AMC, Levi Strauss, Dynatrace, AstraZeneca
Street performers in Minnie Mouse costumes pass in front of an AMC movie theater at night in the Times Square neighborhood of New York, Oct. 15, 2020.
Amir Hamja | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
AMC Entertainment — Shares of the beleaguered movie-theater chain fell more than 4% after the company said it may sell up to 50 million of its Class A stock as part of a “shelf offering.”
Levi Strauss – The denim retailer gained more than 1% after Guggenheim raised its price target on the company to $24, up from a prior target of $20. The new forecast is 21% above where the stock closed on Tuesday. “We are encouraged by the company’s offensive strategy, strong brand, experienced management team, and healthy financial position … which we believe will allow LEVI to emerge from COVID-19 disruption in a stronger competitive position,” the firm said in a note to clients.
Tesla – Shares of the electric vehicle company advanced more than 1% as the stock continues to bounce back from recent selling pressures. Last week the stock dropped 4.8% after the company was added to the S&P 500. So far this week, Tesla has gained about 2.4%.
2U Inc – The education software company’s stock price jumped more than 6% after Needham named it a top pick for 2021. The Wall Street firm said 2U has been a delayed beneficiary from the shift to online education. The stock has gained 76% this year.
Dynatrace – Shares gained more than 3% after BTIG initiated coverage on the software company with a buy rating. BTIG said it sees growth in the application performance management market in 2021 as more companies invest in digital transformation. The firm’s $56 price target suggests a 30% rally in the next 12 months.
AstraZeneca — The pharmaceutical stock gained roughly 1% after the UK approved the Covid-19 vaccine developed by AstraZeneca and Oxford University.
Emergent BioSolutions — Shares of the life sciences company rose 2.7% after Emergent and Mount Sinai Health Systems announced the initiation of a new clinical program looking at a potential preventative treatment for Covid-19. The research program is being funded by the Department of Defense.
– CNBC’s Pippa Stevens, Fred Imbert and Jesse Pound contributed reporting.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.