Here are the stocks making headlines in midday trading.
Spotify – Shares of the music streaming company jumped more than 12% to a new all-time intraday high following a report from the Wall Street Journal that Spotify has inked an exclusive deal with Kim Kardashian West for a criminal justice podcast. The company also announced a deal with DC Comics. The stock has gained more than 73% this quarter, putting it on track for its best quarter on record.
Biogen, Mylan — Shares of Biogen fell more than 7% after Reuters reported that a U.S. district court had ruled against the company in a patent dispute with Mylan. The case centered on a multiple sclerosis drug. Shares of Mylan gained 2.3% on news of the legal victory.
Dish Network — Shares of Dish gained 4.5% after the company announced that it would close its purchase of Boost Mobile from T-Mobile by July 1. The sale of Boost was part of the process for the merger between T-Mobile and Sprint to gain regulatory approval.
Kroger — Shares of the retail chain fell more than 3% after the company did not provide new guidance during its latest earnings report, citing uncertainties regarding the coronavirus pandemic. The company did beat expectations on the top and bottom lines for its fiscal first quarter, with same store sales rising by 19%.
U.S. Steel — Shares of U.S. Steel dropped more than 12% after the company said it priced its 50 million stock offering at $429 million.
Phillips 66, Valero, Occidental — Energy stocks moved higher on Thursday after being the worst performing sector in the previous session. Phillips 66 gained 4.6%, while shares of Valero and Occidental rose more than 3%. The price of West Texas Intermediate crude rose slightly as data showed lower inventories of gasoline and distillates.
Shopify – Shares of Shopify jumped 5.7% to hit an all-time high after RBC raised it price target on the e-commerce company to $1,000 from $825. The new forecast represents a 15% upside from Thursday's trading levels. RBC said the market still underappreciates the company even after the stock soared nearly 120% this year. The bank said it's bullish on Shopify's total addressable market, its take rate and operating margin potential.
Tesla – Shares gained 1.2% after Jefferies raised its target on the stock to $1,200 from $650. The firm noted that Tesla is "the only legacy-free OEM engaged in a +ve EV sum game," and said that there's "logic in the exuberance." Shares of the automaker have more than doubled this year.
Hertz— Shares of the bankrupt car rental company dropped 10% after Hertz's announcement Wednesday that it suspended the planned sale of up to $500 million worth of stock and then terminated the plan on Thursday. The stock, which has been a source of speculative trading in recent weeks, was trading at roughly $1.85 per share.
Church & Dwight — Shares of the household products company rose more than 3% after Credit Suisse upgraded the stock to outperform from neutral. The bank said in a note that Church & Dwight is "built to withstand a recession" and is in a strong position to make acquisitions. The firm also hiked its target price to $85 per share from $75.
FedEx — FedEx shares climbed 2% after a Citi analyst hiked his price target on the package-delivery company to $160 per share from $140. "FedEx should have leverage to re-opening economies around the world given its elevated business to business revenue mix and comps will be particularly easy given the weakness in global trade leading up to the COVID-19 pandemic," according to the analyst.
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