Elon Musk, CEO of Tesla Motors, unveils a new all-wheel drive version of the Model S on October 9, 2014 in Hawthorne, California.
Lucy Nicholson | Reuters
Check out the companies that are making headlines in midday trading.
Tesla – The electric car maker's shares fell 1.6% after an SEC filing revealed that Tesla had bought $ 1.5 billion worth of Bitcoin. The company said it bought the bitcoin in order to "have more flexibility to further diversify and maximize the returns on our cash." Tesla also said it would start accepting payments in bitcoin in exchange for its products.
Palantir Technologies – The big data company's shares rose more than 8% after announcing a new global partnership with IBM that will expand Palantir's sales reach. The deal will also expand IBM's artificial intelligence offerings and make them easier to use. Palantir has more than quadrupled its shares since it debuted in the public market in September.
The toy maker's Hasbro shares were down about 3% after the company beat estimates for sales and earnings in the fourth quarter. Hasbro earned $ 1.27 per share on an adjusted basis and had revenue of $ 1.72 billion. Analysts surveyed by Refinitiv expected earnings of $ 1.14 per share and revenue of $ 1.69 billion.
Energizer – The battery maker’s shares rose more than 4% after beating the income statement for their quarterly results. Energizer made $ 1.17 per share on revenue of $ 849 million. Wall Street expects earnings of 89 cents per share on sales of $ 790 million, according to Refinitiv.
Target – The retailer's shares rose about 2% after Stifel upgraded the stock to a buy rating. "Our positive stance reflects our belief that share gains have continued over the past few years in most categories, especially digital (~ 18% of F2020 sales)," the company wrote in a statement to customers. Stifel also raised its target for the stock from $ 200 to $ 225, with the new target indicating a 19% rally from which the stock closed on Friday.
Exxon Mobil – The oil and gas company's shares rose 3.5% after BNP Paribas raised the stock from underperforming to neutral. The Wall Street company cited Exxon Mobil's plans to cut fossil fuel investments. The stock is up 25% in 2021 after losing more than 40% last year.
Hershey – Hershey's shares rose nearly 1.2% in midday trading after the chocolate company posted higher profits and sales in the fourth quarter than last year as customers bought goodies even amid the pandemic. CEO Michele Buck added that the company is ready for a strong Valentine's Day and Easter seasons.
Westport Fuel Systems – Westport Fuel surged more than 39% in midday trading after it was revealed that Amazon has ordered approximately 1,000 truck engines that run on compressed natural gas for its fleet of delivery vehicles. The engines are a joint venture between Westport and Cummins of Vancouver.
– with reports from Yun Li, Pippa Stevens and Tom Franck from CNBC.