Business

Wynn Resorts, Planet Fitness, AMC, Lyft, etc


An exterior image shows Encore Las Vegas (L) and Wynn Las Vegas as the coronavirus continues to spread across the United States on March 15, 2020 in Las Vegas, Nevada.

Ethan Miller | beautiful pictures

Check out the companies that make headlines in midday trading.

Las Vegas Sands, Beach Hotels in Wynn – Casino operators’ shares all rose about 11% after Macao announced plans to allow it Chinese tour groups return to casinos as early as November. Macau authorities say they will resume access from mainland China through tours and e-visas in the next few months. Jefferies upgraded the duo to buy from hold following the reopening announcement.

Li Auto, Xpeng – Chinese electric vehicle manufacturers all see shares rise after Beijing announces extension electric vehicle tax reduction. Xpeng was up about 3%. Li, a competitor, was up about 5.5% despite cutting guidance in the third quarter.

Chegg – The educational technology company’s stock jumped more than 6% after Needham upgraded the company to a buy-to-hold rating. The company has a $28 price target for Chegg shares, representing 48% of the gain from Friday’s closing price.

Vertical aerospace – The Bristol, UK-based vertical takeoff and landing aircraft company flew the VX4 eVTOL prototype for the first time over the weekend, while strapped to the ground. Shares fell 8%.

map The asset management company’s shares rose 3.7% following a statement from Poseidon Acquisition that it raised its bid to $15.50 per share, up from $14.45. Poseidon called the bid “the last and best offer.”

Core Lab – Shares of the energy company fell 3.4% after Morgan Stanley downgraded Core Laboratories to a lighter from balance. Morgan Stanley says that Core looks to have less free cash flow growth than its peers, and that too much international exposure could affect results.

Planet Fitness – Gym stock up 2% after Raymond James upgrade Planet Fitness to buy powerful from market activity. The investment firm cites a “resilient business model” and a clean balance sheet as reasons to be bullish on the stock.

AMC Entertainment – Shares of movie giants and favorites fell 8% on news that AMC is likely to sell up to 425 million units APE, its preferred stock. APE spiked around 5%.

Kimco Realty – Shares of the real estate investment trust fell more than 5%, making it the worst performer in the S&P 500. Kimco invests in shopping malls. The overall real estate sector underperformed in the broad market index, falling more than 3%.

PG&E – Utilities increased by 1%, continuing the pre-market recovery momentum. PG&E will replace Citrix system in the S&P 500, the S&P Dow Jones Indices said on Friday.

LAVA treatment – The medical company increased by 89% after announcing that Seagen will produce LAVA’s tumor-targeted therapy. LAVA will receive $50 million upfront with the possibility of up to another $650 million as part of the deal.

Amazon – The e-commerce giant’s shares jumped 1% following the news of a Same as official date event for members in the upcoming October.

Lyft – Shares of ride-hailing company fell about 3% after UBS downgrade stock to neutral versus buy. The company said it is skeptical that Lyft can deliver industry-leading growth.

Estee Lauder – The cosmetics company gained 1% after announcing a partnership with BALMAIN focusing on high-end beauty products.

– Yun Li, Jesse Pound, Tanaya Macheel, Scott Schnipper and Darla Mercado of CNBC contribution report



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