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See the companies making headlines at midday. New Fortress Energy – Shares of the natural gas company jumped 17% after New Fortress priced its underwritten public offering of approximately 46 million shares at $8.63 per share through Morgan Stanley. Deutsche Bank lowered its price target and downgraded New Fortress for sale on Tuesday, citing looming equity dilution and its view that the stock carries “too much inherent risk” in New Fortress’s business model. the company. Energy Stocks – U.S. crude oil futures rose 4% on concerns that Iran is preparing to attack Israel, sending shares of energy companies higher. APA Corp jumped 5%, while Hliburton added 3%. Hess and Occidental Petroleum each jumped more than 2%. Energy was the best-performing sector in the S&P 500, up nearly 2%. Arcos Dorados – Shares jumped more than 11% after the company told McDonald’s it was exercising its option to renew its master franchise agreement with the restaurant chain. The new agreement is also expected to include the possibility of renewing it for another 20 years after it expires, starting January 1, 2045. Defense Stockpiles – Defense stockpiles rose Tuesday after the White House warned that Iran was preparing a “imminent” ballistic missile attack. on Israel. Shares of Lockheed Martin and Northrop Grumman were last up 3.7% and 4.1%, respectively. L3Harris Technologies grew 3%. Paychex – The stock rose more than 4%, hitting a new 52-week high, after the company reported better-than-expected first-quarter financial results. Paychex posted earnings of $1.16 per share, excluding items, on revenue of $1.32 billion. That’s higher than the profit of $1.14 per share on revenue of $1.31 billion analysts expected, according to FactSet. HP Inc – Shares fell more than 4% after Citi downgraded the personal computer maker to neutral from buy, citing deteriorating industry sentiment and limited near-term tailwinds in terms of artificial intelligence. Walt Disney — Shares fell 2.6% after Raymond James downgraded the media conglomerate’s rating to market outperform, saying moderating demand and slowing consumption are clouding the outlook for the parks business Disney. CVS Health – The stock fell nearly 2% after CNBC, citing people familiar with the matter, reported that the health care company was conducting a strategic review of its business with advisors. One option being considered is a dismantling of the insurance and strategic businesses, the sources said. Reuters first reported the news on Monday. Clorox – Shares of the housewares company climbed nearly 2% after an upgrade to buy from Jefferies. The investment firm believes Clorox is at an inflection point and should see earnings increase in the future. — CNBC’s Sarah Min, Hakyung Kim, Samantha Subin, Lisa Kailai Han, Pia Singh, Michelle Fox and Darla Mercado contributed reporting.
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