fitzgerald, Tom Franck and Jesse Pound contributed to the coverage
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