The Modern sign is seen outside the Cambridge, MA headquarters on March 11, 2021.
Boston Globe | Getty Images
Check out the companies that make news in the noon trade.
Modern – The drug maker’s shares rose more than 7% after announcing it would develop a two-in-one booster vaccine that protects against both Covid-19 and seasonal flu. The new vaccine, which the company calls mRNA-1073, combines Moderna’s current Covid vaccine with a flu vaccine that is also being developed, according to a press release.
Lululemon: The athleisure brand jumped 12% and hit an all-time high after reporting strong second-quarter gains and said it is on track to meet its 2023 revenue target earlier than expected. The company has outperformed other retailers during the pandemic and is poised to continue even when people return to the offices.
GameStop: Shares of video game retailer fell 2.7%, even after the company posted a smaller loss in the second quarter compared to a year earlier and an increase in sales. The retailer offered no prospects for the coming quarters and details on its e-commerce transformation, which disappointed Wall Street analysts. Stocks favored by Reddit merchants are still up more than 900% this year.
Boston Beer: Alcohol shares lost more than 4% after Wednesday afternoon gained its earnings guidance amid a slowdown in sales of its hard seltzer brand Truly. This development came just weeks after the company blamed lower-than-expected revenue in the second quarter of really bad sales, which led it to cut full-year forecasts.
HR: The furniture retailer’s shares appeared close to 8% after surpassing the top and bottom lines of its quarterly results. HR earned $ 8.48 per share, beating estimates of $ 6.48 per share, according to Refinitiv. Revenue reached $ 988.8 million, above expectations of $ 975.4 million.
Caesars Entertainment: Caesars shares gained 3% after the company announced it would sell the non-US assets of its sports betting unit William Hill to UK gaming firm 888 Holdings. The deal is worth about $ 2.2 billion, or about $ 3 billion.
NetEase: Chinese regulators convened NetEase and other gaming companies to remind them of play time restrictions for children. Shares of NetEase were down 2.7%.
Analog Devices: Analog Devices shares were up 2.8% after the company announced its acquisition of rival chip maker Maxim Integrated Products, which would add to adjusted earnings in 12 months after closing, six months earlier than expected. Analog Devices said it expects the acquisition to be neutral on adjusted earnings during fiscal 2022.
Macy’s: The retailer’s shares gained 1.5% after Cowen outperformed the shares to surpass the rating, saying the shares could jump nearly 30%. The firm noted the digital drive of the retailer, as well as product innovation and price management as factors that will drive its upward position. Macy’s shares have nearly doubled this year.
Ford: Ford shares fell 1.4% after the automaker said it would end vehicle production in India, at a cost of about $ 2 billion. The company is closing two large plants in the country and about 4,000 people are expected to lose their jobs.
Blade Air Mobility: Blade shares rose more than 15% after JPMorgan said the airline sharing travel could be Uber from the sky. The firm predicts an 80% rise ahead of Blade and believes the air travel market could be worth tens of billions of dollars in a decade.
Leslie’s: Leslie’s shares rose 2.6% after Stifel began hedging pool shares with a buy rating. The firm said the shares are currently undervalued as Leslie’s is about to “build on its leading market share” in the pool and spa market.
– CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Tanaya Macheel contribute to the communication
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