Market Insider

Stocks making the biggest moves midday: Coca-Cola, Disney, Deckers Outdoor & more

Shoppers pass the Christmas lights and Coca-Cola truck in Liverpool city centre.
Peter Byrne | PA Images | Getty Images

Check out the companies making headlines midday Tuesday:

Coca-Cola — Coca-Cola rose 1.3% after Morgan Stanley upgraded the company to overweight from equal weight. Morgan Stanley said it raised Coke's valuation because the company's current valuation does not reflect its growth prospects.

Walt Disney — Disney shares rose 1.4% after the company announced that it will assume full operational control over the streaming service Hulu as part of a deal with Comcast, effective immediately. Comcast will be allowed to sell its 33% stake in Hulu to Disney in 2024 at a valuation of at least $27.5 billion, even if Hulu is worth less. Disney also has agreed to pay Comcast for its Hulu content for the next five years.

CannTrust Holdings — Shares of the Canadian cannabis company jumped 6.1% after it reported that its first-quarter revenue grew 115%. CannTrust also expects significant sales growth for 2019 relative to 2018.

Tencent Music Entertainment — The music streaming service company reported weaker-than-expected revenue for the first quarter, sending its U.S.-listed shares down 6.2%. Tencent Music also announced co-president Guomin Xie was resigning, citing personal reasons, effective June 6.

Ralph Lauren — Shares of Ralph Lauren dropped 3.7% after the luxury apparel maker reported weak fourth-quarter sales in North America, its biggest market. Those numbers overshadowed better-than-expected earnings and revenue for the quarter.

Steris — Shares of the Irish health care company jumped more than 4% after reporting earnings that beat estimates. Steris reported adjusted fourth-quarter earnings of $1.53 per share, topping a FactSet estimate of $1.43. The company also said it expects fiscal 2020 revenue to range between $2.92 billion and $2.95 billion.

StoneCo — StoneCo rose more than 2% before turning lower after the Brazilian payments processor reported better-than-expected first-quarter earnings. The company also announced a $200 million share buyback program that will go into effect in the second quarter of 2019. StoneCo said its active clients increased by 93% compared to the same period last year.

Steven Madden — The shoe company's stock recovered after falling more than 1% when an analyst at Piper Jaffray downgraded it to neutral from overweight and trimmed the company's price target to $32 per share from $38. The analyst cited increasing trade tensions between China and the U.S. for the downgrade.

Deckers Outdoor — Susquehanna upgraded Deckers to positive from neutral, citing "accelerating momentum" in its Hoka brand. The upgrade sent Deckers shares up 4.7%.

Live Nation Entertainment — Shares of the live events promoter rose 1.8% after an analyst at Berenberg initiated coverage of the company with a buy rating. The analyst highlighted Live Nation's strong market share in concerts and ticketing.