General Mills’ Cheerios for sale on a store shelf.
Lisa Baertlein | Reuters
Check out the companies making headlines in midday trading Wednesday.
Freyr Battery — Shares of the electric vehicle battery maker shot up 17.6% after Morgan Stanley said the company’s price target was double where it is now. The bull estimate for the price was three times over its current price.
Stitch Fix — Stitch Fix was up about 12%, even after the company posted downbeat quarterly numbers. The online styling company lost 89 cents per share in the previous quarter on a net revenue that was down 16% from the same quarter a year ago.
General Mills — Shares of the food producer jumped 7% after the company posted a better-than-expected quarterly profit. General Mills also raised its full-year sales forecast amid higher prices and strong demand for cereal, snacks and pet food.
Trupanion — The stock advanced 5.4% after Jefferies initiated coverage of Trupanion with a buy rating, saying the pet insurance company is well positioned for more gains ahead on the pet health trend.
Chemours — Chemours shares fell more than 3% after the chemicals company lowered its full-year guidance. The company now sees adjusted EBITDA between $1.4 billion and $1.45 billion, below prior guidance of $1.475 billion and $1.575 billion.
Sotera Health — Sotera Health shares dropped more than 7% after JPMorgan downgraded the company to underweight from overweight, citing risks from more than 700 outstanding trials.
Aurora Cannabis — Shares of the cannabis producer tumbled 7% after the company reported a breakeven quarter, on an adjusted basis. Analysts had predicted a quarterly loss. Aurora’s overall revenue came in slightly below expectations.
Beyond Meat — Shares of Beyond Meat jumped 3% after the company announced it had suspended Chief Operating Officer Doug Ramsey after he was arrested Saturday on charges of terroristic threatening and third-degree battery after an incident at a college football game. The company announced Tuesday that Jonathan Nelson, senior vice president of manufacturing operations, will oversee Beyond’s operations activities on an interim basis.
Coty — The stock rose 5.6% after the beauty company said it has a strategy to double skincare product sales by fiscal year 2025. The announcement came ahead of Coty’s investor event Wednesday morning.
Arista Networks — Shares of the cloud services provider rose 3.6% after Barclays upgraded the stock to buy, saying that Arista can sustain its revenue growth over the next few years.
Lockheed Martin, Raytheon Technologies, Northrop Grumman, L3Harris — Defense stocks moved higher on Wednesday after Russia president Vladimir Putin announced a partial military mobilization for the war in Ukraine, signaling that the conflict will continue in the months ahead. Shares of Lockheed Martin, Raytheon and Northrop Grumman all rose more than 2%. L3 Harris rose more than 3%.
PayPal — The stock climbed 1.8% after Bank of America added PayPal to its US1 list of top ideas. The firm took out Visa, though that stock remains buy-rated.
— CNBC’s Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Carmen Reinicke contributed reporting
Read the full article here