Check out the companies making headlines in midday trading. Zoom Video Communications — The software stock added nearly 2% ahead of its third-quarter earnings after the market closed. Analysts polled by FactSet expect $1.08 per share in revenue and revenue of $1.12 billion for the quarter, compared with the company’s guidance of between $1.07 and $1.09 per share in revenue and between $1.115 billion and $1.120 billion in income Paramount Global – Shares of the entertainment giant appeared almost 7%. The Professional Fighters League announced Monday that it has completed its acquisition of Paramount’s Bellator mixed martial arts brand. Penn Entertainment — The gambling stock jumped 7% on the heels of Bank of America’s upgrade to buy from neutral. The company said shares could get a boost from ESPN Bet, the company’s new sportsbook. Spectrum Brands Holdings – Shares dipped 2% after Wells Fargo downgraded the home essentials companies to match weight from overweight, saying it was less judgmental about fundamentals. Microsoft – Shares jumped 1.9% after Microsoft announced that former OpenAI CEO Sam Altman and chairman and board member Greg Brockman will join the tech giant to head a new artificial intelligence research team. Analysts viewed the hires as a positive catalyst for Microsoft in the long term. Nvidia — Shares of the chip giant rose about 1%. Raymond James reiterated Nvidia as a strong buy ahead of Nvidia’s fiscal third-quarter report late Tuesday, forecasting “another strong quarter.” The company is expected to have earned $3.37 per share on revenue of $16.19 billion, according to FactSet consensus estimates. Boeing – The aerospace stock jumped 4% after Deutsche Bank upgraded the stock to a buy rating from hold. The Wall Street firm said aircraft deliveries are accelerating, which could translate into a positive shift in free cash flow revisions. Chegg – Shares of the education technology company fell 5% after being downgraded to equal weight by Morgan Stanley. The bank said the stock’s recent run higher has created an unattractive risk/reward and noted that Chegg is seeing weaker web traffic and download trends. Krispy Kreme – Shares of the donut chain fell 2% after JPMorgan downgraded it to neutral from overweight. Analysts said that while Krispy Kreme has tremendous underlying appeal, the company has execution problems. Iovance Biotherapeutics – The biopharmaceutical stock surged nearly 9% after Goldman Sachs initiated coverage of the company with a buy rating and a $12 price target, suggesting the stock may more than double by Friday’s close. The company said Iovance is developing “best-in-class” autologous tumor-infiltrating lymphocyte therapies for solid tumor cancers and is optimistic about its commercial opportunity. Caterpillar – Shares of the global leader in construction machinery fell 1.3% after HSBC initiated coverage of the stock at a hold rating. The firm said it likes the stock for its “leading position,” but attributed its rating to headwinds facing the U.S. machinery market. United Rentals – United Rentals fell about 2% after director Terri Kelly on Friday disclosed a sale of 630 shares of the equipment rental company, according to a regulatory filing. Kelly still owns 6,249 shares. Bristol-Myers Squibb — Shares fell nearly 4% after the drug company, along with 2seventy bio, announced a delay in gaining expanded approval for Abecma for earlier lines of class three exposed relapsed or refractory multiple myeloma. — CNBC’s Alex Harring, Yun Li, Lisa Kailai Han, Sarah Min and Michelle Fox contributed reporting.
(tagsTo Translate)Spectrum Brands Holdings Inc
