Check out the companies making headlines midday Thursday:
Boeing — Shares of the aerospace giant finished with a gain of 0.8% after falling in early trading. Delta Air Lines announced that it was retiring its fleet of 18 Boeing 777 planes and replacing them with more fuel-efficient models from Airbus. Delta said it will stop using its 777s at the end of the year.
Cisco — Shares of Cisco rallied more than 4.5% following the networking equipment maker's better-than-expected quarterly earnings. Cisco reported quarterly profit of 79 cents per share, topping the forecast 69 cents per share, according to Refinitiv. Revenue came in at $11.98 billion, higher than the $11.7 billion forecast on the Street. Cisco also gave an upbeat current-quarter forecast.
Fiat Chrysler Automobiles – Shares of the automaker slipped more than 1% after the company suspended its dividend. Groupe PSA, which makes Peugeot vehicles, also said it will suspend its dividend. The two companies said that their proposed merger – announced in December – is progressing.
JPMorgan, Wells Fargo, Discover Financial — Financial stocks surged on Thursday, reversing a downtrend for the sector in recent sessions. JPMorgan rose 4.15%, while Wells Fargo jumped 6.8% and Discover climbed by 7.8%. The rise for the bank stocks came in spite of a slight decline in Treasury yields.
3M – Shares of the industrial conglomerate fell less than 1% after the company said that in April sales declined 11% year-over-year. The health care segment was a bright spot, jumping 5% compared with last year, but it couldn't offset declines in other areas, including an 11% drop in the safety and industrial division.
DraftKings — Shares of the gambling company fell 2.1%, giving up gains from morning trade. After Susquehanna initiated the stock with a positive rating and a $33 per share price target. The firm said in a note that DraftKings' database of registered users gives it an edge over potential competitors. The price target is about 28% above where shares closed Wednesday.
Cintas — Shares of Cintas rose more than 14% after the company's executives held a conference call with investors and said that the company had "significant availability" in its credit lines and that the decline in sales appear to have leveled off, according to a transcript. Cintas' CFO said sales would likely decline by 12% to 13% year-over-year for the current quarter.
SmileDirectClub – Shares of the maker of teeth-straightening aligners tanked more than 9% after it reported a loss of 28 cents per share for its latest quarter, wider than the 19-cent loss that Wall Street analysts were anticipating, according to Refinitiv. Revenue also came in below expectations. Bank of America downgraded SmileDirectClub to underperform from buy.
Chipotle Mexican Grill — Shares of the restaurant chain rose 3.3% after Piper Sandler raised its price target on the stock to $1,100 per share from $850. The firm said in a note that Chipotle is well-positioned for the shift toward more takeout and delivery. "Management is operating from a more proactive position and showing flexibility around changing consumer behaviors," the note said.
Kroger — The grocery stock fell more than 3% as consumer stocks struggled on Thursday. The company announced on Thursday that it has hired more than 100,000 workers since the pandemic began, which represents more than 20% of its pre-crisis workforce.
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