Stock Groups

Stocks making the biggest moves midday: Tesla, CarMax, BlackBerry, more

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The opening of a Tesla store in Beijing (China) on July 4, 2021.

Costfoto | Barcroft Media | Getty Images

These are the headline-grabbing companies in midday trading.

CarMax — CarMax shares fell nearly 4.9% despite the used car retailer’s better-than-expected quarterly report. Company earnings were reported at $1.63 per shareRefinitiv estimates were 19cs lower than the actual revenue. The total revenue was $8.53Billion which is 1 billion more than what was expected.

Tesla — Tesla shares rallied 7% after CEO Elon Musk said he sold “enough stockMusk set a goal to sell 10% of his shares. Musk also sold 583 611 shares Tuesday to bring his total share count up to 13.5 millions.

BlackBerry — BlackBerry shares dropped more than 1% even after the company posted quarterly results on Tuesday that beat Wall Street expectations. StreetAccount reported that BlackBerry posted a quarter of breakeven on an adjusted basis. Analysts had expected to see a 7 cent loss per share. StreetAccount’s consensus estimates for quarter 2 of cybersecurity products were not met.

Caterpillar — Shares of the industrial giant gained 1.6% after Bernstein upgraded the companyTo an outperform rating. The firm stated expectations were low for Caterpillar, despite large upside going into 2022. The firm stated that although the trajectory of Caterpillar’s secular growth remains a mystery, it is calling CAT and there is a clear path for the stock to perform over the next twelve months. 

Alibaba — Alibaba shares fell more than 4% after Atlantic Equities downgraded the Chinese e-commerce company’s stock to a neutral rating from overweight. According to the firm, Alibaba’s shopping platforms may not see improvement in their performance over time.

Darden Restaurants — Darden Restaurants saw its shares rally 1.9% after it received an upgrade to a buy rating from holdStifel. This firm appreciated the positive results of last week’s quarter-end report by Olive Garden parent.

Williams-Sonoma — Shares of the home goods store rose 2% after Loop Capital Markets upgraded Williams-Sonoma to buyFrom hold. Loop stated in a note sent to clients, that it could be a benefit for the company if people return from their homes or offices.

Coinbase — Shares of the crypto services firm added 2.2% after Oppenheimer named the company a top pick for 2022This bet is on the fact that long-term investors will keep adopting digital assets. This move comes at a time when bitcoin prices are rising. Coinbase relies on trading fees so the pair trade in sync.

Paychex — Paychex shares rose 5.2% after the payroll services company reported strong quarterly earnings. Paychex posted a profit margin of 91 cents per diluted share for revenue of $1.11billion. StreetAccount analysts expected to earn 80 cents on $1.06 billion in revenue. StreetAccount surveyed them.

— CNBC’s Jesse Pound, Pippa Stevens and Tanaya Macheel contributed reporting

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