Traders work at the Coty booth on the floor of the New York Stock Exchange.
Jin Lee | Bloomberg | Getty Images
Check out the companies making headlines midday Monday:
Coty — Shares of the cosmetic company jumped more than 2.5% after Coty announced it is taking a 51% stake in Kylie Cosmetics, Kylie Jenner’s makeup company. Coty will pay $600 million for its new stake. The deal is expected to close in the third quarter of fiscal 2020.
Splunk — An analyst at Morgan Stanley upgraded the data company’s stock to overweight from equal weight and hiked its price target to $169 per share from $140. The analyst said Splunk’s transition to a recurring revenue model could lead to annual sales growth of at least 25%. The stock climbed 3%.
Workday — Workday shares dipped 1.2% after an analyst at Morgan Stanley downgraded them to equal weight from overweight, citing a more difficult environment for software spending next year.
TripAdvisor — Shares of TripAdvisor rose 1.5% after Cowen upgraded the travel service to market perform from underperform. Cowen said the stock’s pullback after disappointing third quarter results more adequately values TripAdvisor, although the firm also cut its price target to $30 from $39.
Cabot Microelectronics — Cabot Microelectronics shares plummeted 15% on the back of disappointing revenue guidance. The company expected fiscal first-quarter revenue to come in flat on a year-over-year basis. That would be below a FactSet estimate of $285.9 million. Cabot’s fiscal 2020 EBITDA guidance also missed estimates.
Five Below — Shares of the discount retailer rose 3.4% after J.P. Morgan added Five Below to its U.S. Equity Analyst Focus List. The stock also sits on J.P. Morgan’s Top 5 holiday and 2020 ideas lists. The firm, which has an overweight rating on the stock, said Five Below is well positioned going into the holiday season, and the shares are a cheap now after investors sold the stock on trade war fears.
Abiomed — Shares of the medical devices company plummeted more than 20% after data presented at the American Heart Association Scientific Sessions indicated that the company’s heart pump is associated with higher mortality risk, among other things.
Elastic — Elastic shares climbed 2% after an analyst at Canaccord Genuity upgraded them to buy from hold. The analyst said that, at this point, the software company’s fundamentals have caught up with its valuation.
Lyft — Shares of the ride-sharing company rose 4.2% in midday trading after rival Gett on Monday announced the close of its New York business, Juno. Gett also said it’s in a strategic partnership with Lyft to allow Gett’s corporate clients to access rides in the U.S. starting in 2020.
—CNBC’s Maggie Fitzgerald, Michael Sheetz, Tom Franck and Pippa Stevens contributed to this report.
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