Stocks making the biggest moves midday: Wynn Resorts, Beyond Meat, Avis Budget and more
Take a look at the stocks making the biggest moves midday.
Wynn Resorts, Las Vegas Sands – Major casino stocks continued to tumble on Thursday as officials in Macao are reviewing the licensing rules and regulations around the island's massive gambling industry. Shares of Wynn Resorts fell 3.9%, while Las Vegas Sands dropped nearly 3.3%. JPMorgan downgraded both of those stocks, along with Melco Resorts, on Thursday, saying there was too much uncertainty about the potential changes in Macao.
Beyond Meat – Shares of the alternative meat company slid over 5% after Piper Sandler downgraded the stock to an underweight rating based on expectations of slower sales. "Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations, and our foodservice estimates may be high, too," the firm wrote in a note to clients. Piper also cut its target on the stock from $120 to $95. The new target is roughly 14% below where the stock closed on Wednesday.
Lilium – Shares of the electric airplane developer rose more than 5% after Piper Sandler initiated coverage of Lilium at overweight. The investment firm said Lilium offered serious upside to investors who are willing to wait out volatility.
Avis Budget Group – The rental car stock jumped more than 9% after Bank of America upgraded Avis Budget to buy from neutral. The firm said that the high prices for rental cars should continue "well into 2022."
DoorDash – Shares of DoorDash rose about 6% after Bank of America upgraded the food delivery company to a buy rating from neutral. "We see upside to 2021 estimates and a robust 5-year growth opportunity driven by the rapid shift of local commerce to delivery via mobile apps," Bank of America said.
Lordstown Motors – Shares of the electric vehicle company Lordstown Motors fell 3.8% after Bank of America downgraded the stock to underperform from neutral. Competition in electric vehicles is heating up but the bank called Lordstown "just one of many participants" and "one of the less legitimate along the universe of start-up electric vehicle automakers."
Fisker – Shares of the electric automaker dropped about 6.5% following a downgrade to neutral from buy from Bank of America. The Wall Street firm said while Fisker is one of the more legitimate among the universe of start-up electric vehicle automakers, it is largely a function of its relationship with contract manufacturer Magna.
Freeport-McMoRan – Shares of the mining company fell more than 7% on Thursday as the price of metals, including silver and copper, pulled back. The company's president also spoke about the development of mining projects at a Morgan Stanley virtual conference on Wednesday.
Virgin Galactic – Shares of the space exploration company rose more than 3% after private competitor SpaceX successfully completed an all-civilian flight.
-CNBC's Michael Bloom, Tanaya Macheel, Maggie Fitzgerald, Hannah Miao and Pippa Stevens contributed to this report.
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