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Look at the companies that make headlines in the afternoon trading.
Tilray, Canopy Growth, Aphria, Aurora Cannabis – Several cannabis stocks fell on Thursday, giving up the sharp gains of earlier this week when Reddit traders picked up the names. Shares of Tilray fell more than 40% after rising 50% on Wednesday. The growth of the canopy decreased by 21%, Aphria decreased by 31% and Aurora Cannabis decreased by more than 21%.
Bank of New York Mellon – Shares in BNY Mellon rose 2.7% during the afternoon trading after announcing that they would start financing bitcoin and other digital currencies. The announcement represents an important step by one of the country’s most prominent custodian banks to validate the banking and financing of bitcoin and other digital currencies.
Zillow – The shares of the fixed-tech company rose more than 15% after a stronger-than-expected earnings report. Zillow earned 41 cents per share and $ 789 million in revenue for the fourth quarter. Analysts surveyed by Refinitiv expected 27 cents a share and $ 741 million. Citi upgraded the stock to buy from neutral following the report.
Kraft Heinz – Food stocks rose 5.6% after Heinz beat estimates on the top and bottom lines for the fourth quarter. The company also announced that it was selling its nut business to Hormel Foods for more than $ 3 billion in cash. The deal includes the Planters and Corn Nut brands.
Under Armor – Shares of the trader rose 3% after Piper Sandler upgraded the stock to an overweight rating. “UAA shares remain the ‘most unloved’ stock in our coverage,” the firm said in a note to clients. The company also doubled its price target on the stock from $ 14 to $ 28. The new target is about 25% higher than the shares closed on Wednesday.
Simon Property Group – Shares in the mall rose more than 3% after Morgan Stanley upgraded the stock to an overweight rating. “While retail faces secular challenges, our SPG sees several drivers of earnings growth,” the firm wrote in a note to customers. Morgan Stanley has a target of $ 125 on the stock, which is 18% above Wednesday’s closing price.
Spirit Airlines – The discount airline’s shares fell more than 8% after reporting disappointing fourth-quarter earnings. Seaport also downgraded Spirit Airlines to neutral.
Generac – Power plant business shares rose 11% after beating the top and bottom quarters of quarterly earnings. Generac earned $ 1.97 per share on $ 761 million in revenue. According to Refinitiv, Wall Street is expected to earn $ 1.96 per share on revenue of $ 731 million.
Virgin Galactic – Shares Virgin Galactic rose more than 7% on Thursday after an FAA announcement indicated that the company’s next spaceflight effort would already be on track. An FAA announcement posted Thursday said that the airspace around Virgin Galactic’s base of operations at Spaceport America in New Mexico would be restricted to space operations from Saturday at 9:00 AM ET until Sunday at 6:00 PM ET .
Restaurant Brands – Shares of Restaurant Brands fell more than 4% after reporting disappointing earnings. According to Refinitiv, Restaurant Brands earned earnings of 53 cents per share, compared to the analysis of 65 cents per share.
Tempur Sealy – The mattress maker’s shares rose 10% by noon after the company earned 67 cents a share for the previous quarter, beating a Refinitiv estimate of 15 cents. The company also said it expects sales growth to fluctuate between 15% and 20% in 2021.
MGM Resorts – The casino operator’s share fell more than 3% after a disappointing quarter. MGM reported a 53% drop in revenue in the fourth quarter. According to FactSet, it yielded a quarterly loss of 90 cents, slightly better than expected.
Zynga – Mobile game developer shares were close to 9% by noon after CEO Frank Gibeau said the company could receive a takeover bid. He added, however, that Zynga was not actively seeking a buyout. The company also reported a 61% increase in net bookings for the previous quarter, beating analysts’ expectations.
Sonos – The manufacturer of luxury speakers has boosted its shares by more than 16% after a strong earnings report. According to Refinitiv, Sonos beat estimates on both the top and bottom lines in its most recent quarter. The company also increased its revenue guidelines for the full year.
– with coverage of CNBC’s Yun Li, Jesse Pound, Tom Franck, Pippa Stevens and Richard Mendez.