Beyond Meat, GameStop, Tableau, Raytheon & more

on Jun10
by | Comments Off on Beyond Meat, GameStop, Tableau, Raytheon & more |

Beyond Meat CEO Ethan Brown speaks before ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.

Drew Angerer | Getty Images

Check out the companies making headlines in midday trading Monday:

Beyond Meat— Shares of Beyond Meat popped more than 23%, on pace for its third best day ever. Earlier the stock hit $186.43 per share, an all-time high. The maker of plant-based meat substitutes has surged nearly 600% from its IPO price of $25 per share. The company soared a whopping 39% on Friday after it reported better-than-expected first-quarter earnings.

Retail stocks are surging as the S&P retail ETF the XRT is up 1.7%. Two of the leaders of the XRT include GameStop, which is up more than 6% after the gaming company announced it would buy back up to 12 million shares and Shutterfly, which is up more than 7%, after Reuters reported Apollo Global Management is in the lead to buy the company. Tailored Brands, Macy’s, Stitch Fix and Signet Jewelers are all up more than 3%.

Shares of United Technologies fell 1% and Raytheon jumped more than 2% after the companies announced the previous day that they would merge into a defense and aerospace giant. The new company will be the second-largest aerospace and defense company in the U.S. by revenue, behind Boeing, as the companies estimate a combined annual sales of around $74 million. The new company will be called Raytheon Technologies.

Tableau Software— Shares of Tableau soared more than 35% after said it will buy the big data firm for $15.3 billion. The all-stock deal is the biggest acquisition in Saleforce’s history as it seeks to provide more data insights to its clients. Shares of Saleforce fell nearly 5%.

Tilray— Shares of Tilray surged more than 19% after the Canadian weed company said it has reached a deal with private equity fund Privateer Holdings to sell the fund’s stake gradually over the next two years. Privateer is a cannabis company backed by venture capitalist Peter Thiel, and it holds 75 million Tilray shares, or 77% of the outstanding shares.

Redfin— Shares of online real-estate company Redfin jumped more than 7% after Stephens upgraded the stock to overweight from underweight and raised its target price to $23 from $18. Stephens said the company is beginning to “lay the groundwork for more e-commerce type” offerings in the real estate space.

Analog Devices— Shares of Analog Devices rose more than 6% after Goldman Sachs upgraded the chipmaker to buy from sell. Goldman updated its 12-month price target to $114 for Analog. Since the bank put Analog on its sell list, the stock has risen 21%, leading Goldman to conclude its sell thesis “has not worked.”

Spark Therapeutics— Shares of Spark Therapeutics tanked more than 8% on news that Swiss drugmaker Roche’s $4.3 billion bid to buy the U.S. gene therapy specialist was delayed again due to U.S. and UK scrutiny. The U.S. Federal Trade Commission requested information and the UK Competition and Markets Authority opened an investigation into the two companies.

— CNBC’s Yun Li contributed to this report.

Previous postFire Burns Sushi Bar, Spreads to Other Buildings in North Hollywood Next postEndgame' faces as it seeks to dethrone 'Avatar'

Los Angeles Financial times

Copyright © 2022 Los Angeles Financial times

Updates via RSS
or Email