Crates of vials of the Moderna Covid-19 vaccine will be stored at the Kedren Community Health Center in Los Angeles, California on January 25, 2021.
Patrick T. Fallon | AFP | Getty Images
Check out the companies that are making headlines in midday trading.
Moderna – Moderna shares rose 5.6% after the company said its Covid vaccine showed promise in a laboratory setting for protection against coronavirus variants, including the highly contagious Delta variant, which was first identified in India.
Banks – Large banks rose after announcing dividend increases following recent Fed stress tests. Morgan Stanley shares rose 4% after the bank announced it would double its dividend. Goldman Sachs shares rose 1.8% as the bank announced it would increase its dividend by 60%. Meanwhile, Citigroup posted a 1.1% price loss after being the only major bank not to commit to certain dividend increases.
Lennar, PulteGroup – Home builder stocks rose Tuesday as the S&P CoreLogic Case-Shiller Index showed home prices rose more than 14% on an annualized basis in April. Several major US cities posted their highest annual price gains on record. Lennar’s shares were up 1.6% while PulteGroup was up 2.3%.
General Electric – General Electric shares rose 2.1% after Goldman Sachs named the stock a top idea. “We see GE as the ultimate self-help story in the industrial sector, reopening leverage,” said Joe Ritchie of Goldman Sachs in a statement released Tuesday.
Herman Miller – The furniture company’s shares were down 6.6% on the company’s fourth quarter earnings report. The company beat sales and earnings estimates for the period, making adjusted 56 cents per share on sales of $ 621.5 million, ahead of expected earnings of 39 cents and sales of $ 583 million, based on estimates by FactSet. However, stocks fell on the company’s lower-than-expected earnings forecast.
Facebook – Big Tech stock was down 1.5% after rising more than 4% on Monday following a court ruling dismissing both state and state antitrust complaints against the social media giant. Monday’s stock jump drove the social media giant into the trillion-dollar club.
Textron – The industrial conglomerate’s stocks rose 1.6% after Morgan Stanley upgraded the stock from equal weight to overweight. The Wall Street company said Textron will benefit from the return of continued growth in business jets as well as a growing market for electric aircraft.
FedEx – Courier stock rose 1.8% after Bank of America Securities added it to its “US1” list of top picks and reiterated its buy rating on the stock. It also said it is maintaining its target price of $ 372, up 26.5%. “We’re seeing significant tailwinds for FDX, led by price increases, margin improvements (including TNT integration), continued e-commerce growth, and the return of [business-to-business] Volumes, “BofA’s Ken Hoexter said in a note.
FOX – Fox shares fell 2.7% after Guggenheim downgraded the media company from “Buy” to neutral. “Our revised estimates reflect our view of the advertising market as well as adjustments to the timing of year-on-year shifts in the sports calendar, production timing and incremental investments,” the company said.
DoorDash – DoorDash shares rose 1.8% after Wells Fargo raised its price target for the delivery company from $ 170 to $ 215. The new target price is Wall Street high.
– CNBC’s Pippa Stevens, Maggie Fitzgerald, Tanaya Macheel, Yun Li and Jesse Pound contributed to the coverage
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