Lordstown Motors Corp.’s Endurance electric pickup truck. sits on stage during a unveiling ceremony in Lordstown, Ohio, the United States, on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Clean Energy Fuels – Clean Energy Fuels shares rose more than 31.5% as discussions on Reddit’s WallStreetBets forum increased. The renewable natural gas company has a relatively small float of 66%, which means the stock is easier to manipulate, and about 8% of its float is being sold short, according to data from FactSet.
Clover Health, ContextLogic, AMC Entertainment, Wendy’s – Some of the most popular Reddit stocks lost ground in the past few weeks on Wednesday as social media traders shifted their focus to other ideas. AMC’s shares were down 10.4%, while Clover was down 23.6%, ContextLogic was down 8.9%, and Wendy’s was down nearly 12.7%. Wendy’s was also downgraded to Hold by Stifel.
Lordstown Motors Corp – The electric vehicle manufacturer’s shares fell double digits, then offset its losses to close 0.09% higher. Lordstown Motors said Tuesday in a filing with the SEC that it was having difficulty funding vehicle production and that there were “significant doubts” about its ability to continue. On Wednesday afternoon, the company announced that it was in talks with multiple parties to raise funds.
Campbell Soup Company – The grocer’s stock fell 6.5% in midday trading after reporting quarterly earnings of 57 cents per share and missing analysts’ estimates by 9 cents. The company has lowered its full-year forecast and expects higher costs to hurt margins, even if price increases are planned for later this year.
Merck – The drugmaker’s shares rose more than 2% after the company said the U.S. government agreed to buy approximately $ 1.2 billion for 1.7 million courses of its experimental Covid-19 treatment pay if approved by US regulators. Merck expects to have more than 10 million treatments of therapy available by the end of this year.
Abercrombie & Fitch – The clothing retailer’s shares rose nearly 0.9% after Jefferies upgraded the stock to buy off hold. Jefferies said Abercrombie & Fitch is experiencing a brand boost that is underrated on Wall Street.
Fox Corp. The media giant’s shares rose 2.8% after Wells Fargo upgraded its rating on the stock, saying it could climb to $ 47 in the next 12 months. Wells is optimistic about the company’s involvement in sports betting: “Our detailed sports betting scenario analyzes indicate a potential increase in the share price of 17% to 34% over the next few years.”
– CNBC’s Pippa Stevens, Tanaya Macheel, Yun Li, Maggie Fitzgerald, Tom Franck and Jesse Pound contributed to the coverage
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