Lordstown Motors Corp CEO Steve Burns shows off the electric vehicle at the company’s factory in Lordstown, Ohio, U.S., on June 25, 2020. A prototype of the startup’s Endurance pickup, which will start production in the second half of 2021.
Lordstown Motors | Reuters
Check out the companies making headlines in midday trading.
Lordstown Motor Company — Shares fell more than 17% after the struggling electric truck maker filed for bankruptcy. Lordstown is also suing Taiwanese manufacturer Foxconn over a $170 million financing deal.
Walgreens Boots Alliance — Shares fell 9.3% after the retail pharmacy chain cut its full-year profit guidance to a range of $4 to $4.05 a share, from a previous range of $4.45 to $4.65. Walgreens also reported adjusted earnings per share of $1 in the fiscal third quarter, missing Refinitiv’s forecast of $1.07.
Delta Airlines — Shares rose 6.8 percent after the airline set its full-year profit forecast at $6 a share, at the high end of a previously set range. Delta said it was helped by strong demand and customers choosing more expensive fare classes.
American Equity Investment Life — The insurance company’s share price is Bloomberg News reports Canadian investment firm Brookfield is nearing a deal to buy American Equity Investment Life for about $4.3 billion.
Cruise stocks — carnival Shares rose 8.8% after Monday’s sharp drop. The cruise line posted a smaller-than-expected second-quarter loss, while also giving strong guidance. royal caribbean and Norway Following losses on Monday, the indexes rose 4.3 percent and 5.7 percent, respectively.
General Motors — Generac CEO Aaron Jadgfeld says the company is seeing “Dramatic increase” Texas area needs.
Robles — Shares of the gaming platform rose 6.7% after Bank of America reiterated its buy rating, calling the stock a leader in the Metaverse category.
meta platform — The big tech stock rose 3.1 percent after Citigroup reiterated a buy rating. The company said it was particularly optimistic about Reels.
Kellogg — Kellogg shares rose 1.7% as Goldman Sachs upgraded it to buy from neutral. The Wall Street firm said the stock was mispriced given investors’ growth potential.
nike — The sports retailer rose 1.7 percent after Oppenheimer reiterated its outperform rating ahead of its earnings report later in the week.
Frontier Communications — Wolfe Research has an Outperform rating on the stock, sending the stock up 8.1%. Wolf said the company has class-leading speed and reliability.
kotla energy corp. — Coterra rose 1.3% as JPMorgan upgraded its rating to overweight from neutral. JPMorgan said its share price is attractively valued.
unified software — Gaming software shares rose 15.4% after Wells Fargo initiated an overweight rating on the gaming software unit. In a note to clients, Wells Fargo said negative sentiment toward virtual worlds overshadowed strong aspects of Unity’s business.
skirt — The transport sector rose 6.3 percent as Evercore ISI upgraded its performance to outperform from perform. Risks appear to be skewed to the upside, the firm said.
wing stop — Wingstop rose 3.9% after Northcoast upgraded Wingstop to “buy” from “neutral,” citing the growth story’s potential to maintain its industry-leading position.
Auto Network — Shares rose 5.9% after JPMorgan increased its stake in the online auto marketplace. The firm called the stock a safe haven in the current challenging macroeconomic environment.
—CNBC’s Jesse Ponder and Michelle Fox contributed reporting
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