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Here are the stocks that make headlines in mid-day trading:
Tesla – Shares of electric vehicle companies rose more than 1% after the two companies upgraded their shares. Morgan Stanley lifted its rating to equivalent from lower Thursday night, while Bank of America upgraded the stock to neutral from worse on Friday. Tesla shares have risen nearly 300% this year.
Macy̵7;s, Kohl’s, Nordstrom —Three stocks all rose at least 4.4% in mid-day trading after the latest government data showed US retail sales in July rose 1.2%. Macy’s (up 7.6%), Kohl’s (up 4.7%) and Nordstrom (up 4.4%) are at great risk during the coronavirus pandemic as stores close and worry about infection causes Shoppers stay away from traditional shopping malls.
DraftKings – Shares of the online gambling company fell 6% in mid-day trading after DraftKings said its second-quarter losses increased despite a sharp increase in revenue and a change in human engagement. use. The Boston-based gambling company posted a second quarter loss of $ 161.4 million, or 55 cents per share. Earnings worse than the company’s expectations came as the Covid-19 continued to lose ground in professional and college sports tournaments.
Simon Property Group – Shares of Simon Property rose more than 3% after the mall operator and Authentic Brands agreed to buy denim retailer Lucky Brand for $ 140.1 million. This deal will take Lucky Brand out of bankruptcy. Simon and Authentic Brands said they would negotiate with homeowners to keep Lucky’s “key stores” open in North America.
Applied materials – Shares of the semiconductor company surged more than 4% after its third-quarter earnings beat analysts’ estimates for top and bottom returns. The company also gives an optimistic forecast for the current quarter.
Dillard’s – Department store shares rose more than 11% after the company reported a smaller than-expected loss for its second fiscal quarter. Dillard’s 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 period in 2019, the company increased its retail gross profit margin to 2.4 percentage points and reduced inventories by 20%.
– CNBC’s Fred Imbert, Pippa Stevens and Jesse Pound contributed to the report.