Tesla Motors CEO Elon Musk responded after the company went public on the NASDAQ market in New York on June 29, 2010
Brendan McDermid | Reuters
Check out the companies that are making headlines in midday trading.
US Steel – US steel stocks rose more than 9% after posting a less-than-expected loss for the third quarter of its fiscal year. US steel posted a loss of $ 1.45 per share. Analysts polled by FactSet expected a loss of $ 1.52 per share. CEO David Burritt said, "The improvement in market conditions in June and July accelerated through August and September."
Unity Software – Unity Software stocks rose more than 36% on its first day of trading. The software company, which trades on the Nasdaq under the ticker "U", is trading over $ 70 per share, above its IPO price of $ 52 per share. Unity follows the market debut of software storage company Snowflake on Wednesday, the largest software IPO in history.
Tesla shares rose more than 4% ahead of the company's battery day on Tuesday. Morgan Stanley said in a statement to customers on Friday that the event could "potentially create narrative changes" for the company. Separately, Piper Sandler raised his target from $ 480 to $ 515, highlighting "poorly understood" aspects of the company's business model, including the energy segment.
Beyond Meat – Beyond Meat fell more than 6% Friday lunchtime after JPMorgan downgraded the alternative meat company on "sluggish" fundamentals and said the stock was "ahead of itself". We believe that "the stock is ahead of itself and we view the street's estimates as too high as major competitor Impossible Foods is reluctant to add complexity to the menu during the COVID-19 crisis," the broker said in a note.
SunPower – The solar storage company's stocks rose 4% after Morgan Stanley upgraded the stock from underweight to equal weight. The Wall Street company attributed the upgrade to possible margin expansion and higher storage penetration.
Dave & Buster & # 39; s – The entertainment and restaurant chain's stocks continued to rocket, rising nearly 13% on Friday. Raymond James improved the stock to outperform market performance and said the recent sell-off was "excessive". The company announced last week that it could potentially be forced into Chapter 11 bankruptcy later this year. A similar disclosure was made last quarter.
Home Depot – Home Depot stocks fell 1.1% in midday trading after Oppenheimer cut its home improvement store rating and cut its stock price target from $ 320 to $ 305. Oppenheimer also downgraded Lowe's rating from Outperform to Performance. "Our updated models for HD and LOW reflect a & # 39; base case & # 39; where the comp trends gradually weaken to around before COVID-19," the statement said.
Foot Locker – Foot Locker shares rose approximately 1% after Argus Research switched the shoe retailer to buying from the hold. The Wall Street firm said consumers "returned to stores with the intent of buying goods" while digital sales continued to be strong.
– CNBC's Maggie Fitzgerald, Fred Imbert, Pippa Stevens, Jesse Pound and Thomas Franck contributed to the coverage.
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