Lordstown Motors Corp. CEO Steve Burns poses with a prototype of the electric vehicle start-up’s Endurance pickup truck, which is due to be built in the second half of the year, at the company’s plant in Lordstown, Ohio, on June 25, 2020 2021 will begin.
Lordstown Motors | Reuters
Check out the companies making headlines in midday trading.
Lordstown Motors – The struggling electric truck maker plummeted more than 17% after filing for bankruptcy. Lordstown is also suing Taiwanese manufacturer Foxconn over a $170 million financing deal.
Walgreen’s Boots Alliance — Shares fell 9.3% after the retail pharmacy chain cut its full-year earnings guidance to $4.45-$4.05 per share from $4.45-$4.65 per share. Walgreens also reported adjusted earnings per share for the fiscal third quarter of $1, falling short of Refinitiv’s guidance of $1.07.
Delta Airlines – Shares rose 6.8% after the airline set its full-year earnings guidance at $6 per share, at the high end of its previously set range. Delta said strong demand and customers opting for more expensive fare classes have been helpful.
American stock investment life – Shares of the insurance company rose about 17.2% after Bloomberg News reported that Canadian investment firm Brookfield was close to finalizing a deal to buy American Equity Investment Life for about $4.3 billion.
Cruise Stocks – carnival climbed 8.8% and reversed course after Monday’s plunge. The cruise line reported a smaller-than-expected loss for the second quarter while issuing strong guidance. royal caribbean And Norwegian were up 4.3% and 5.7%, respectively, after also suffering a decline on Monday.
Generic – Generator shares rose 8.8% after Bloomberg News reported that Generac CEO Aaron Jadgfeld said the company was seeing a “dramatic surge” in demand in the Texas region.
Roblox – The gaming platform rose 6.7% after Bank of America reiterated its buy rating and said the stock was a leader in the Metaverse category.
metaplatforms – The big tech stock rose 3.1% after Citi reiterated its buy rating. The company said it was particularly optimistic about reels.
Kellogg – Kellogg traded 1.7% higher after Goldman Sachs upgraded the stock from neutral to buy. The Wall Street company said the shares are mispriced given the potential for growth for investors.
Nike – The sports retailer rose 1.7% after Oppenheimer reiterated its outperform rating ahead of earnings later this week.
border communication – Shares rose 8.1% as Wolfe Research began coverage of the stock on outperformance. Wolfe said the company leads in speed and reliability.
Coterra Energy – Coterra rose 1.3% as JPMorgan upgraded the stock to overweight from neutral. JPMorgan said the shares are attractively valued.
Unity software – Gaming software stock rose 15.4% after Wells Fargo added an overweight to Unity coverage. Negative sentiment toward the metaverse has eclipsed the stronger aspects of Unity’s business, Wells Fargo said in a note to customers.
skirt – Transportation stock rose 6.3% on Evercore ISI’s upgrade to outperform year-on-year. The company said the risk appears to be sloping to the upside.
wing stop – Shares rose 3.9% after Northcoast upgraded Wingstop to buy from neutral, citing the potential of the growth story to maintain the company as an industry leader.
Cars.com – Shares rose 5.9% after JPMorgan launched the overweight online auto marketplace. The company called the stock a safe place to hide in this troubled macro environment.
— CNBC’s Jesse Pound and Michelle Fox contributed to the coverage