Stocks making the biggest moves midday: Apple, Penn National Gaming, Spotify, Peloton & more
Check out the companies making headlines in midday trading.
Apple — Apple shares jumped 2.1% to a record high as investors cheered a slew of announcements from the tech giant's Worldwide Developers Conference. The company unveiled a new operating system for its flagship product, the iPhone, along with a new OS for its computers. Apple also said it would ditch Intel chips when building its new Mac computers. Several Wall Street analysts praised these announcements, with UBS even hiking its price target on the stock to $400 per share from $325 per share.
Penn National Gaming — Shares of the Pennsylvania-based casino operator jumped 17.2% on Tuesday after CEO Jay Snowden said it has resumed operations in 30 of Penn National's 41 properties and has plans to open the rest in the "coming weeks," Snowden said on CNBC's "Mad Money" on Monday. Snowden was joined by Barstool Sports founder Dave Portnoy, who said Barstool's sportsbook with Penn National will be a "dominant player in the game" and an additive to the casino operator.
JPMorgan, Citigroup, Citizens Financial — Several bank stocks were outperforming the broader market on Tuesday as Treasury yields moved slightly higher and economic data pointed to a growing recovery. Shares of JPMorgan Chase and Citizens Financial rose 1.2%, while Citigroup climbed 1.7%. Bank of America and Truist gained 0.7% and 1.3%.
Peloton – Shares of the fitness equipment maker gained 3.5% after Cowen lifted its price target on the stock to a Street high of $70, which implies a 26% rally ahead. The firm said Peloton is "uniquely well positioned" with a competitive moat around its vertically integrated offering. "The pandemic has created a virtuous cycle driving both increased hardware demand as well as a surge in engagement and lower monthly churn levels," Cowen added.
Facebook, Amazon, Netflix — Other tech-related names lifted the broader market on Tuesday. Facebook advanced 1.3%. Amazon hit an all-time highs, gaining 1.9%.
American Airlines – Shares of American Airlines plunged 6.2% after the airline company moved to raise about $2 billion through convertible and secondary stock offerings to improve it liquidity amid the coronavirus crisis. The company priced an offering of 74.1 million shares at $13.50 a share and an offering of $1 billion of convertible bonds that mature in 2025 at 6.50%.
Beyond Meat – Shares of Beyond Meat fell 4.3% after Starbucks said it is adding a plant-based breakfast sandwich using Impossible Foods sausage. The move is seen as a blow to Beyond Meat in the fight for market share in the alternative meat space. Still, Beyond Meat stock has soared more than 100% this year due to increased demand.
Spotify — Shares of Spotify jumped 2.4% after Comcast announced that the music streaming service is now available on Xfinity. The new initiative is "giving millions of customers the ability to listen to the audio streaming service's 50M music tracks and a wide range of podcasts directly on the TV, from the comfort of their home," Comcast said in a press release.
Spirit AeroSystems — Shares of the key Boeing supplier dropped 13.3% in midday trading after it said in a government filing that it's asking its lenders for financial support. Spirit said its filing with the Securities and Exchange Commission came after it received a letter from Boeing on June 19 to reduce its 2020 production as part of fallout thanks to the Covid-19 outbreak and accumulated inventory of Spirit's B737 products as the 737 Max remains grounded.
— With reporting from CNBC's Yun Li, Fred Imbert, Jesse Pound, Pippa Stevens and Tom Franck.
Source: cnbc.com
