Tilray, Zillow, Sonos, Zynga and more

Andrew Harrer | Bloomberg | fake images

Check out the companies that are in the headlines for midday trades.

Tilray, Canopy Growth, Aphria, Aurora Cannabis – Several cannabis stocks fell on Thursday, yielding some of the strong gains from earlier this week when Reddit traders piled on the names. Shares of Tilray fell more than 40% after rising 50% on Wednesday. Canopy Growth is down 21%, Aphria is down 31% and Aurora Cannabis is down more than 21%.

Bank of New York Mellon – BNY Mellon shares rose 2.7% in midday trading after it announced that it will begin funding bitcoin and other digital currencies. The announcement represents a significant step by one of the nation’s most prominent custodian banks to validate the banking and financing of bitcoin and other digital currencies.

Zillow – Shares of the real estate technology company rose more than 15% after a stronger-than-expected earnings report. Zillow reported 41 cents in earnings per share and $ 789 million in revenue for the fourth quarter. Analysts polled by Refinitiv expected 27 cents a share and $ 741 million. Citi raised the stock to buy from neutral after the report.

Kraft Heinz – Food stock rose 5.6% after Heinz beat estimates on the top and bottom lines for the fourth quarter. The company also announced that it was selling its nut business to Hormel Foods for more than $ 3 billion in cash. The deal includes the Planters and Corn Nut brands.

Under Armor: The retailer’s stock rose 3% after Piper Sandler raised the stock to an overweight rating. “UAA shares remain the ‘least loved’ shares in our coverage,” the firm said in a note to clients. The company also doubled its price target on the stock from $ 14 to $ 28. The new target is about 25% above where the stock closed on Wednesday.

Simon Property Group: Shares of the mall operator rose more than 3% after Morgan Stanley raised the shares to an overweight rating. “While retailing faces increasingly accelerating secular challenges, we see multiple drivers of SPG’s earnings growth,” the firm wrote in a note to clients. Morgan Stanley has a target of $ 125 on the stock, which is 18% above Wednesday’s closing price.

Spirit Airlines: Shares of the discount airline fell more than 8% after reporting disappointing revenue for the fourth quarter. Seaport also downgraded Spirit Airlines to neutral from buy.

Generac – Shares in the power systems company rose 11% after beating the top and bottom lines for quarterly earnings. Generac earned $ 1.97 per share on revenue of $ 761 million. Wall Street expected earnings of $ 1.96 a share on revenue of $ 731 million, according to Refinitiv.

Virgin Galactic – Virgin Galactic shares rose more than 7% in trading on Thursday after an FAA advisory indicated that the company’s next spaceflight attempt has been underway since Saturday. An FAA advisory released Thursday said the airspace around Virgin Galactic’s base of operations at Spaceport America in New Mexico would be restricted for space operations from Saturday at 9 a.m. ET to Sunday at 6 p.m. ET.

Restaurant Brands: Restaurant Brands shares plunged more than 4% after reporting disappointing earnings. Restaurant Brands reported earnings of 53 cents a share, compared to analysts’ estimates of 65 cents a share, according to Refinitiv.

Tempur Sealy – The mattress maker’s stock rose 10% at noon after the company reported earnings of 67 cents a share for the prior quarter, beating a Refinitiv estimate by 15 cents. The company also said that it expects sales growth to range between 15% and 20% in 2021.

MGM Resorts – Shares of the casino operator fell more than 3% after disappointing quarterly figures. MGM reported a 53% decline in revenue in the fourth quarter, the number of sales was also below a FactSet estimate. It posted a 90-cent quarterly loss, slightly better than expected, according to FactSet.

Zynga – Shares of the mobile game developer rose about 9% at noon after CEO Frank Gibeau said the company was open to receiving a takeover offer. However, he added that Zynga was not actively looking for a purchase. The company also reported a 61% increase in net bookings for the previous quarter, beating analysts’ expectations.

Sonos: The maker of high-end smart speakers saw its shares soar more than 16% after a solid earnings report. Sonos beat estimates on both the top and bottom in its latest quarter, according to Refinitiv. The company also raised its revenue guidance for the full year.

– with reporting by CNBC’s Yun Li, Jesse Pound, Tom Franck, Pippa Stevens and Richard Mendez.


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