Here are the companies making headlines in midday trading.
FedEx – Shares of the shipping company jumped more than 5% after the company beat top and bottom line estimates in the first quarter. The shipping giant earned $4.87 per share on an adjusted basis, which was handily above the $2.69 analysts had been expecting, according to estimates from Refinitiv. Revenue came in at $19.3 billion.
KB Home – The homebuilder stock advanced more than 5% after Evercore ISI upgraded the stock to an outperform rating in a note titled "housing's golden age." "Today, as the global economy reels from COVID-19, the US housing industry stands tall," the firm said.
DraftKings — Shares of the sports gaming company jumped 5.9% with the Big Ten conference set to start its college football season in October. The company also announced a partnership with the NFL's New York Giants.
Lennar — Shares of the homebuilder rose nearly 4% after RBC upgraded the stock to outperform from market perform. The firm said in a note that the company was well positioned to protect its margins amid rising demand for housing and had upside value from its stake in Opendoor, which is set to go public through a SPAC.
Tapestry — The apparel stock rose 7.5% after Deutsche Bank upgraded it to buy from hold. The firm said in a note that the parent company of Kate Spade and Coach is undervalued relative to peers and is set up for faster-than-expected revenue growth.
Overstock.com — Overstock shares rose 1.6% after analysts at Wedbush and Credit Suisse initiated the online retailer with outperform ratings. "We see multiple catalysts, both on the macro and micro level that we believe can drive continued upside to revenue and EBITDA estimates," Wedbush said. Credit Suisse noted Overstock has the opportunity to "reverse years of underperformance, and capitalize on home furnishing's strong online growth."
Goldman Sachs — Bank stocks rose broadly ahead of the Federal Reserve's statement, with Goldman Sachs rising 1.3% for the session to push the Dow higher. The stocks have struggled as of late.
Las Vegas Sands, Wynn Resorts, MGM Resorts — Casino stocks struggled on Wednesday after a trio of downgrades from Roth Capital. The firm cut its target price and switch its rating to neutral from buy for all three stocks, according to FactSet. Shares of MGM Resorts dropped 3.1%, while Las Vegas Sands and Wynn Resorts saw declines of 4.2% and 3.2%, respectively.
Snowflake — Shares of the software stock popped more than 111% in its initial public offering. The stock priced at $120 per share on Tuesday night before opening trading at $245 per share. The company has been backed by high profile investors, including Warren Buffett's Berkshire Hathaway.