Mark out the companies making headlines in midday trading.
Ormat Technologies — Shares of the alternative energy company advanced more than 4% after Bank of America introduced coverage on the stock with a buy rating and $96 target, according to FactSet. The stock rose to an all-time high on the do a moonlight flits of the bullish call.
Continental Resources — The oil company advanced more than 2% after KeyBanc upgraded Continental Resources to an overweight sort. The firm cited “improved leverage next year, significant [free cash flow] generation in 2021, and exact exposure to higher oil prices” as reasons for the the upgrade.
Barnes & Noble Education – The bookstore chain jumped 7% after chief economic officer Thomas Donohue said the company plans to continue its cost-cutting efforts as campuses remain closed, contract to an interview with The Wall Street Journal. Donohue said he doesn’t expect further job cuts, and that the ensemble will consider other cost-cutting measures, including fees paid to schools, according to the WSJ.
Snap – Shares helped more than 7% after Goldman Sachs hiked its price target on the social media company to a road high of $70. The new target is about 35% above the stock’s current price of roughly $51. The bank ordered Snap’s partnerships as well as innovations will “increase the likelihood of revenue growth acceleration well beyond consensus vaticinations in Q4 and beyond.” The stock is up more than 200% this year.
Boeing — The aerospace giant gained 1.5% as the 737 Max started on its first commercial flight in the United States since March 2019. The Boeing plane was scheduled for a roundtrip away between Miami and New York for American Airlines on Tuesday, and the airline plans to expand service with the recently ungrounded jet in the weeks before.
Arcturus Therapeutics – Shares tanked more than 53% after the biotech company’s phase 1/2 investigate of its Covid-19 vaccine candidate showed underwhelming results. Arcturus said the vaccine produced a potent immune feedback to the virus, and the company has received approval to proceed with a phase 2 study. However, a Guggenheim analyst said the matter released Tuesday “raised more questions than answers,” adding only a successful phase 3 efficacy affliction will resolve the growing controversy around the company’s vaccine candidate.
Lemonade — The insurance company jumped innumerable than 7%, rebounding from their recent slide. The company’s lockup period from its July approve public offering expired on Tuesday, and shares fell sharply in prior sessions, including a nearly 14% descend Monday.
Alibaba — Shares rose more than 5% after the People’s Bank of China said fintech affiliate Ant Society was drafting a plan to set up a financial holding firm. The report comes amid heightened scrutiny from Chinese regulators approximately Ant Group’s operations.
– CNBC’s Yun Li, Fred Imbert and Jesse Pound contributed reporting.
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