A pedestrian wearing a protective mask walks past a Shake Shack restaurant in Washington, DC, the United States on Monday, April 20, 2020.
Adnrew Harrer | Bloomberg | Getty Images
Check out the companies that are making headlines in mid-day trading.
Lordstown Motors – Electric vehicle inventory fell around 12% after the company cut its year-end production and cash forecasts. Lordstown said more capital needed to be raised.
Shake Shack – The restaurant company’s shares rose roughly 7% after a bullish call from Goldman Sachs. The company has upgraded the stock to a buy rating, saying the recent pullback will give investors an opportunity to buy stocks. “The company’s small size and unique footprint are delaying the company’s recovery from COVID and making it one of the last reopening games in the space,” Goldman said in a statement to customers.
Moderna – Pharmaceutical inventory increased about 2% at noon after the company announced that its Covid-19 vaccine is 100% effective in teenagers. Moderna plans to ask the Food and Drug Administration to expand emergency use of its Covid vaccine to teenagers early next month.
IAC / Interactive and Vimeo – IAC shares fell around 5% after the spin-off from Vimeo to IAC shareholders. Vimeo began trading as a separate public company on the Nasdaq today, with Vimeo shares declining about 16% in midday trading. The video platform debuted valued at around $ 10 billion.
Canopy Growth – Cannabis stock rose about 6% after MKM Partners upgraded the stock from neutral to buy. MKM said sentiment over the cannabis sector is low, making Canopy’s risk and reward “very cheap”.
Petco – The pet products retailer shares fell nearly 3% after the company announced a secondary stock offering of 22 million shares. The selling shareholder gave the subscribers a 30-day option to purchase an additional 3.3 million shares. Petco will not receive any proceeds from the offer, the company said.
Coinbase – Shares on the cryptocurrency exchange rose about 5% after JPMorgan began reporting the stock with an “overweight” rating. JPMorgan said the future of crypto was bright despite recent price volatility in Bitcoin and other cryptocurrencies. The stock was also helped by a rebound in Bitcoin prices.
– CNBC’s Pippa Stevens, Jesse Pound, Tanaya Macheel and Berkeley Lovelace Jr. contributed to the coverage
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