People walk past a Dollar Tree store in the Brooklyn neighborhood of New York City on December 11, 2018.
Spencer Platt | Getty Images News | Getty Images
Check out the companies that are making the headlines in midday trading.
Dollar Tree – Dollar Tree rose 16% after the discounter announced it would be adding price points above $ 1 at all Dollar Tree Plus stores and testing price points above $ 1 at some older Dollar Tree stores. The company also increased its stock buyback authorization by $ 1.05 billion to a total of $ 2.5 billion.
Generac – The generator maker saw its share price fall more than 4% after posting new targets for 2024 on Wednesday morning on Investor Day. They include an adjusted profit margin of 24% to 25% compared to FactSet estimates of 26.9%. It also reiterated its full-year 2021 forecast.
Lucid Motors – The electric car maker's shares rose more than 7% after the company announced on Tuesday that it would ship its first luxury electric sedans in late October. Lucid started production at its Arizona factory earlier this week.
Netflix – The streaming company rose 2.6% after it announced it bought video game maker Night School Studio to diversify its revenue streams. KeyBanc also maintained its overweight stance on the streaming giant, saying on Wednesday that the company's content board is resonating with subscribers.
Affirm – The financial services company's shares lost over 1%. The decline comes despite Affirm's announcement on its investor day that it will offer a debit card and allow customers to execute cryptocurrency transactions directly from savings accounts.
Boeing – Boeing shares rose 3% after Bernstein upgraded the aircraft maker's stock to an outperform rating of market performance. Bernstein said Boeing will rebound as vaccination rates rise globally and global travel demand picks up again. The company also raised its target price on the stock to $ 279, nearly 30% above Tuesday's closing price.
Eli Lilly – Eli Lilly's shares rose nearly 4% after Citi upgraded the pharma stock from neutral to buy. The company said Eli Lilly's stock price is currently attractive after pulling back from its August highs. Citi expects the launch of Eli Lilly's Alzheimer's drug to be a major growth driver for the company. The bank also raised its target price on the stock to $ 265, up nearly 20% from Tuesday's close.
Gap – Gap's shares rose less than 1% after the apparel retailer announced the recent drop in its highly anticipated line of products with Kanye West's Yeezy brand. The $ 90 hoodie can be pre-ordered online. Wells Fargo estimated earlier this year that the Yeezy line could generate nearly $ 1 billion in additional sales in 2022.
AutoNation – AutoNation stocks rose more than 5% after Morgan Stanley upgraded the stock from underweight to equal weight, saying the company is optimistic about the dealer's management changes.
Conagra Brands – Shares in packaging company Conagra Brands rose more than 3% after Credit Suisse upgraded the stock from underperforming to neutral on Wednesday. Other food companies rose: Tyson Foods was up 3%, Kraft Heinz and Kellogg were up more than 2%, and J. M. Smucker was up more than 1%.
Micron Technology – The semiconductor company's shares were down 2% after its guidance for the first quarter of 2022 was weaker than expected. Other semiconductor stocks also fell. NXP Semiconductors and Microchip Technology lost more than 3%, while Advanced Micro Devices lost 1.1%.
– CNBC's Hannah Miao, Maggie Fitzgerald and Yun Li contributed to the coverage
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