SunPower, Tesla, Past Meat, JPMorgan
An on-site SunPower manager at the California Valley Solar Farm near Santa Margarita, California, in San Luis Obispo County.
Michael Macor | San Francisco Chronicle | Hearst Newspapers via Getty Images
Check out the companies that are making headlines in midday trading.
SunPower – The solar company rose more than 18% as investors looked at the Georgia Senate outflows. A democratic turnaround is seen as a more favorable policy for the industry. Elsewhere in the sector, Sunrun and Enphase Energy both gained more than 11%, while Sunnova rose 9%.
Beyond Meat – Shares fell nearly 4% after Piper Sandler downgraded the plant-based meat maker from overweight to neutral. The Wall Street firm said Beyond Meat’s current retail momentum is lagging behind consensus expectations, with the potential for another quarter of the underdelivery.
Change Healthcare – Shares rose more than 30% after UnitedHealth announced it would buy the healthcare technology company valued at approximately $ 8 billion. UnitedHealth is paying $ 25.75 per share in cash, compared to Change’s trading close on Tuesday of $ 18.24.
Tesla – The electric car maker’s bottom line rose more than 4% in the renewable energy sector. The company also received a bullish call from Morgan Stanley, with the company raising its target for the stock to a street high of $ 810.
DraftKings – Shares rose more than 6% after the New York Daily News reported that Governor Andrew Cuomo would make mobile sports betting a major part of his policy proposals at his state address.
China Telecom, China Mobile, China Unicom – The three Chinese telecom giants fell after the New York Stock Exchange announced it would delist its shares. The decision marked the NYSE’s second reversal in two days. China Telecom and China Mobile lost more than 4% each. China Unicom fell 2.4%.
KeyCorp, JPMorgan – Banks of all sizes and sectors rebounded on Wednesday as promises of a hike in long-term interest rates were made to allow financial firms to raise the interest banks can charge on their loans, a key driver of commercial loan profits. Regional banks KeyCorp and Comerica gained 9.3% and 9.5% respectively, while Zions Bancorporation gained 11.5%. The more diversified JPMorgan, Bank of America and Citi gained 4.6%, 6.8% and 6.7%, respectively.
MetLife – The insurance giant’s stocks rose more than 7% after an analyst at Piper Sandler unlocked them from neutral to overweight. “
Coca-Cola – A Deutsche Bank analyst downgraded Coca-Cola to deter buy, causing the stock to drop 2.7%. The analyst highlighted tax issues related to the beverage giant as well as the uncertainty surrounding its wider recovery.
– CNBC’s Jesse Pound, Pippa Stevens, Maggie Fitzgerald, Fred Imbert and Thomas Franck contributed to the coverage.
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