Stocks making the biggest moves midday: Nike, Las Vegas Sands, Boston Beer and more
Check out the companies making headlines in midday trading.
Nike — Shares of Nike fell more than 5% even after the sportswear company topped Wall Street’s earnings and sales expectations for the fiscal fourth-quarter. The company said it anticipates flat to slightly higher revenue for its fiscal first-quarter versus the prior year, and low double-digit revenue for the full year 2023 on a currency-neutral basis.
Walt Disney — Disney shares rose more than 1% after it said Shanghai Disneyland will reopen this week. The move came after China relaxed its Covid restrictions for inbound travelers, cutting their quarantine time upon arrival by half to seven days.
Las Vegas Sands, Wynn Resorts — Easing Covid restrictions in China boosted casino stocks. Shares of Las Vegas Sands and Wynn Resorts each surged more than 5%.
United Airlines, Delta Air Lines, American Airlines — Airlines spiked after China reduced Covid quarantine time for overseas travelers. Shares of United, Delta and American each rose more than 1%.
Boston Beer — Shares dropped more than 3% after Boston Beer got a downgrade to sell from Goldman Sachs. Analysts said waning popularity of the Truly hard seltzer brand, and a lackluster upcoming product line, curbs momentum at the brewing company.
Farfetch — The online luxury retailer’s stock fell 9% following a downgrade to neutral from UBS. The firm’s analyst said expectations for the company are likely too optimistic in a recessionary slowdown.
Spirit Airlines — Shares of the low-cost airline added more than 1% after JetBlue Airways increased its takeover offer again. JetBlue’s latest effort to win over Spirit comes ahead of a shareholder vote on an existing deal between Frontier and Spirit.
Morgan Stanley — Shares advanced more than 1% after Morgan Stanley increased its dividend by 11%, joining several other banks that boosted payouts after passing the Federal Reserve’s annual stress test. Bank of America and Wells Fargo ticked upward on Tuesday.
Occidental Petroleum — The energy stock jumped 2.8% on news that Warren Buffett’s Berkshire Hathaway upped its stake in the company by $44 million. It comes less than a week after securities filings revealed that Berkshire bought an additional 9.55 million shares in Occidental Petroleum.
Robinhood — The trading platform’s stock fell nearly 2% after FTX CEO Sam Bankman-Fried shut down a Bloomberg News report that FTX is reportedly interested in buying Robinhood, telling CNBC there are no active M&A talks in the works.
Playtika — Shares dropped more than 6% following an Axios report said private equity firm Joffre Capital would purchase a majority stake in the gaming company.
— CNBC’s Yun Li, Tanaya Macheel and Samantha Subin contributed reporting