Lordstown Motors Corp.’s Endurance electric pickup truck. sits on stage during an unveiling ceremony in Lordstown, Ohio, the United States, on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg | Getty Images
Check out the companies that are making the headlines in midday trading.
Clean energy fuels – Clean Energy Fuels’ shares rose more than 14% as discussions increased on Reddit’s WallStreetBets forum. The renewable natural gas company has one relatively small swimmer at 66%, which means the stock is more easily manipulated and, according to FactSet, about 8% of its float is sold short.
Clover health, Context logic, AMC entertainment, Wendys – Some of the most popular Reddit stocks lost ground in the past few weeks on Wednesday as social media traders shifted their focus to other ideas. AMC’s shares fell nearly 10% during the Clover fell by 13%, ContextLogic was down more than 3% and Wendy’s was down 11%. Wendys was too downgraded to buy from Stifel.
Lordstown Motors Corp. – The electric vehicle company saw its shares fall more than 17% after it said it did in a filing with the Securities and Exchange Commission Tuesday Problems with financing vehicle production and there are “serious doubts” about its ability to continue. Bank of America maintained a neutral rating from Lordstown, and RBC Capital Markets began coverage on Wednesday with an underperform rating.
Campbell Soup Company – The food manufacturer’s share fell more than 5% in midday trading after reporting quarterly earnings of 57 cents per share, missing analysts’ estimates by 9 cents. The company has lowered its full-year forecast and expects higher costs to hurt margins, even if price increases are planned for later this year.
Merck – The drugmaker’s shares rose more than 2% after the company said the US government agreed to pay about $ 1.2 billion for it 1.7 million courses of its experimental Covid-19 treatment when approved by US regulatory authorities. Merck expects to have more than 10 million treatments of therapy available by the end of this year.
Abercrombie & Fitch – The clothing retailer’s shares then rose by more than 1% Jefferies updated to buy the stock from the hold. Jefferies said Abercrombie & Fitch is experiencing a brand boost that is underrated on Wall Street.
Fox Corp. – The shares of the media giant rose by over 3% in midday trading afterwards Wells Fargo updated his rating on the stock, saying it could climb to $ 47 in the next 12 months. Wells is optimistic about the company’s involvement in sports betting: “Our detailed sports betting scenario analyzes show a potential price increase of 17 to 34% over the next few years.”
– CNBC’s Pippa Stevens, Tanaya Macheel, Yun Li, Maggie Fitzgerald, Tom Franck and Jesse Pound contributed to the coverage
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