Check out the companies making headlines in midday trading.
Tesla — Shares of the electric vehicle company jumped more than 1% to a new all-time high ahead of Tesla's inclusion in the S&P 500. The stock will be added to the benchmark index before the opening bell on Monday based on Friday's closing prices. There is likely to be high volume and volatile trading into Friday's close.
Moderna — Shares of the biotechnology company fell more than 4% as investors took profits after a key panel advised the Food and Drug Administration to grant the company's coronavirus vaccine emergency use authorization. Despite investors' move to take profits on Friday, Moderna shares have more than doubled in value over the last six months as it became clear its vaccine could be approved for widespread use
FedEx — Shares of the shipping company slipped more than 4% after FedEx failed to give 2021 guidance during its quarterly update. The company did, however, beat top and bottom line estimates during the second quarter, earning an adjusted $4.83 per share on $20.56 billion in revenue. Analysts surveyed by Refinitiv expected $4.01 per share and $19.46 billion in revenue.
Scholastic — Shares of the publishing company slipped more than 10% after Scholastic missed top and bottom line estimates in the fiscal second quarter. The company also did not provide a 2021 outlook, citing ongoing uncertainty around the impact of Covid-19 on schooling.
Kohl's & Macy's — Shares of both Macy's and Kohl's rose in midday trading after Jefferies upgraded both stocks to a buy rating. While Kohl's stock rose 2.2% and Macy's added 2.7%, analyst Stephanie Wissink said both should endure business pressure from Covid-19 and rebound into 2021. She likes Kohl's "attractive" cash flow, yield and buyback program and doesn't see Macy's suffering the permanent earnings and sales losses other brokerages have assumed.
Airbnb — Shares of Airbnb jumped 5% after Susquehanna initiated coverage on the newly public company with a positive rating. The Wall Street firm said Airbnb created the short-term rental market and is the clear leader in the space. The strong brand enables the company to generate a significant majority of its traffic directly, which is "unparalleled" in the online travel sector, Susquehanna said.
United States Steel — United States Steel saw its stock drop 5.2% in midday trading after management said it expects a fourth-quarter per-share loss of 85 cents, worse than the 60-cent loss expected, according to a FactSet consensus estimate. Despite the underwhelming EPS outlook, the company said it expects better demand for flat rolled steel in 2021 and is already seeing better performance in December.
Palantir Technologies — Shares of Palantir fell nearly 3% after Credit Suisse downgraded the big data analytics company to underperform from neutral due to valuation concerns. Palantir went public via a direct listing at $10 per share on Sept. 30. The stock has more than doubled since its IPO, last trading around $26.50 per share.
Winnebago Industries — The recreational vehicle maker's stock popped 8% following a big earnings beat. Winnebago earned an adjusted $1.69 per share for its fiscal first quarter, well above the consensus estimate of 98 cents, according to Refinitiv. Revenue also came in above estimates. The company cited strong demand and interest in outdoor activities into the new year.
- CNBC's Yun Li and Thomas Franck contributed reporting.
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