A woman walks past FedEx Corp. land vehicle parked in the Midtown neighborhood of New York, the United States, on Friday, December 4, 2015.
John Taggart | Bloomberg | Getty Images
Here are the companies that are making the headlines in midday trading.
FedEx – Shares of the transportation company jumped more than 6% after the company beat high and low estimates in the first quarter. The shipping giant earned $ 4.87 per share on an adjusted basis, which was well above the $ 2.69 expected by analysts, according to Refinitiv estimates. Revenue reached $ 19.3 billion.
KB Home – Homebuilders’ stock rose more than 4% after Evercore ISI improved the stock to an outperformance rating in a note titled “The Golden Age of Housing.” “Today, as the global economy pulls away from COVID-19, the housing industry in the United States stands tall,” the company said.
DraftKings – Shares of the sports games company jumped 8.3%, with the Big Ten conference set to begin its college football season in October. The company also announced a partnership with the NFL New York Giants.
Lennar – Shares of the homebuilder rose 4% after RBC improved the stock to outperform the market. The company said in a note that the company is well positioned to protect its margins in the face of growing demand for housing and that it has upwardly valued its stake in Opendoor, which is expected to go public through a SPAC.
Tapestry – Clothing stock rose 8% after Deutsche Bank upgraded it to buy on hold. The company said in a note that Kate Spade and Coach’s parent company is undervalued relative to its peers and is set for faster-than-expected revenue growth.
Overstock.com – Shares of Overstock rose more than 3% after analysts at Wedbush and Credit Suisse launched the online retailer with outperformance ratings. “We are seeing multiple catalysts, both at the macro and micro level, which we believe can lead to continued rise in revenue and EBITDA estimates,” Wedbush said. Credit Suisse noted that Overstock has the opportunity to “reverse years of underperformance and capitalize on the strong growth of furniture online.”
Goldman Sachs – Bank stocks rose broadly ahead of the Federal Reserve’s statement, with Goldman Sachs rising 2% to push the Dow higher. Stocks have struggled lately.
Las Vegas Sands, Wynn Resorts, MGM Resorts –Casino stocks struggled Wednesday after a trio of Roth Capital downgrades. According to FactSet, the company reduced its target price and downgraded its rating to neutral from buying for all three stocks. Shares of MGM Resorts fell 3.6%, while Las Vegas Sands and Wynn Resorts saw declines of more than 2%.