Stocks making the biggest moves midday: Disney, Peloton, Tesla & more

A pedestrian walks past a boarded up Walt Disney Co. Disney store in San Francisco, California, on Tuesday, March 24, 2020.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading on Friday:

Peloton — Shares of the fitness company rose 5% after Rosenblatt Securities initiated the stock with a buy rating. The firm gave a $42 target for the stock, more than 50% higher than where trading closed on Thursday. The company’s high-margin subscription business and an increase demand for home workout options should fuel a rise for the stock, Rosenblatt said in a note.

Tesla — Shares of Tesla jumped more than 5% on better-than-expected delivery numbers. The electric carmaker delivered approximately 88,400 vehicles in the first quarter of 2020, beating expectations of about 79,900, according to FactSet. In a conference call, CEO Elon Musk and CFO Zachary Kirkhorn said Tesla should “comfortably exceed” sales of 500,000 electric vehicles in 2020.

Chewy — Shares of the e-commerce pet store slumped 4.3% on Friday after the company reported fourth-quarter revenues that were in-line with Wall Street estimates. The company lost 15 cents per share for the quarter, 2 cents better than expected, according to Refinitiv. The company projected revenue to grow about 35% in the first quarter as more pet owners shop online during the coronavirus pandemic but discounts for new users could hurt the bottom line, Raymond James said in a note.

American, United Airlines — Shares of American and United plunged 7.5% and 8%, respectively, adding to their painful sell-offs this year as the coronavirus pandemic whacks the air travel industry. As of Friday, more than 1 million cases have been confirmed globally, according to data from Johns Hopkins University. American and United have tumbled 67% and 74% in 2020, respectively. 

Walt Disney — Disney shares dropped 2.8% in midday trading after the company said it is furloughing workers in all its U.S. divisions as it deals with the impact of the coronavirus outbreak. Disney did not say exactly how many workers would be furloughed and that it would affect employees “whose jobs aren’t necessary at this time.”

Etsy — Shares of the e-commerce site gained 6% after the company said in the first quarter of 2020 consolidated gross merchandise sales reached $1.4 billion. The figure represents 39% year-over-year growth. Shares have lost 16% this year.

Constellation Brands — Constellation Brands shares dipped more than 2% despite reporting better-than-expected quarterly results. The beer distributor posted a profit of $2.06 per share on revenue of $1.903 billion. Analysts polled by Refinitiv expected earnings per share of $1.65 on sales of $1.836 billion. The company is not providing any full-year guidance due to the COVID-19 pandemic.

—CNBC’s Michael Bloom contributed reporting. 

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