Stocks making the biggest moves midday: Tesla, Facebook, Red Robin & more
Check out the companies making headlines midday Thursday:
Tesla — Tesla shares plummeted 8.2% in midday trading on Thursday after the automotive company announced that it delivered 63,000 cars in the first quarter, well below a FactSet estimate of 76,000. Model 3 deliveries also disappointed analysts, coming in at 50,900.
Facebook — Facebook shares climbed 1.4% after Guggenheim upgraded the social media giant to buy from neutral, saying that shareholders are becoming increasingly more accustomed to the company's privacy issues.
Constellation Brands — Shares of Constellation Brands rose 6.5% after the Corona beer owner announced the sale of 30 of its wine brands to E&J Gallo Winery for $1.7 billion. The company also reported earnings per share of $1.84, 13 cents above a Refinitiv estimate.
RPM International — The manufacturing company's stock rose 2% on the back of better-than-expected quarterly earnings. RPM posted fiscal third-quarter earnings of 14 cents a share, topping a Refinitiv estimate by 3 cents. The company's revenue for the quarter was also stronger than forecast.
Office Depot — Shares of Office Depot dropped 23.6% after the company released preliminary first-quarter results that disappointed investors. The company said it sees revenues for the quarter at $2.76 billion, below a Refinitiv estimate of $2.82 billion. Office Depot added it expects operating income to come in at $65 million, well below a FactSet estimate of $108 million. The retailer cited a poor operating performance from its CompuCom division.
Roku — Shares of Roku dropped 6% on Thursday after the stock was downgraded to neutral from buy at Guggenheim. The analyst's report pointed to risks such as the CEO's recent share sale and Apple's new streaming service.
Micron Technology — Shares of Micron dipped 2.3% after the stock was downgraded to underweight from neutral at Morgan Stanley. The bank said that the chipmaker's rally has gone too fast for too long in the midst of growing inventory challenges.
Red Robin Gourmet Burgers — Red Robin's stock fell more than 2% after the company announced CEO Denny Marie Post was resigning from her post. The company also said it started a search committee to find Post's successor while board Chair Pattye Moore serves as interim CEO.
At Home Group — Shares of At Home Group rose 8% on a report that the furniture retailer is exploring options that include a potential sale of the retail chain. This comes as the company tries to reinvent its offerings in light of strong competition. At Home Group is working with Bank of America in engaging with buyers, the report said.
—CNBC's Nadine El-Bawab, Isabel Soisson and Matt Lavietes contributed to this report.