A pump jack operates at a drilling site leased from Devon Energy Production Co. near Guthrie, Oklahoma.
Nick Oxford | Reuters
Check out the companies that are making the headlines in midday trading.
Devonian energy and Marathon oil – Devon Energy and Marathon Oil stocks rose nearly 14% each on rising oil prices. West Texas Intermediate Crude Oil Futures, the US oil benchmark, rose to its highest level in more than two years on Tuesday, and by and large boosted the energy sector. Occidental advanced 9.7%, Exxon 3.6% increased and Chevron 2.7% increased.
United Airlines and American Airlines – United and American stocks rose roughly 2% each after the latest air travel data added volume to theirs highest level since before the Covid pandemic. The Transportation Security Administration screened an average of 1.78 million passengers over Memorial Day weekend. Low-cost airlines ghost and border also increased by around 3% each while Faithful increased by more than 2%.
Boeing – The aerospace giant’s shares rose more than 3% afterwards Cowen upgraded the stock to surpass, citing the recovery of air traffic. “The rapidly improving air traffic is increasing the demand for aircraft; and while FAA oversight and timing of China’s MAX approval limit move up through 2021, 2022-24 looks better, “Cowen analyst Cai von Rumohr said in a note.
Cloudera – Software shares rose roughly 24% after the company announced a $ 5.3 billion acquisition by investment firms KKR and Clayton, Dubilier & Rice. The transaction will make Cloudera a private company and the cash deal is valued at $ 16 per share.
AMC AMC shares rose 22.7% after the theater chain announced it in a securities filing sold more than 8 million shares to an investment firm. Bloomberg News reported later on Tuesday that the The company sold all of its shares to AMC. The stock, a favorite on Reddit’s WallStreetBets forum, 116% increased last week on high volume fueled by retailers.
Cinemark – The shares of the theater chain gained 7.7% after the film Memorial Day weekend tickets on sale have achieved their best performance since the pandemic began. North American cinemas grossed nearly $ 100 million over the holiday weekend. Paramount’s “A Quiet Place Part II” boasted the pandemic’s biggest film debut in three days at $ 48.4 million.
The honest company – The consumer goods company is up about 7% after receiving bull ratings from multiple Wall Street analysts after the IPO’s dormant period ended. Morgan Stanley, who initiated coverage of Honest Tuesday with an overweight price target, called it a “strong growth” story.
Nio – The share of the Chinese electric vehicle manufacturer rose 9.6% after a Recommendation from Citiwho upgraded it to a Buy and increased its price target giving it more than 50% upside. The bank’s analyst said he was seeing a recovery in demand and an increase in sales of new energy vehicles in the coming months.
Abbott Laboratories Abbott Laboratories stocks fell 9.3% after the company lowered its fiscal 2021 outlook. Abbott now forecasts adjusted earnings per share of $ 4.30 to $ 4.50, up from the previous forecast of at least $ 5.00, according to FactSet.
Canopy growth – The cannabis producer’s shares fell 6.9% after falling short of Wall Street’s expectations for its quarterly financial results. Canopy Growth posted net sales of $ 148 million ($ 122.9 million) for the fourth quarter, compared to analysts’ estimate of $ 152 million ($ 126.2 million), according to Refinitiv.
– CNBC’s Tanaya Macheel, Jesse Pound and Pippa Stevens contributed to the coverage.
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