A worker wears a mask while organizing merchandise at a Walmart store in North Brunswick, New Jersey on July 20, 2020.
Eduardo Munoz | Reuters
Check out the companies that are making headlines in midday trading.
Zoom Video – The video conferencing company's stocks rose more than 40% on better-than-expected results from the previous quarter. Zoom reported earnings of 92 cents per share on sales of $ 663.5 million. Analysts polled by Refinitiv expected earnings of 45 cents per share on sales of $ 500.5 million. The company's turnover has more than quadrupled year-on-year. Zoom also raised its earnings forecast for fiscal year 2021.
Walmart – Walmart shares rose more than 6% after the retailer announced it would launch its own membership service Walmart + later this month. The new service offers unlimited free delivery and discounts of up to 5 cents per gallon of fuel. Walmart was also the top performing Dow component around noon.
Penn National Gaming – Penn stock rose more than 13% after an analyst called its investment in David Portnoy's Barstool Sports a brilliant business alliance. Brokerage Craig-Hallum initiated Penn's equity coverage with a "Buy" rating and a target price of $ 75, an increase of 46% from Monday's close. "Barstool has a large, growing, and iconic audience, roughly half of whom are millennials and 62% are already into sports," the broker wrote. "Don't bet against Portnoy."
Tesla shares were down more than 4% after the electric vehicle company announced it would raise up to $ 5 billion through a new stock offering. "We intend to use any net proceeds from this offering to further strengthen our balance sheet and for general corporate purposes," the company said in a press release.
Eastman Kodak – The former photography giant's shares surged after D.E. Shaw announced a 5.2% stake in the company. D.E. Shaw is a quantitative trading firm, which means buying it isn't necessarily a long-term bet on Kodak. Stocks have been a roller coaster ride since the government announced it, then put off a $ 765 million proposed loan to help the company get into drug manufacturing.
Apple – Apple shares nearly 4% after Bloomberg News reported the tech giant plans to launch four new iPhone models powered by 5G cellular technology in October. The report cited sources familiar with the matter, and Apple has asked suppliers to make 75 to 80 million new iPhones as the company expects robust demand.
Gogo – Gogo shares rose more than 43% after the company announced it would sell its commercial aviation business to Intelstat for $ 400 million. The contract also includes a 10-year network services contract between Intelstat and Gogo, which provides in-flight Internet services.
AbbVie – AbbVie shares fell more than 3% after the House Oversight Committee decided to summon the drug company to seek documents on its blockbuster treatments Humira and Imbruvica as part of its investigation into drug pricing practices.
CNBC's Fred Imbert, Pippa Stevens, Thomas Franck and Jesse Pound contributed to the coverage.
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