Stocks making the biggest moves midday: Beyond Meat, GrubHub, Symantec & more
Check out the companies making headlines midday Tuesday:
Beyond Meat — Shares of the meat-substitute maker plunged 25% after an analyst at J.P. Morgan downgraded them to neutral from overweight. The analyst said "this downgrade is purely a valuation call," noting: "As we wrote last week, 'At some point, the extraordinary revenue and profit potential embedded in BYND… will be priced in' – we think this day has arrived."
Casey's General Stores — Casey's General Stores surged 10% to a record high after reporting quarterly numbers that topped expectations. The company posted earnings per share of 68 cents on revenue of $2.18 billion. Analysts polled by Refinitiv expected a profit of 46 cents per share on sales of $2.12 billion. Casey's also raised its fiscal 2020 guidance for same-store sales, a key metric for retailers.
Facebook — The social media company's stock climbed 1.9% after an analyst at MoffettNathanson upgraded it to buy from neutral, citing "improved underlying fundamentals." The analyst added that the regulatory risks Facebook faces are priced into the stock.
Grubhub — Shares of food-delivery company Grubhub jumped more than 8% after Amazon said it was shutting down its own delivery service. Amazon said Amazon Restaurants would end operations on June 24.
HD Supply Holdings — The industrial distributor's stock fell more than 5.5% after the company lowered the higher end of the range for its full-year earnings guidance. HD Supply expects earnings for fiscal 2020 to range between $3.52 and $3.70 per share. That's down from a range of $3.52 and $3.81 per share. CFO Evan Levitt also warned that U.S. tariffs on Chinese goods could impact the company's numbers moving forward.
Phibro Animal Health — The animal health company fell 6.3% after an analyst at Barclays initiated it with an underperform rating and a $25 price target. The analyst noted the company faces pressure from the African swine flu's impact in China and declining milk prices.
Live Nation Entertainment — An analyst at Atlantic Equities initiated the events and entertainment company with an overweight rating, citing "multiple growth opportunities." Live Nation shares climbed 2.3%.
Dollar Tree — The discount retailer was upgraded to overweight from neutral by J.P. Morgan. The analyst said the company's same-store sales and margins are stabilizing. Dollar Tree shares rose 2.7%.
Symantec — Morgan Stanley downgraded the computer antivirus software company to underweight from equal weight, citing increasing competition at a time when Symantec is underperforming the broader software space. Symantec shares fell 1.9%.
JetBlue Airways — JetBlue Airways shares were upgraded to buy from neutral at Citi, sending them up 4.6%. Citi said JetBlue could get a boost from lower fuel prices in the short term and from lower costs in long haul.