Traders work on the floor of the New York Stock Exchange (NYSE) on November 04, 2019 in New York City.
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Check out the companies making headlines midday Monday:
Tesla — Tesla rose more than 9.5% after Oppenheimer hiked its price target for the electric car maker to $612 per share from $385 per share, the highest price target of Wall Street’s major firms, according to FactSet. The call pushed Tesla’s stock price above $500 for the first time ever. Oppenheimer said Tesla’s technology puts the company three years ahead of competitors base on available vehicles.
Nvidia — Nvidia climbed 3.1% after Needham upgraded the chipmaker to hold from underperform. The equity research firm said Nvidia’s gaming business is showing signs of positive momentum. Nvidia is also facing easy comps this year in its graphics and data center segments, Needham added.
Abiomed — The pharmaceutical company’s stock tanked more than 11% on the back of disappointing revenue guidance. Abiomed expects its third-quarter revenue to come in around $221.6 million. That’s below a FactSet estimate of $226.7 million.
General Electric — General Electric shares rose 3.9% after an analyst at Deutsche Bank named the company a “catalyst call” short-term buy. The analyst noted: “We see the potential for GE to deliver a beat in 4Q19 and 2020e guidance that suggests upside to current consensus at the midpoint of the range.”
Beyond Meat — Shares of the alternative meat maker surged 19%, building on last week’s 27.4% gain, which was the stock’s best week since July. Shares are now back above $100, driven in part by an announcement that McDonald’s is expanding its test of the company’s plant-based burger to 52 locations in Southwestern Ontario.
Lululemon — Shares of Lululemon jumped more than 4% after the athleisure apparel retailer raised its earnings and revenue guidance for the fourth quarter. The company now expects profit per share for the quarter ending Feb. 2 to be between $2.22 and $2.25, up from its previous range of $2.10 to $2.13. It cited upbeat holiday season sales.
Ford — Ford shares slid as much as 1.5% after the company said that sales in China fell 26.1% in 2019. It was the third straight year of declines in the company’s second-largest market. The stock later closed off its lows, down 0.1%.
—CNBC’s Michael Bloom, Yun Li, Maggie Fitzgerald and Pippa Stevens contributed to this report.
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