Hasbro, Dunkin ‘Manufacturers, AstraZeneca, Delta & extra
Take a look at the companies making headlines on Monday lunchtime:
Dunkin ‘Brands – The restaurant chain’s shares rose more than 15% after the company held preliminary talks about a possible takeover by Inspire Brands, despite the company saying there was “no certainty that a deal will be reached”. The New York Times reported that the deal could value the restaurant chain at nearly $ 9 billion.
SAP – SAP fell more than 23% on its worst trading day in at least 12 years after Europe’s largest software company by revenue cut its revenue and profit forecast for 2020. The German company said coronavirus lockdowns would hurt the demand for business relationships and customer management software well into 2021. JPMorgan downgraded its rating for the company from overweight to neutral.
American Airlines, United Airlines and Delta Air Lines – The shares of the major US airlines were sold on Monday as the number of cases in Covid-19 rose sharply and there was little hope of a fiscal stimulus. Americans and Delta are losing more than 5% apiece. United fell 6.5%. Southwest and Alaska Air were down 3.7% and 6.1%, respectively.
AstraZeneca – AstraZeneca shares rose 1.5% after the company said its coronavirus vaccine candidate triggered an immune response in younger and older adults. The company also said the negative reactions to the vaccine were lower in the elderly.
Hasbro – Hasbro fell nearly 10% even after the toy company reported third-quarter earnings and sales that exceeded analysts’ expectations. Hasbro posted earnings of $ 1.88 per share on sales of $ 1.78 billion, while Wall Street had sales of $ 1.74 billion per share, according to FactSet calculated. However, the company’s TV, film and entertainment sales fell short of estimates.
Lordstown Motors – Shares in the Ohio-based electric vehicle maker briefly rose nearly 20% before gaining just 4% when the company debuted in the public market. The stock traded on Monday after a reverse merger with DiamondPeak Holdings, a special purpose vehicle, or SPAC.
Apple – Evercore ISI added Apple to its tactical outperform list and temporarily increased the stock by up to 1.3%. The Wall Street firm said Apple’s shares should continue to rise thanks to the iPhone Super Cycle and demand for other devices like Macbooks and Airpods. Apple reported profits on Thursday. Apple shares were a little lower at noon.
Mirati Therapeutics – Mirati Therapeutics’ share increased more than 15% after preliminary data was released on adagrasib, a drug used to treat lung cancer. According to the data, the drug shrank from tumors in 45% of patients in the study.
– Pippa Stevens, Maggie Fitzgerald and Yun Li from CNBC contributed.