By Check out the companies making headlines in midday trading.
Overstock.com — Shares jumped 17.3% on news the e-commerce company won the auction for Bed Bath & Beyond’s digital assets and intellectual property, which includes the brand name.
Spirit AeroSystems — Shares of the Boeing supplier dropped 9.4% after the company halted production in its Wichita, Kansas, factory following an announcement that workers will strike, starting Saturday. Boeing‘s stock also fell 3.1%. Spirit AeroSystems makes fuselages for Boeing’s 737 Max, as well as the forward section of many of Boeing’s other aircrafts.
Accenture — The stock fell 1.9% after the consulting firm shaved the top end of its revenue expectations for the fiscal year. The firm said to expect between 8% and 9% in local currency after previously setting a range between 8% and 10%.
Darden Restaurants — The Olive Garden parent dropped 2.6%. Darden posted earnings of $2.58 per share on revenue of $2.77 billion in its latest quarter. The results beat analysts’ forecast of $2.54 in earnings per share, but met revenue expectations, according to Refinitiv. The company’s full-year earnings guidance range included the consensus estimate of analysts polled by FactSet. The company also increased its quarterly dividend and announced Chairman Eugene Lee would retire.
Anheuser-Busch InBev — Shares gained 2% after Deutsche Bank upgraded the beer giant to a buy from a hold rating, citing fading headwinds from the recent flight of customers amid its collaboration with transgender influencer Dylan Mulvaney.
NRG Energy — The stock advanced 3.1% a day after the Wall Street Journal reported Elliott Investment Management, an activist investor, wanted to remove the CEO and other executives.
Tesla — Tesla finished the choppy session 2% higher after Morgan Stanley downgraded the electric-vehicle giant to an equal weight rating from overweight, citing valuation concerns.
Root — The car insurance stock soared 34.1% following a Wednesday report from the Wall Street Journal that Embedded Insurance offered $19.34 per share in a takeover bid.
Sotera Health — Shares shot up 17.3% after the lab testing company said it settled a lawsuit over ethylene oxide in Illinois.
Alcoa — The aluminum company dropped 4.3% following a downgrade to underweight from equal weight by Morgan Stanley. The firm warned Alcoa could miss estimates on a key profit measure in upcoming quarters.
Amazon — The e-commerce giant added 4.3% after JPMorgan Chase reiterated the stock as overweight, noting the opportunity for further growth in Amazon Prime. Loop also reiterated its buy rating and raised its price target given what it sees as an opportunity for the stock to rally further.
Dow — The chemical company slipped 0.9% on the back of a downgrade to underperform from neutral by Bank of America. The firm said recovery in demand was “elusive” and hurt prices.
Expedia, TripAdvisor — Expedia and TripAdvisor gained 2.2% and 4.7%, respectively, after B. Riley initiated coverage on each stock as buy. The firm said Expedia has an appealing risk/reward ratio, while TripAdvisor could see its margins expand.
Eli Lilly — Shares rose 1% after Bank of America reiterated the stock as a buy, saying it was still the firm’s favorite in the biopharmaceutical space.
— CNBC’s Samantha Subin, Michelle Fox and Jesse Pound contributed reporting.
