Rendering of the flagship Krispy Kreme Times Square.
Check out the companies that are making headlines in midday trading.
Virgin Galactic – The space tourism company’s stock is up 4% after it was announced that founder Sir Richard Branson will be on board his next space test. The stock rose as much as 25% shortly after it opened before slipping.
Astra – The stock of rocket maker Astra rose nearly 20% on Friday after entering the Nasdaq market on Wednesday. The company, which plans to launch rockets into space every day, made its public debut amid a space race between billionaires Sir Richard Branson and Jeff Bezos, who is planning Blue Origin’s first passenger space flight on July 20th.
Krispy Kreme – The donut chain’s shares fell 8.9% on Friday, losing part of the 23.5% it gained on Thursday’s first day of trading. Krispy Kreme’s return to the public market comes five years after the company was privatized by JAB Holding. The chain has pegged its IPO at $ 17 per share, which is below the planned range of $ 21 to $ 24 per share. The company grew sales 17% in fiscal 2020 to $ 1.12 billion.
Didi – The newly listed Chinese rideshare company fell 5.3% after China announced a cybersecurity review of the company two days after Didi’s debut on the New York Stock Exchange. As a result, new users will not be able to register for Didi’s rideshare service during the verification. Didi said in a statement that she would “cooperate fully”.
IBM – The tech company’s shares fell more than 4.6% after it was announced that Jim Whitehurst stepped down as president 14 months after moving. IBM disclosed little details on the decision, but said it will remain as a senior advisor to Arvind Krishna, the company’s CEO.
Charles Schwab – The e-broker’s shares ticked 1% lower after the company said it is under investigation by the Securities and Exchange Commission for disclosures by Schwab’s robo advisors, Reuters reports. Schwab also warned of a $ 200 million charge on second quarter results, depending on how the investigation is resolved.
Chipotle – Shares are up 1.7% after UBS reissued its buy rating for the Mexican grocery chain and set its price target on the stock at $ 1,700, up 10%. Citing Chipotle’s digital sales, menu innovation, marketing and loyalty programs as supporters of its growth, UBS said reopening the economy should boost dine-in traffic.
Microsoft – The tech giant’s stock rose 2.3% after Goldman Sachs maintained its buy rating after announcing its next software update, Windows 11. “Microsoft is well positioned to benefit from a number of long-term secular trends,” said Goldman analyst, adding that “future versions of Windows are unlikely to bring PC upgrade cycles to the same level” as in the past.
Uber – The ride-hailing company’s shares rose more than 2.2% after Bank of America said it saw “significant upside” in the company and reiterated its buy rating. The BofA also said it expects participation rates to improve in the third quarter.
Alphabet – Google’s parent company stock rose 2% after Bernstein named it a top pick for the second half of the year, saying the stocks are still cheap and that several short-term catalysts should boost performance.
– CNBC’s Maggie Fitzgerald and Yun Li contributed to the coverage
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