Stocks with the biggest gains at noon: LW, LEVI, W | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Hertz Global — Shares of the car rental company fell about 4% after Goldman Sachs downgraded the company to sell from neutral. Investors have yet to fully price in some near-term pressures, the bank wrote. Block — The financial services stock fell nearly 2% after Morgan Stanley downgraded the stock to underweight from equal weight. As the reason for the change, the company cited “high market penetration and limited additional opportunities.” Zeta Global — Software stock rose 17% after Morgan Stanley upgraded the software company to an overweight rating from equal weight. The bank wrote that it expects positive valuation and forecast revisions going forward, as there is evidence of near-term catalysts and Zeta’s “strong track record” of prudent guidance. Wayfair — Shares of the home-focused e-commerce retailer rose more than 3% after Evercore ISI upgraded its rating to outperform from consensus. The company expects Wayfair’s market share to increase as the home space recovers. Levi Strauss – Shares of Levi Strauss rose 16% after the apparel company beat first-quarter revenue and profit estimates and raised its full-year profit forecast. Conagra Brands — Shares of Conagra Brands rose 5% after the consumer food company beat analysts’ fiscal third-quarter profit and revenue expectations. ConAgra reported adjusted earnings of 69 cents per share on revenue of $3.03 billion, beating the FactSet estimate of 65 cents per share on revenue of $3.01 billion. Lamb Weston – The French fries maker failed to report third-quarter earnings and revenue, sending its shares plummeting nearly 20%. Lamb Weston reported third-quarter adjusted earnings of $1.20 per share, below the $1.45 expected by analysts polled by FactSet. The company’s revenue of $1.46 billion also missed estimates of $1.65 billion. Alaska Air Group — Shares of the airline rose 5%. Alaska Airlines said it has received $160 million in compensation from Boeing after the 737 Max 9 was grounded. Grindr — Shares of the LGBTQ-focused dating app rose 2.5% after first reported coverage and an outperform rating from Raymond James. The company said it has several reasons to be optimistic about the stock, including its moat, consumer base and margins. HubSpot — Shares of Alphabet surged nearly 10% after Reuters reported it was in talks to acquire the marketing software company. Alphabet has not yet submitted a deal offer. Solventum — Healthcare stocks rose 4.5%. Solventum just spun off from 3M on Monday, and Thursday’s pop marks the company’s first positive day since its debut. SOLAR STOCKS – Solar energy stocks were higher during Thursday’s trading session as the benchmark 10-year Treasury note yield fell lower. Enphase Energy rose 7% and First Solar gained 6%. SolarEdge Technologies rose more than 7%. —CNBC’s Alex Harring and Hakyung Kim contributed reporting.
