Dollar Tree, Gap, Affirm, Micron, Netflix and more
People walk past a Dollar Tree store on December 11, 2018 in the Brooklyn neighborhood of New York City.
Spencer Platt | Getty Images News | Getty Images
Find out which companies are making the midday headlines.
Dollar Tree – Dollar Tree jumped 16% after the discount retailer announced plans to add prices above $ 1 at all Dollar Tree Plus stores and will begin testing prices above $ 1 at some older Dollar stores Tree. The company also increased its share repurchase authorization by $ 1.05 billion to a total of $ 2.5 billion.
Generac – The generator maker saw its shares drop more than 6% after posting new targets for 2024 on its Investor Day Wednesday morning. They include an adjusted profit margin of 24% to 25% compared to FactSet estimates of 26.9%. He also repeated his goals for the year 2021.
Lucid Motors – Shares of the electric carmaker jumped more than 7% after the company said on Tuesday it planned to deliver its first luxury electric sedans in late October. Lucid started production at its Arizona plant earlier this week.
Netflix – The streaming company rose 3.1% after announcing it bought video game maker Night School Studio in a bid to diversify its revenue streams. KeyBanc also maintained its overweight position in the streaming giant, and said on Wednesday that the company’s content list was resonating with subscribers.
Affirm – Shares of the financial services company lost more than 1%. The drop comes despite Affirm’s announcement on the day of its investors that it will offer a debit card and allow customers to execute cryptocurrency transactions directly from savings accounts.
Boeing – Boeing shares gained 3.3% after Bernstein upgraded the aircraft manufacturer’s stock to an outperformance rating relative to market performance. Bernstein said Boeing is set to rally as vaccination rates rise around the world and global travel demand rebounds. The company also raised its share price target to $ 279, nearly 30% higher than Tuesday’s close.
Eli Lilly – Eli Lilly shares rose 3.6% after Citi upgraded the pharmaceutical stock to a neutral buy. The firm said Eli Lilly’s share price is currently attractive after retreating from its August highs. Citi anticipates that the launch of Eli Lilly’s Alzheimer’s disease drug will be a key growth driver for the company. The bank also raised its share price target to $ 265, which implies a nearly 20% rise from Tuesday’s close.
Gap – Gap shares jumped more than 1% after the clothing retailer released the latest drop in its highly anticipated line with Kanye West’s Yeezy brand. The $ 90 hoodie has become available for pre-order online. Wells Fargo estimated earlier this year that the Yeezy line could generate nearly $ 1 billion in additional sales in 2022.
AutoNation – Shares of AutoNation rose more than 4% after Morgan Stanley raised the stock to equal weight to the underweight, saying the company is optimistic about the auto retailer’s management changes.
Conagra Brands – Shares of packaged food company Conagra Brands rose more than 3% after Credit Suisse raised the stock to neutral after underperforming on Wednesday. Other consumer food companies climbed: Tyson Foods, Kraft Heinz, JM Smucker and Kellogg added more than 2%.
Micron Technology – Shares of the semiconductor company fell 2% after releasing a forecast for the first quarter of 2022 that was weaker than expected. Other semiconductor stocks also fell. NXP Semiconductors fell nearly 4%, Microchip Technology lost more than 3%, and Advanced Micro Devices lost 1.3%.
– CNBC’s Hannah Miao, Maggie Fitzgerald and Yun Li contributed reporting
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