Escalators climb and board at King of Prussia Mall, owned by Simon Property Group, the largest US retail store in King of Prussia, Pennsylvania.
Mark Makela | Reuters
Check out the companies that are making the headlines in midday trading.
Simon Property Group – The mall owner's shares rose 2.6% after the company collected 73% of its rents from retailers last month. Simon added that 91% of his tenants have returned to business. However, the company also reported weaker than expected results for the second quarter. Simon had earnings of 83 cents per share on sales of $ 1.01 billion. Analysts polled by Refinitiv expected earnings of 98 cents per share on sales of 1.14 billion US dollars.
Canada Goose – The retailer's shares fell 5.2% after the company issued poor forecasts. The effects of Covid-19 have continued into the current quarter. However, in the first quarter, the company posted less-than-expected losses and revenue that exceeded Street's expectations.
Nikola – The electric vehicle maker’s shares were down 8.3% as investors took profits after rising more than 20% on Monday. The jump followed an announcement that the company will provide at least 2,500 all-electric garbage trucks for Republic Services.
Casper Sleep – Mattress inventory declined 6.2% after the company posted an adjusted loss of 61 cents per share in the second quarter. That loss was less than expected, according to analysts polled by Refinitiv, and revenue of $ 110 million also exceeded Wall Street estimates. However, the company said it was working to find new suppliers after problems with its supply chain "resulted in longer lead times for certain of our products through our e-commerce platform and affected order fulfillment capabilities for some of our retail partners."
Shutterstock – Shutterstock shares fell 14.5%, the worst day since August 2017, after a public offering of shares was announced on the Monday after the bell.
Royal Caribbean, Norwegian, Carnival – Cruise stocks rose Tuesday as investors shifted towards the Games reopening. Norwegian led the way, up 3.4% while Royal Caribbean and Carnival gained 2.4% and 2.5% respectively. Royal CFO Jason Liberty said during an earnings call on Monday that the company sees "remarkable" demand for cruises in 2021.
Inovio Pharmaceuticals – 23% of the pharmaceutical company's stocks said the Covid-19 vaccine candidate is expected to enter a mid-to-late-stage trial in September and receive emergency approval from the FDA sometime next year. Inovio had previously announced that it would begin middle-stage studies this summer.
Novavax – Novavax shares fell 16.3% despite better-than-expected quarterly results. The biotech company posted a quarterly loss of 30 cents per share, which was less than the 52 cents expected loss analysts expected. Income also exceeded estimates. Novavax announced three manufacturing agreements for its coronavirus vaccine candidate and secured $ 2 billion in funding. However, Wall Street analysts found that none of the contracts were exclusive.
BioNTech – The drug maker’s shares fell 7.4% after missing the upper and lower end of quarterly earnings. BioNTech announced that it may release the results of its clinical trial for a Covid-19 vaccine candidate in October.
– with reports from CNBC's Pippa Stevens, Yun Li, Jesse Pound and Fred Imbert.