A general view of the Draft Kings sign on the right field wall during the Major League Baseball game between the Philadelphia Phillies and the Toronto Blue Jays on September 20, 2020 at Citizens Bank Park in Philadelphia, PA.
Rich Graessle | Icon Sportswire | Getty Images
Check out the companies that are making headlines in midday trading.
Estee Lauder – The beauty company’s shares fell more than 7% on Monday after missing analysts’ sales estimates for the first quarter. Estee Lauder reported earnings per share of $ 1.62 on sales of $ 3.86 billion. Wall Street expects earnings per share of $ 1.32 on sales of $ 3.94 billion, according to Refinitiv.
DraftKings – Sports betting stock rose about 1% on Monday after Cowen outperformed the market. The firm said in a notice to clients that the stock’s recent decline represented a buying opportunity given the improving outlook for sports betting and DraftKings’ market share.
Berkshire Hathaway – Berkshire stocks rose 1.8% to hit a record intraday trading on the Monday following their annual meeting over the weekend. CEO Warren Buffett said the massive conglomerate’s profits are recovering from the effects of the Covid-19 pandemic and the company is extending its share buybacks by another $ 6.6 billion.
Verizon – Verizon’s shares rose 0.8% after the telecommunications giant announced it was selling its media group to private equity firm Apollo Global Management for $ 5 billion. The sale will allow Verizon to outsource real estate from the previous internet empires of AOL and Yahoo.
Baker Hughes – Baker Hughes was up 7.9% in midday trading after Barclays appreciated its stock, saying now is the time to bet on oilfield services and equipment stocks. The broker has turned Baker Hughes from equal weight to overweight and raised its price target from $ 25 to $ 28.
Gap – Gap’s stocks rose 7% on the strength of retailing. The SPDR S&P Retail ETF, which emulates the space, gained 1.7%. Dillards was up nearly 10% while Foot Locker, Urban Outfitters and Kohl’s were up nearly 4%. Macy’s rose 4.7%.
– CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Maggie Fitzgerald contributed to the coverage.
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