Stocks making the biggest moves midday: FedEx, Pfizer, Macy’s, Beyond Meat & more

Market Insider

A woman walks past FedEx Corp. Ground vehicle parked in the Midtown neighborhood of New York, U.S., on Friday, Dec. 4, 2015.

John Taggart | Bloomberg | Getty Images

Check out the companies making headlines in midday trading. 

FedEx — Shares of FedEx jumped more than 14% after the company’s fourth quarter results blew past analyst estimates on the top and bottom lines as consumers flocked to online shopping amid the Covid-19 pandemic. Wednesday’s gain — if it holds through the close — would represent the stock’s best day since Sept. 29, 1986.

Pfizer — Shares of drugmaker Pfizer surged more than 5% after the company said its vaccine, in partnership with BioNTech, showed positive data. Covid-19 patients had neutralizing antibodies after receiving the vaccine, the company said. Shares of BionTech jumped 4.8%.

Macy’s — Shares of the retailer dropped more than 3% after the company did not provide forward guidance with its first-quarter earnings results and said that regional hot spots of the coronavirus could hurt the business going forward.

Beyond Meat – Shares of Beyond Meat surged more than 7% after the maker of meat alternatives said that Alibaba’s Freshippo grocery stores would start selling its meatless burger patties, marking its entry into supermarkets in mainland China. Beyond Burgers will be available at 50 Freshippo locations in Shanghai starting Saturday. By September, the patties will also be available at an additional 48 locations in Beijing and Hangzhou.

Netflix – Shares of Netflix gained 4% after the streaming media giant named Bozoma Saint John as its new chief marketing officer, adding a high-profile Black executive to its senior management ranks. Netflix also vowed to make a $100 million commitment to support Black communities in the U.S.

United, Delta, American — Airline stocks moved higher on Wednesday after United said that it was increasing its flight offerings and amid positive developments on the vaccine front. Shares of United, which said it will add nearly 25,000 flights in August, rose 2.4%. American and Delta advanced 1.3% and 0.5%, respectively.

Denny’s – Shares of Denny’s tanked more than 10% after the restaurant chain priced its offering of 8 million shares at a discount. The offering priced at $9.15, or 9.4% below Tuesday’s closing price of $10.10. The company intends to use the proceeds for general corporate purposes.

Constellation Brands – Shares of Constellation Brands surged more than 7% after the spirits producer reported better-than-expected quarterly results. The company reported adjusted quarterly profit of $2.30 per share, beating the consensus estimate of $2.01, according to Refinitiv. Meanwhile, Constellation said beer production in Mexico had returned to normal levels after being disrupted by the pandemic.

— CNBC’s Jesse Pound, Thomas Franck and Maggie Fitzgerald contributed reporting.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Articles You May Like

Introducing StockTracker Master Class Volume 1