Check out the companies making headlines in midday trading:
Wayfair — Shares of the online retailer jumped 12.9% after Piper Sandler raised its price target on the stock and CNBC's Jim Cramer said that the company had been "rescued" by consumer changes caused by the pandemic. Piper Sandler raised its price target to $225 per share from $220, saying that a recent boost in sales would stick around even after the stimulus checks from the federal government stop.
Western Union, MoneyGram International — The payment services stocks soared on Tuesday after Bloomberg News reported that Western Union had offered to buy MoneyGram for an undisclosed amount. Shares of Western Union surged 11.3%, while MoneyGram jumped 39.7%.
JPMorgan Chase, Citigroup, Bank of America, Wells Fargo — Bank shares rose broadly amid mounting bets on a successful reopening of the economy. This would, in theory, increase consumer spending, thus benefiting banks. JPMorgan Chase traded 0.3% higher while Citigroup gained 2.8%. Bank of America rose 0.8% and Goldman Sachs and Wells Fargo climbed 2.1% and 1.1%, respectively.
Lands' End – Shares of Lands' End tanked 11.1% after the apparel retailer posted wider-than-expected quarterly loss. Lands' End said it lost 64 cents per share for its first quarter, versus the 56 cent loss that analysts had anticipated, according to Refinitiv. Its revenue also came in below forecasts.
RH — Shares of RH soared 16.8% after investment firm Stifel upped its price target on the home furnishing retailer to $265 from $150 ahead the company's earnings report. Stifel said as many people move out of big cities, RH could be a beneficiary.
Zoom Video — Shares of the company slid 1.9% ahead of the video conferencing name's first quarter earnings results after the market closes. Earlier in the session shares rose to an all-time intraday high, before investor enthusiasm cooled. The stock has gained more than 190% this year.
Lowe's — Shares of the homebuilder jumped 2.1% to hit a new all-time intraday high. The company has benefited from momentum in the housing industry as economies have begun to reopen, as well as recent data that has shown better-than-expected demand.
Southwest — Shares of Southwest rose 2.6% despite a Reuters report saying the airline expects fall flying capacity to drop by 30%. In documents reportedly obtained by the news outlet, Southwest also said: "While overstaffing isn't tied 100% to capacity levels, it would be fair to assume that we are overstaffed in many areas by a similar percentage." Southwest is offering workers buyout packages and temporary paid leaves, in what CEO Gary Kelly said is an effort to ensure the airline's survival.
Vornado Realty Trust, Federal Realty, SL Green Realty — As parts of the U.S. start to reopen, shares of shopping center and mall operators jumped on Tuesday. Vornado Realty rose 3.6%. Federal Realty and SL Green Realty gained 4.1% and 7.4%, respectively. Mall operator Simon Property Group also ticked up 3%.
LabCorp, Quest Diagnostics — Deutsche Bank resumed coverage at both lab operators on Tuesday with buy ratings, saying that the lab industry should see a rebound in routine testing in the near term and should take market share in the longer term from less-efficient hospitals. Analyst Pito Chickering added that he thinks that the Covid-19 testing addressable market is greater than appreciated by the broader market. LabCorp rose 1.6% while Quest Diagnostics gained 3.5%.
Dick's Sporting Goods — Shares of the athletic retailer jumped 3.7% after the company said its e-commerce sales more than doubled in the first quarter. The online sales were a bright spot amid COVID-19 related store closures. Dick's added that the current quarter has gotten off to a strong start. The company, however, reported dismal quarterly results.
Cracker Barrel — Shares of the restaurant chain ticked 2.7% lower but closed down just 0.6% after reporting revenue that missed analysts expectations. Cracker Barrel also said same-store sales were down 41.7% for the quarter, which was lower than forecasts.
— With reporting from CNBC's Yun Li, Pippa Stevens, Fred Imbert, Tom Franck and Jesse Pound.