Starbucks coffee shop logo seen in one of their stores.
Stephen Zenner | LightRocket | Getty Images
Look at the companies that make headlines in the afternoon trading.
Ulta Beauty – The cosmetics retailer’s shares fell more than 3% after Guggenheim downgraded Ulta to neutral. The Wall Street firm said it was concerned about profit margin uncertainty amid increasing competitive pressure on digital platforms.
Starbucks – The coffee shop chain’s shares rose 2.8% after the stock was upgraded to buy out of neutral by BTIG. The firm said in a note to customers that it expects a rapid reopening of the restaurant, and that the new federal incentive package will increase Starbucks’ profit forecasts.
DraftKings – The bond company’s shares rose more than 1% after DraftKings announced that it had priced its new $ 1.1 billion debt offering in convertible senior notes. The company initially planned a $ 1 billion offer.
Nikola Corp – The shares of the vehicle design company fell 6.5% after the company announced an ordinary share offer of $ 100 million in an application to the Securities and Exchange Commission. According to Nikola, the proceeds will be invested in infrastructure and general business purposes.
AstraZeneca – AstraZeneca shares rose 2.6% after a report said the Covid-19 vaccine would be recommended for people aged 65 and older in Canada. The CBC report comes after several European countries decided to discontinue the vaccine amid concerns about its side effects. Both the World Health Organization and AstraZeneca say the vaccine is safe.
Avis Budget – Avis Budget meanwhile lost 7.6% this afternoon after Morgan Stanley downgraded the equity to “overweight” from “overweight”.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Rich Mendez reported.