Check out the companies making headlines in midday trading.
Simon Property Group — Shares of the mall owner rose 2.6% after the company said it collected 73% of its rents from retailers last month. Simon added that 91% of its tenants have reopened for business. However, the company also reported weaker-than-expected results for the second quarter. Simon posted a profit of 83 cents per share on revenue of $1.01 billion. Analysts polled by Refinitiv expected a profit of 98 cents per share on sales of $1.14 billion.
Canada Goose – Shares of the retailer slid 5.2% after the company gave weak guidance, saying the impacts of Covid-19 have continued into the current quarter. In the first quarter the company did, however, post a smaller-than-expected loss, as well as revenue that topped Street expectations.
Nikola – Shares of the electric vehicle maker shed 8.3% as investors took profits following Monday's more than 20% surge. The jump followed an announcement that the company will provide at least 2,500 all-electric refuse trucks for Republic Services.
Casper Sleep — The mattress stock dropped 6.2% after the company reported an adjusted loss of 61 cents per share for its second quarter. That loss was smaller than expected, according to analysts surveyed by Refinitiv, and revenue of $110 million also topped Wall Street estimates. However, the company said it was working to find new suppliers after issues with its supply chain "have led to increased delivery times for certain of our products through our e-commerce platform and impacted order fulfillment capabilities for certain of our retail partners."
Shutterstock — Shares of Shutterstock plunged 14.5%, on pace for its worst day since August 2017, after announcing a public offering of stock after the bell on Monday.
Royal Caribbean, Norwegian, Carnival — Cruise stocks rose on Tuesday as investors shifted toward reopening plays. Norwegian led the way, rising 3.4%, while Royal Caribbean and Carnival rose 2.4% and 2.5%, respectively. Royal CFO Jason Liberty said during an earnings call on Monday that the company was seeing "remarkable" demand for cruises scheduled in 2021.
Inovio Pharmaceuticals — Shares of the pharmaceutical company tanked 23% said it expects its Covid-19 vaccine candidate to enter a mid-to-late stage study in September and receive emergency use authorization from the FDA sometime next year. Previously, Inovio had said it expected to begin mid-stage studies this summer.
Novavax – Shares of Novavax plunged 16.3% despite its better-than-expected quarterly results. The biotech firm posted a quarterly loss of 30 cents per share, smaller than the 52 cents loss analysts were expected. Its revenue also topped estimates. Novavax announced three manufacturing agreements for its coronavirus vaccine candidate, securing $2 billion in funding. Wall Street analysts noted, however, none of the contracts were exclusive.
BioNTech — Shares of the drugmaker dropped 7.4% after missing on the top and bottom lines of its quarterly earnings. BioNTech said it may present results of its clinical trial for a Covid-19 vaccine candidate in October.
— with reporting from CNBC's Pippa Stevens, Yun Li, Jesse Pound and Fred Imbert.