An empty parking lot is pictured in front of a Planet Fitness gym and fitness club in Alhambra, California on May 12, 2020, after stay-at-home orders in Los Angeles County were extended until July through amid the Covid-19 pandemic.
Frederick J. Brown | AFP | Getty Images
See the companies making headlines at midday.
Starbucks — Shares fell 2% in midday trading following a downgrade in market performance by TD Cowen. Analyst Andrew Charles raised concerns about macroeconomic headwinds in China that could affect consumer spending at Starbucks stores.
Instacart — The grocery delivery stock roared through the doors in its public market debut Tuesday at noon. Shares jumped about 35%. The company had priced its IPO on Monday at $30 per share, the high end of the expected range of $28 to $30.
Disney — The entertainment stock fell more than 3% after Disney revealed it plans to nearly double spending in its parks and cruise businesses to about $60 billion.
Super microcomputer — Shares of the computer technology company climbed nearly 2% after Barclays initiated coverage of the overweight stocks. Analyst George Wang said the stock could benefit from an ever-increasing artificial investment trend.
Deere — The industrial stock fell nearly 3% after Evercore downgraded the stock to outperformance. The Wall Street firm said trends and early impressions from its contacts suggest lower revenues and reduced agricultural production for Deere’s next fiscal year.
Planet Fitness — Shares of the gym franchise slipped 5% after JPMorgan downgraded the stock to neutral from overweight. The investment bank cited the recent surprise ouster of CEO Chris Rondeau and an uncertain macroeconomic future as reasons for the downgrade.
Arm Holdings — Shares of the recently IPO semiconductor company fell 4%. Redburn Atlantic Equities initiated neutral coverage of the company and stated that it is currently overvalued.
Array technologies — The solar tracking solutions provider rose 5% after Bank of America added the company to the US1 list, saying Array is a “diamond in the rough.”
Rocket Lab — Shares of the aerospace maker fell 7% after Rocket Lab’s first failed launch in more than two years Tuesday morning. The uncrewed launch of Rocket Lab’s 41st Electron rocket failed about two minutes and 30 seconds after liftoff in New Zealand.
Lazard — The stock fell 1.4% after Goldman Sachs downgraded the investment bank’s rating from neutral to sell, saying its outlook was too “challenging.”
Royal Caribbean — Shares of the cruise line gained about 2% after being upgraded by Truist, which said forward-looking trends for 2024 and 2025 looked “exceptionally strong.” The Wall Street firm also upgraded Carnival to prevent it from selling, sending its shares up nearly 2%.
Rack space technology — The cloud computing company broke out Tuesday, gaining more than 36%. Raymond James previously upgraded Rackspace to outperform market performance and said he likes the execution of the company’s management.
— CNBC’s Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han and Michelle Fox contributed reporting.
