Trainers have Orca killer whales perform for the crowd during a show at the animal theme park SeaWorld in San Diego. (File photo).
Mike Blake | Reuters
Check out the companies making headlines in midday trading.
SeaWorld Entertainment — SeaWorld shares popped 2% after a Credit Suisse analyst upgraded them to outperform from neutral. The analyst also hiked his price target on the stock to $30 per share from $13 per share, implying a 46% upside from Monday’s close. The analyst noted three key headwinds for SeaWorld “have either changed or are now fully priced in, making us more constructive on a stock with relatively low expectations.”
Vir Biotechnology – Shares of Vir Boitechnology climbed 6.1% after the biotech company said its experimental Covid-19 antibody treatment in partnership with GlaxoSmithKline will enter phase-3 trials, with results coming possibly before the end of the year. The company said interim trial results may be available as early as the end of 2020.
Social Capital Hedosophia Holdings Corp III – Shares of Social Capital Hedosophia Holdings Corp III, Chamath Palihapitiya’s special purpose acquisition company, fell 13.5% after the billionaire investor announced the target company to take public – health care startup Clover Health. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through a Palihapitiya-led private investment in the public entity.
Sonos, Logitech — Shares of the device companies fell after Bloomberg News reported that Apple yanked third-party audio products from its online stores and was doing the same at retail locations. Sonos’ stock dropped 7%, while Logitech lost 6.1%.
Boeing — Shares of the aircraft maker dropped 6.8% lower after slashing its 10-year forecast for new aircraft demand by 11% from a year ago. Boeing said the world’s airlines will need 18,350 planes worth $2.9 trillion over the next 10 years.
Beyond Meat – Shares of the alternative meat maker jumped 3.6% after Piper Sandler raised its target on the stock to $178 from $130. The hike follows Piper Sandler’s latest “Teen Survey,” during which 47% of teens said they eat plant-based meat or are willing to try it.
Costco – Shares of the retailer gained nearly 1% but closed in the red after Barclays upgraded the stock to an overweight rating. The firm also hiked its price target to $400 from $330, citing a host of factors including “robust” traffic levels.
Alteryx — Shares of the data analytics software company soared 28.2% after announcing that board member Mark Anderson will succeed company co-founder Dean Stoecker as CEO. Alteryx also increased its third quarter revenue outlook.
Nvidia — Shares of the chipmaker rose 0.7% after BMO raised its price target on the stock to $650 per share from $565 per share. The Wall Street firm said said it sees higher earnings-per-share “potential” as Nvidia continues to innovate with new products and offerings.
— with reporting from CNBC’s Jesse Pound, Fred Imbert, Yun Li and Pippa Stevens.