Check out the companies making headlines in midday trading.
AMC Entertainment — Shares of the beleaguered movie-theater chain fell more than 4% after the company said it may sell up to 50 million of its Class A stock as part of a “shelf offering.”
Levi Strauss – The denim retailer gained more than 1% after Guggenheim raised its price target on the company to $24, up from a prior target of $20. The new forecast is 21% above where the stock closed on Tuesday. “We are encouraged by the company’s offensive strategy, strong brand, experienced management team, and healthy financial position … which we believe will allow LEVI to emerge from COVID-19 disruption in a stronger competitive position,” the firm said in a note to clients.
Tesla – Shares of the electric vehicle company advanced more than 1% as the stock continues to bounce back from recent selling pressures. Last week the stock dropped 4.8% after the company was added to the S&P 500. So far this week, Tesla has gained about 2.4%.
2U Inc – The education software company’s stock price jumped more than 6% after Needham named it a top pick for 2021. The Wall Street firm said 2U has been a delayed beneficiary from the shift to online education. The stock has gained 76% this year.
Dynatrace – Shares gained more than 3% after BTIG initiated coverage on the software company with a buy rating. BTIG said it sees growth in the application performance management market in 2021 as more companies invest in digital transformation. The firm’s $56 price target suggests a 30% rally in the next 12 months.
AstraZeneca — The pharmaceutical stock gained roughly 1% after the UK approved the Covid-19 vaccine developed by AstraZeneca and Oxford University.
Emergent BioSolutions — Shares of the life sciences company rose 2.7% after Emergent and Mount Sinai Health Systems announced the initiation of a new clinical program looking at a potential preventative treatment for Covid-19. The research program is being funded by the Department of Defense.
– CNBC’s Pippa Stevens, Fred Imbert and Jesse Pound contributed reporting.
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