Lordstown Motors Corp. Endurance electric pickup truck sits on stage during a unveiling event in Lordstown, Ohio, USA, on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg | Getty Images
Check out the companies that are making headlines in the dinner trade.
Clean energy fuels ̵
Clover Health, ContextLogic, AMC Entertainment, Wendy’s – Some of the most popular Reddit stocks over the past few weeks lost ground on Wednesday as social media traders seemed to shift focus to other ideas. AMC shares fell nearly 10%, while Clover fell about 13%, ContextLogic dipped more than 3% and Wendy’s slipped about 11%. Wendy’s was also downgraded to refrain from buying Stifel.
Lordstown Motors Corp. – The electric car company saw its shares fall more than 17% after it said in an application to the Securities and Exchange Commission on Tuesday that it has problems financing vehicle production and there is “significant doubt” about its ability to continue. Bank of America held a neutral rating on Lordstown, and RBC Capital Markets started coverage on that Wednesday with an underperformance.
Campbell Soup Company – The food producer’s share fell more than 5% in midday trading after reporting quarterly earnings of 57 cents a share. The company reduced the forecast for the full year, saying they expect higher costs will hurt margins, even with price increases scheduled for later in the year.
Merck – The drugmaker’s shares rose more than 2% after the company said the US government had agreed to pay approx. 1.2 billion $ 1.7 million courses in its experimental Covid-19 treatment, if approved by U.S. regulators. Merck expects to have more than 10 million treatment courses available by the end of this year.
Abercrombie & Fitch – The clothing retailer’s shares added more than 1% after Jefferies upgraded the stock to buy from teams. Jefferies said Abercrombie & Fitch are experiencing fire levels that are underestimated on Wall Street.
Fox Corp. – The media giant’s shares jumped over 3% in midday trading after Wells Fargo upgraded its rating on the stock, saying it could rise to $ 47 over the next 12 months. Wells said it is bullish on the company’s exposure to sports betting: “Our detailed analysis of sports betting scenarios indicates a potential stock price increase of 17% to 34% over the next few years.”
– CNBC’s Pippa Stevens, Tanaya Macheel, Yun Li, Maggie Fitzgerald, Tom Franck and Jesse Pound contributed reporting
Become a smarter investor CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign up to start one free trial today