A pedestrian wearing a protective mask walks past a Wells Fargo & Co. bank branch in New York, United States, on Thursday, July 9, 2020.
Peter Foley | Bloomberg | Getty Images
Take a look at the companies making headlines on Wednesday lunchtime:
Wells Fargo Wells Fargo shares fell 5% after banking giant a weaker than expected third quarter earnings. The company announced that earnings per share were 42 cents and the analysts surveyed by Refinitiv had forecast earnings of 45 cents per share. Wells Fargo net interest income decreased 19% to $ 9.368 billion from the same period last year.
Bank of America – The banking giant’s stock fell 4% on disappointing sales in the third quarter. Bank of America announced that its revenue for the quarter was $ 20.45 billion. Analysts polled by Refinitiv expected a $ 20.8 billion drop in sales. The company also posted a 16% year-over-year profit decline.
UnitedHealth The healthcare giant’s stocks were down roughly 2.8% despite outperforming quarterly and earnings numbers for their quarterly results. UnitedHealth reported earnings per share of $ 3.51 on sales of $ 65.12 billion. According to Refinitiv, analysts expected earnings per share of USD 3.09 on sales of USD 63.88 billion. In response to the call for results, the company’s CEO said Covid-19 paints an uncertain picture for results in 2021.
Constellation Brands – The beverage company’s shares lost 1.9% after Atlantic Equities downgraded the stock to neutral due to an overweight. The investment firm said in a note that it was concerned that concerns about “beer supply capacity” would hurt the stock in the future.
New York Times – Media stock rose 3.5% after Morgan Stanley began reporting on the company with an overweight rating. The investment firm said in a note that the Times has a “unique opportunity to scale its paid subscriber base” and could increase its US subscriber base by about 200%.
Nio The electric vehicle maker’s stock rose more than 18% after JPMorgan upgraded the company to an overweight rating. The company also raised its price target to $ 40That’s almost double where stocks closed on Tuesday. The stock is up more than 500% through 2020.
Tesla Tesla stock rose 3.7% after a Goldman Sachs analyst raised its price target for the electric automaker from $ 400 per share to $ 450 per share. The analyst said Tesla will “benefit” from an improving automotive environment.
Kroger – A Wells Fargo analyst downgraded Kroger from overweight to equal weight, dropping the stock 3.8%. “KR remains a major beneficiary of the COVID pandemic, but the risk / reward no longer appears favorable to us,” the analyst said.
Bed bath in addition The retailer rose more than 7% after announcing plans to outsource portions of its non-core assets that will generate around $ 250 million. The company will sell its Christmas Tree Shops retail chain, Linen Holdings store and distribution center in Florence, New Jersey.
AMC – AMC fell more than 15% after Bloomberg News reported the cinema chain was considering its options, including a possible bankruptcy filing. On TuesdayThe company warned it might run out of cash in early 2021.
Dave & Buster’s Dave & Buster shares rose 5.3% after the company reopened 98 of 136 stores, while sales in the same store have stabilized since the 87% slump in the second quarter.
– CNBC’s Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Michael Bloom contributed to this report.