The stocks with the biggest movements at noon: Tesla, CarMax, BlackBerry, more
A Tesla store in Beijing, China on July 4, 2021.
Costphoto | Barcroft Media | Getty Images
Find out which companies are making the midday headlines.
CarMax – CarMax shares fell nearly 4.9% despite the used car retailer’s better-than-expected quarterly report. The company posted earnings of $ 1.63 per share, 19 cents above Refinitiv’s consensus estimate and revenue was $ 8.53 billion, up $ 1 billion from foreseen.
Tesla – Tesla shares rose 7% after CEO Elon Musk said he sold “enough shares” to meet his goal of offloading 10% of his shares. Musk sold an additional 583,611 shares on Tuesday, bringing the total number of shares he unloaded to 13.5 million.
BlackBerry – Shares of BlackBerry fell more than 1%, even after the company reported better than expected quarterly results on Wall Street on Tuesday. The communications software maker posted a breakeven quarter on an adjusted basis, while analysts expected a loss of 7 cents per share, according to StreetAccount. However, the current quarter’s forecast for cybersecurity products fell below StreetAccount’s consensus estimate.
Caterpillar – Shares of the industrial giant gained 1.6% after Bernstein upgraded the company to an outperformance rating. The company said expectations are low for Caterpillar despite rising sharply by 2022. “While the steepness of its secular growth path remains an open question, the cycle calls for the CAT name and the way is clearing for that the stock outperforms over the next 12 months, ”the company said.
Alibaba – Alibaba shares fell more than 4% after Atlantic Equities downgraded the Chinese e-commerce firm’s stock to neutral due to overweighting. The company was concerned that Alibaba’s purchasing platforms would not improve performance in the short term.
Darden Restaurants – Darden Restaurants saw its shares rise 1.9% after receiving an upgrade to a buy note from Stifel. The company appreciated the upbeat quarterly results of parent Olive Garden last week.
Williams-Sonoma – Shares of the housewares store rose 2% after Loop Capital Markets upgraded Williams-Sonoma to buy suspension. Loop said in a note to customers that the business could benefit from returning people who stay away from homes and offices.
Coinbase – Shares of the crypto services company rose 2.2% after Oppenheimer named the company as the top pick for 2022, betting that the adoption of digital assets by investors will continue and offer attractive returns for long term investors. The move also comes as the price of bitcoin rises. The two tend to trade in tandem due to Coinbase’s reliance on trading fees.
Paychex – Shares of Paychex rose 5.2% after the payroll services company reported strong quarterly earnings. The company made 91 cents a share on revenue of $ 1.11 billion. Analysts polled by StreetAccount had expected earnings of 80 cents a share on revenue of $ 1.06 billion.
– CNBC’s Jesse Pound, Pippa Stevens and Tanaya Macheel contributed reporting