CAVA, on the New York Stock Exchange during its initial public offering, on June 14, 2023.
Source: NYSE
Check out the companies making the biggest moves at noon.
Cava group — Shares surged 99% in midday trading on its first day as a public company. Cava Group priced its initial public offering at $22 per share and started trading at $42 per share on Thursday.
SkyWest — Airline shares rose 4.51% after that. modernized by Deutsche Bank buy from hold. The Wall Street firm said it believes there will be a “significant improvement” in the company’s return on invested capital over the next two to three years. Deutsche Bank also improved Allegiant, which rose 1.4% in midday trading.
Domino’s Pizza — The Stifel-listed pizza chain gained 6.46%. upgraded the stock to buy out of possession. The company said delivery sales should stabilize further, while retail sales will increase next year.
Kroger — Shares down 2.69%. Kroger CEO Rodney McMullen said on the company’s earnings call Thursday, “The economic environment is having a greater impact on our budget-conscious customers.” The company reaffirmed identical non-fuel sales and adjusted earnings per share guidance for the full year. Kroger also reported revenue that was slightly below Wall Street expectations. First-quarter revenue was $45.17 billion, compared with analysts’ forecast of $45.26 billion, according to FactSet.
target — Shares of the major retailer jumped nearly 3.46% afterward. Bernstein reiterated his above average rating in stock. The Wall Street firm said investors should buy weakness in Target shares, which have fallen 15% in the past month.
Lennar — Shares of the homebuilder rose 4.41% on Thursday. Lennar reported better-than-expected results for its fiscal second quarter on Wednesday night. The company reported earnings of $3.01 per share on revenue of $8.05 billion. Analysts had expected earnings per share of $2.33 on revenue of $7.22 billion, according to FactSet. The company’s earnings were boosted by gains from technology investments, but Lennar would still beat expectations if it excluded that benefit. Lennar also raised its full-year guidance for home deliveries.
SoFi technology — Financial technology stocks fell 1.95% after a downgrade from Oppenheimer serve from better performance. The Wall Street firm said it is long-term bullish, but believes the stock is appreciating much more strongly than the broader market.
AutoZone — Shares added 4.08% after the auto parts retailer allowed buyback for an additional $2 billion of the company’s common stock late Wednesday.
Corning — Shares rose 1.81% after Citi. upgraded Corning to buy from neutral. The Wall Street firm also raised its price target to $40 from $36, indicating a gain of more than 20% from Wednesday’s close. Citi said it had “greater confidence” in the potential for the glass maker’s margin recovery.
John Wiley & Sons — Shares down 11.39%. The company reported adjusted earnings per share for the fiscal fourth quarter of $1.45, up from $1.08 per share a year ago. However, revenue declined to $526.1 million compared to $545.7 million last year. Management also announced a restructuring plan to divest its non-educational activities.
Coinbase — Shares recovered from earlier losses to close 0.65% higher. Mizuho asked if traders were moving to Robinhood. Mizuho reiterated its weak rating on the crypto platform in a note to clients.
Patterson-UTI Energy, NexTier Oilfield Solutions — Two companies agreed to the merger in an all-warehouse business with an enterprise value of $5.4 billion. Shares of Patterson-UTI Energy rose 12.13%, while NexTier Oilfield Solutions gained 6.73%
T-Mobile — T-Mobile fell 3.68%. Morgan Stanley renewed telecommunications shares as the best choiceT-Mobile is well positioned to take advantage of market volatility with a strong buyback program.
— CNBC’s Yun Li, Alex Harring, Jesse Pound and Sarah Min contributed reporting.