Workers are preparing final jobs on the Kodak stands ahead of CES in Las Vegas, Nevada on January 8, 2018.
David McNew | AFP | beautiful images
Check out the companies creating a title by midday Monday:
Kodak – Kodak’s shares fell more than 30% after a federal agency said its $ 765 million loan to the company, which would help the company establish a pharmaceutical unit, was suspended. “Recent allegations of misconduct raise serious concerns. We will not take any further steps unless these allegations are clarified,”; National Development Finance Corporation said. United States economy said in a tweet. The move comes amid a report from The Wall Street Journal that the company is under investigation by the SEC about how it disclosed the loan, which has opened up a frenetic trading activity in stocks.
Simon Property Group – The mall owner is in talks with Amazon about using former JC Penney and Sears stores as a fulfillment hub, according to a report from The Wall Street Journal. The report brought shares of Simon Property up more than 8% on Monday.
McDonald’s – McDonald’s fell 0.5% after the fast-food chain said it was suing its former CEO, Steve Easterbrook, for allegedly lying in the company’s internal investigation of his conduct. The investigation allegedly revealed that Easterbrook destroyed information regarding his inappropriate behavior, including three additional alleged sexual relationships with the employee prior to being fired.
MercadoLibre – Shares of South American e-commerce company fell 6.6% after the company released its second-quarter results. MercardoLibre beat Wall Street estimates for top and bottom margins, according to FactSet, but its gross margin fell from the same period last year. The company’s shares have more than doubled so far this year as the pandemic increases demand for online shopping.
Seres Therapeutics – Massachusetts-based company saw its stock skyrocket by more than 300% thanks to positive Phase 3 testing results for a drug aimed at treating colon infections. CEO Eric Shaff said in a statement: “We are extremely pleased with these highly clinically significant results of the SER-109 Phase 3 study, which exceed the statistical threshold provided by the FDA.
SeaWorld Entertainment – Parks and entertainment companies shares fell more than 1% following dismal quarterly earnings. SeaWorld reported a loss of $ 1.68 per share, compared with an expected loss of 97 cents per share. According to Refinitiv, revenue reached $ 18 million, far below an estimated $ 39.9 million.
Berkshire Hathaway – Berkshire’s B-class shares rose 1.4% after Warren Buffett’s conglomerate said over the weekend it had acquired a record value of equity in the second quarter. Berkshire said on Saturday that it bought back $ 5.1 billion worth of shares in May and June, more than the group spent to buy back in all of 2019. have returned the majority of profits to trade 0.4% higher.
Foot Locker – Shares of the clothing retailer rose more than 7% after Foot Locker said its similar store sales rose 18% in the second fiscal quarter. According to FactSet, the company’s adjusted earnings estimate was higher than what analysts had expected. Foot Locker is expected to report all quarterly earnings on August 21.
Majesco – New Jersey-based insurance software company has increased by more than 23% when it was reported that private equity firm Thoma Bravo bought it for $ 16 / share, equivalent to nearly $ 730 million. This deal is expected to end by the end of 2020.
Barrick Gold – Shares of gold companies rose 0.8% after the company’s strong profits. Barrick Gold reported earnings of 23 cents per share on revenue of $ 3.06 billion. Analysts polled by Refinitiv expect earnings of 19 cents per share on $ 2.9 billion in revenue. Barrick benefits from the rise in gold prices to record highs, as well as increased copper output.
Canopy Growth – Canopy shares rose nearly 10% after the cannabis company reported narrower losses than expected for its financial first quarter. The company reported a loss of 92.2 million Canadian dollars. Analysts polled by FactSet expect a loss of C $ 102.4 million. Quarterly sales also topped the estimate at C $ 98.6 million, of which C $ 110.4 million. CEO David Klein said: “We have grown sales year over year and are seeing an improvement in market share, notably achieving the number one market share in marijuana-infused beverages at Canadian market.
FedEx – FedEx rose 7.2% after Bernstein upgraded the shipping giant to outperform market performance. The Wall Street Company said residential prices are expected to improve while e-commerce parcel delivery will remain strong in the future.
– Tom Franck, Maggie Fitzgerald, Yun Li, Jesse Pound, and Pippa Stevens of CNBC contributed to this report.