September 25, 2022

A pump jack operates at a drilling site leased from Devon Energy Production Co. near Guthrie, Oklahoma.

Nick Oxford | Reuters

Check out the companies that are making headlines in midday trading.

Devon Energy and Marathon Oil – Devon Energy and Marathon Oil stocks rose nearly 14% each on rising oil prices. West Texas Intermediate crude oil futures, the US oil benchmark, rose to their highest level in more than two years on Tuesday, fueling the energy sector in general. Occidental was up 9.7%, Exxon was up 3.6% and Chevron was up 2.7%.

United Airlines and American Airlines – United and American stocks rose roughly 2% each after the latest air travel data showed volume at its highest level since the Covid pandemic. The Transportation Security Administration screened an average of 1.78 million passengers over Memorial Day weekend. The low-cost airlines Spirit and Frontier also gained around 3% each, while Allegiant rose by more than 2%.

Boeing – Shares in the aerospace giant rose more than 3% after Cowen upgraded the stock to outperform, citing the air travel recovery. “Rapidly improving air traffic is fueling demand for aircraft; and while FAA oversight and timing of China’s MAX approval limit continue to move through 2021, 2022-24 looks better,” said Cowen analyst Cai of Rumohr in a note.

Cloudera – Software shares rose roughly 24% after the company announced a $ 5.3 billion acquisition by investment firms KKR and Clayton, Dubilier & Rice. The transaction will make Cloudera a private company and the cash deal is valued at $ 16 per share.

AMC – AMC shares rose 22.7% after the theater chain announced in a securities filing that it had sold more than 8 million shares to an investment firm. Bloomberg News reported later Tuesday that the company had sold all of its shares to AMC. The stock, a favorite on Reddit’s WallStreetBets forum, gained 116% last week as the high volume was fueled by retailers.

Cinemark – The theater chain’s shares rose 7.7% after movie ticket sales on Memorial Day weekend hit their best performance since the pandemic began. North American cinemas grossed nearly $ 100 million over the holiday weekend. Paramount’s “A Quiet Place Part II” boasted the pandemic’s biggest film debut in three days at $ 48.4 million.

The Honest Company – The consumer goods company is up about 7% after receiving bull ratings from multiple Wall Street analysts after the IPO’s dormant period ended. Morgan Stanley, who initiated coverage of Honest Tuesday with an overweight price target, called it a “strong growth story”.

Nio – The Chinese electric vehicle manufacturer’s stock rose 9.6% on a recommendation from Citi that raised it to a Buy and raised its price target, giving it more than 50% upside. The bank’s analyst said he was seeing a recovery in demand and an increase in sales of new energy vehicles in the coming months.

Abbott Laboratories – Abbott Laboratories stocks fell 9.3% after the company lowered its fiscal 2021 outlook. Abbott now forecasts adjusted earnings per share of $ 4.30 to $ 4.50, up from the previous forecast of at least $ 5.00, according to FactSet.

Canopy Growth – The cannabis producer’s shares fell 6.9% after falling short of Wall Street expectations for its quarterly financial results. Canopy Growth posted net sales of $ 148 million ($ 122.9 million) for the fourth quarter, compared to analysts’ estimate of $ 152 million ($ 126.2 million), according to Refinitiv.

– CNBC’s Tanaya Macheel, Jesse Pound and Pippa Stevens contributed to the coverage.

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