Tim Cook, Apple Inc. CEO, waves as he arrives on stage during the Apple Worldwide Developers Conference (WWDC) in San Jose, California.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines on Monday lunchtime:
Apple – The company gained 1.2% in volatile trading after last week’s strong rally that saw market value surpass $ 2 trillion. The gains also came ahead of the 4-for-1 stock split that takes effect on August 31st. The stock hit a new intraday high of $ 515.14 on Monday, bringing its 2020 gains above 70%.
Tesla – The electric vehicle maker’s shares were down more than 1%, giving up a previous gain of nearly 4% that pushed shares to new all-time highs. The stock is up 40% this month as investors get excited about the name.
Best buy – Best Buy stocks rose nearly 3% after Raymond James reiterated his “Strong Buy” rating on the stock and raised his price target on equity from $ 100 per share to $ 135. The electronics retailer’s inventory has increased more than 33% this year as the Covid-19 lockdown has sparked demand for home technologies like monitors, televisions and computers.
Pinterest – Pinterest shares then fell 3.8% Citi downgraded the image sharing platform from purchase to neutral. The bank said it became more cautious on the company after outperforming this year, saying its valuations are not “imperative”. Pinterest grew 76% this year.
Deere – The farm equipment company rose 3% after Bank of America switched shares to neutral. BofA said in a note that Deere’s position as an industry leader and attractiveness to ESG investors should improve the stock’s valuation. Argus Research also raised its target price for the stock.
Churchill Downs The thoroughbred racetrack company’s shares lost 1% after Susquehanna downgraded the stock from positive to neutral. Analysts said Churchill Downs had “limited advantages” after announcing that the Kentucky Derby would not be spectators due to the coronavirus.
American Airlines, delta, Norwegian cruise line, carnival Airlines and cruise line shares rose sharply as the daily number of U.S. coronavirus cases declined and the Trump administration approved emergency treatment for the virus. American Airlines was up 10.5% and Delta was up 9.3%. Carnival and Norwegian Cruise Line gained 10.2% and 7.6% respectively.
Lululemon Lululemon stock rose 2.1% after an analyst at Susquehanna raised its price target on the stock from $ 360 per share to $ 426 per share. The new price target implies a 12-month upward move of 15.5% from Friday’s close of $ 368.75. “The underlying momentum continues to grow faster than most as the headwinds from the crisis slowly wear off,” the analyst said.
Medtronic Medtronic gained 1.4% after increasing its dividend for the second quarter of fiscal year to 58 cents per share, up 7% year over year.
– CNBC’s Jesse Pound, Pippa Stevens, Maggie Fitzgerald, Yun Li and Tom Franck contributed to this report.