A pint of Oatly ice cream will be arranged for a photo on Wednesday, September 16, 2020 in the Brooklyn neighborhood of New York, United States.
Gabby Jones | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Bank of America – The banking giant’s shares fell 2.5% after announcing quarterly earnings of $ 1.03 per share, including a one-time tax benefit. While that was higher than the consensus estimate of 77 cents, the company reported sales that were below Wall Street projections and reported higher spending. Citi and PNC also reported better than expected gains on Wednesday morning and are trading lower.
BlackRock – The asset management company’s stock fell 3% despite reporting better-than-expected quarterly earnings on Wednesday. BlackRock raised $ 10.03 per share, beating consensus estimate for the second quarter by 57 cents. Assets under management rose to a record $ 9.49 trillion for the quarter.
Energy stocks – Energy stocks fall after the International Energy Agency warned on Tuesday of a worsening supply deficit if OPEC + fails to reach an agreement on its production policies. Marathon Petroleum and Valero lost 3.9%, Occidental more than 7% and Cabot Oil & Gas 5%.
Oatly – Oatly shares fell 2.7% after the alternative dairy company was accused of questionable accounting practices and misrepresentation of its sustainability practices. The Swedish oat-based milk substitute company made its US public debut about two months ago.
Peloton – The home training empire’s stocks fell more than 5% after Wedbush Securities downgraded its stock from outperform to neutral. Wedbush found that fitness alternatives were growing and as the economy reopened, customers were leaving their homes to exercise outside.
Lululemon – The athleisure brand’s stock rose 1.6% after Goldman began reporting on it with a “buy” rating and added it to its “buy conviction” list. Even if people trade in their leggings and sweatpants for business casual attire, Lululemon can geographically and categorically expand into new categories, Goldman said.
Delta Airlines – The airline’s shares are down 1.5% after reporting a loss of $ 1.07 per share in the second quarter, which was less of a loss than analysts expected. However, the airline beat sales estimates, seeing accelerated customer demand and “solid” pre-tax profit for the month of June
American Airlines – American Airlines saw its stock rise more than 3% ahead of next week’s earnings report for the second quarter. For the second quarter, the company expects a “slight” profit before taxes.
L Brands – The retailer’s shares rose more than 1% after the company raised its earnings forecast for the second quarter. The optimistic outlook is due to the strength of L Brands’ Victoria’s Secret and Bath & Body Works businesses. The company also announced plans to sell 20 million shares held by founder Leslie Wexner and others.
Apple – Apple is trading over 2% higher after reports the company asked suppliers to increase production of next-gen iPhones by 20%. This news follows another report on Tuesday that the technology company is partnering with Goldman Sachs on a “buy now, pay later” service.
AMC Entertainment – The cinema chain’s stock slumped more than 15% to around $ 33 on Wednesday, less than half of its all-time high of $ 72.62 in early June. The decline brought losses to nearly 40% since the beginning of the month. The stock is still up more than 1,500% this year thanks to the meme stock mania earlier this year.
– CNBC’s Hannah Miao, Pippa Stevens and Yun Li contributed to the coverage
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source https://thedailytradingnews.com/oatly-amc-lululemon-american-airlines-and-more/
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