Check out the companies making headlines in midday trading:
Goldman Sachs— Goldman Sachs dropped 2.4% as news broke that the bank’s global co-head of securities is departing. The executive, Marty Chavez, is a Goldman Sachs veteran with experience running a start-up in Silicon Valley. He was previously considered a candidate for the investment bank’s top job. The shares were also weighed down by the drop in rates.
Amazon— Shares of Amazon rose 0.76% after RBC Capital Markets said the e-commerce giant’s stock will rally nearly 50% in the coming year thanks to the roll-out of “Prime One-Day Shipping.” RBC raised its price target on Amazon to $2,600 a share, from $2,250 a share.
Boeing— Shares of Boeing fell 2.66% after the Wall Street Journal reported over the weekend that friction between Boeing and Federal Aviation Administration officials could lead to more delays for the 737 Max. The plane, which has been grounded since mid-March, is currently scheduled to be back in the skies for some airlines for the December holiday season, but some doubt that timeline will hold, according to the report.
Las Vegas Sands, Wynn Resorts — Shares of casino companies Las Vegas Sands and Wynn Resorts fell 2.15% and 4.38% respectively following data showing that gambling revenue in the Chinese territory of Macau dropped 8.6% in August, compared to a year earlier.
Virtu Financial— Shares of Virtu Financial rose as much as 4% after J.P. Morgan upgraded the stock to overweight from not rated, with a $23 December 2020 price target. After tanking more than 25% since the start of the year from a large stock sale by its founder and dismal second-quarter earnings, the firm said the company’s stock is well positioned to rebound. The stock closed up 0.5%.
Royal Caribbean, Norwegian Cruise Line, Carnival— Shares of cruise-lines tumbled after Nomura Instinet said Hurricane Dorian, one of the most powerful Atlantic hurricanes on record, could have an impact of 5 cents per share for the current quarter. Royal Caribbean fell 1.4%, Norwegian Cruise Line tumbled 0.3% and Carnival dipped 0.9%.
Conn’s— The furniture and home appliance retailer’s stock soared 18.3% after reporting strong second-quarter earnings. The company reported earnings per share of 62 cents, which was up 11 cents above estimates. Revenue also beat estimates due to new stores, despite a 2.3% decline in same-store sales.
Boston Beer Company — Shares of the craft brewing company fell 6.2% after analysts at Jefferies downgraded the company to underperform from hold, suggesting growing competition in alcoholic seltzer drinks. Jefferies cut the brewing company’s price target to $332 per share from $360.
