General view of WeWork flagship Weihai Road on April 12, 2018 in Shanghai, China. WeWork, the world leader in coworking spaces, is to acquire China-based competitor Nu Hub for US$400 million. (Photo by Jackal Pan/Visual China Group via Getty Images)
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Check out the companies making headlines Thursday at noon.
WeWork – WeWork shares jumped more than 9% after Credit Suisse launched coverage of the office-sharing stock with an outperform rating and a price target of $11, more than double from its closing level on Wednesday. The company said the company was close to enjoying its first-mover advantage.
Snowflake – The cloud data provider saw its shares rise more than 9% after JPMorgan took them from neutral to overweight and said the company is “reaching an inflection point in terms of free cash flow generation “. The company also reiterated its price target, which is around 30% from where the stock closed on Wednesday.
United Airlines – Shares fell more than 3% after the company cut 12% of flights from Newark in a bid to reduce delays. United Airlines is cutting 50 flights a day starting July 1.
Rite Aid – Shares of the drugstore jumped 15% after the company reported better-than-expected revenue and a weaker-than-expected quarterly loss for its latest quarter.
KB Home – Shares of KB Home jumped nearly 9% after the homebuilder reported better-than-expected results for its fiscal second quarter. KB Home generated $2.32 in earnings per share on $1.72 billion in revenue. Analysts polled by Refinitiv were looking for $2.03 in earnings per share on $1.64 billion in revenue. The company also reaffirmed its outlook for fiscal 2022.
Revlon – Revlon slid 12%, following a three-day winning streak for the beauty stock that followed its Chapter 11 bankruptcy filing last week. Shares of the cosmetics maker have more than quadrupled in the past three sessions.
Veeva Systems – Shares of Veeva Systems, a provider of cloud-based software for the life sciences industry, rose 5.7% after Goldman Sachs launched stock coverage with a rating of ‘purchase. The company said the business was poised for success thanks to its strong margins and lead in CRM solutions, which Goldman called a “competitive divide.”
Funko – Shares of Funko, the maker of vinyl figurines and bobbleheads, jumped 12% after JPMorgan took the stock from neutral to overweight and said the stock rose even as the economy grew was slowing, qualifying the toy industry as a safe haven.
Factset Research Systems – The financial data company saw its stock rise more than 5% after reporting better-than-expected results for its fiscal third quarter. FactSet reported adjusted earnings of $3.67 per share on $489 million in revenue. Analysts polled by Refinitiv had forecast $3.23 in earnings per share on $477 million in revenue. FactSet also said it expected growth to be at the upper end of previous guidance for the full year.
– CNBC’s Jesse Pound and Sarah Min contributed reporting.