Fantastic sports website DraftKings
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Here are the stocks that make headlines in the midday trade:
Tesla – Shares of electric vehicle company rose more than 1% after two firms improved their stake. Morgan Stanley raised its rating to equal weight from underweight on Thursday evening, while Bank of America improved its shares to neutral from underperforming on Friday. Tesla shares have risen nearly 300% this year.
Macy̵7;s, Kohl’s, Nordstrom – All three stocks rose at least 4.4% in midday trading after the latest government data showed a 1.2% increase in U.S. retail sales during July. Macy (up 7.6%), Kohl (up 4.7%) and Nordstrom (up 4.4%) are at an increased risk during the coronavirus pandemic as blockages and infection concerns keep shoppers away from brick-and-mortar centers.
DraftKings – Shares of online gambling company fell 6% in midday trading after DraftKings said its second-quarter loss widened despite strong revenue and a turnaround in user engagement. The Boston-based gambling company recorded a loss in the second quarter of $ 161.4 million, or 55 cents a share. The worst revenue figures from the company expectation came when the Covid-19 continued to evade the results of the college’s sports and professional leagues.
Simon Properties Group – Simon Property shares rose more than 3% after merchandise operator and Authentic Brands agreed to buy retailer Lucky Brand jeans for $ 140.1 million. The deal would take Lucky Brand out of bankruptcy. Simon and Authentic Brands said they would negotiate with the owners to keep Lucky’s “main stores” open in North America.
Applied Materials – The shares of the semiconductor company rose more than 4% after its profits in the third quarter beat analysts’ ratings at the top and bottom. The company also gave an optimistic forecast for the current quarter.
Dillard’s – Store shares jumped more than 11% after the company reported a smaller-than-expected loss for the second fiscal quarter. Dillard reported a loss of 37 cents per share for the quarter, while analysts surveyed by FactSet expected a loss of $ 5.01 per share. Compared to the same quarter in 2019, the company increased its gross retail margin by 2.4 percentage points and reduced its inventory by 20%.
– CNBC’s Fred Imbert, Pippa Stevens and Jesse Pound contributed to the report.