Wednesday, May 29, 2024
Market Insider

Netflix, Cal-Maine Foods, Southwest and more

In this photo illustration the Netflix logo seen displayed on a smartphone screen, with graphic representation of the stock market in the background.

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Check out the companies making headlines in midday trading.

Netflix — The streaming giant gained 6.3% following a double upgrade to buy from sell by CFRA. The firm said it would be difficult for competitors to catch up with the company.

Cal-Maine Foods — Cal-Maine shares shed 15% after reporting earnings that fell short of Wall Street’s expectations even as the egg producer reported record sales. The company said the avian flu outbreak limited supply and pushed prices up.

Southwest Airlines —  The airline stock rose more than 3%, paring back losses from the previous session when it dropped more than 5%. Severe disruptions at Southwest Airlines have drawn outsized criticism from frustrated travelers, who have dealt with thousands of canceled flights from airlines this week because of winter weather. Southwest Airlines canceled another 60% of its flights on Wednesday. According to The Dallas Morning News, it’s expected to restore its full schedule on Friday.

Lockheed Martin — The defense contractor’s stock rose nearly 1% following news that its Sikorsky unit is contesting a U.S. Army helicopter contract awarded to Textron. It said proposals for the $1.3 billion contract were not evaluated fairly. Textron shares were last up 1.9%.

Tesla — Tesla shares gained more than 7% after selling off during the previous sessions and 37% this month. The stock’s headed for one of its worst months, quarters and years ever.

Apple — The iPhone maker’s stock rose more than 3% after hitting its lowest level since June 2021 earlier in the week.

General Electric — Shares rose 1.7% amid news that General Electric’s health-care spinoff will join the S&P 500 when it starts trading separately on Jan. 4. GE Healthcare will replace Vornado Realty Trust, set to join the S&P MidCap 400.

ImmunoGen — Shares added 6.2% after the biotechnology company announced CFO Susan Altschuller would not return from her time off. Renee Lentini, the vice president and chief accounting officer, was named interim CFO. The stock initially dropped in premarket trading.

TG Therapeutics — The biopharmaceutical stock soared more than 29% on news that the U.S. Food and Drug Administration approved its drug to treat relapsing forms of multiple sclerosis. The drug, known as Briumvi, is expected to roll out during the first quarter of 2023.

— CNBC’s Alex Harring and Sarah Min contributed reporting

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