Cava Group — During its first day as a public company, shares surged 99% in lunchtime trade. Cava Group priced its initial public offering at $22 per share, and the stock began trading at $42 per share on Thursday.
SkyWest – The airline shares climbed 4.51% after Deutsche Bank upgraded it to buy from hold. The Wall Street firm anticipates a “significant improvement” in the company’s return on invested capital over the next two to three years. Allegiant, which was up 1.4% in noon trade, was also upgraded by Deutsche Bank.
Domino’s Pizza – The pizza company rose 6.46% after Stifel upgraded the stock from hold to buy. According to the company, delivery sales will continue to be stable while carryout sales will increase in the coming year.
Kroger – Shares fell 2.69%. Kroger CEO Rodney McMullen stated on the company’s results call on Thursday, “The economic environment is more significantly impacting our budget-conscious shoppers.” For the entire year, the business reiterated similar sales without fuel and adjusted earnings-per-share projections. Kroger also reported revenue that was somewhat lower than expected by Wall Street. According to FactSet, sales for the first quarter were $45.17 billion, compared to analysts’ expectations of $45.26 billion.
Target – The shares of the big-box retailer rose about 3.46% after Bernstein confirmed its outperform recommendation. The Wall Street company advised investors to take advantage of Target stock’s recent 15% decline.
— Lennar — The homebuilder’s stock increased 4.41% on Thursday. Lennar posted better-than-expected fiscal second-quarter results Wednesday evening. On $8.05 billion in sales, the business reported profits per share of $3.01. According to FactSet, analysts expected $2.33 earnings per share on $7.22 billion in revenue. Earnings were bolstered by profits on technological investments, but Lennar would have outperformed estimates even without that benefit. Lennar also increased its full-year forecast for house deliveries.
SoFi Technologies – The financial technology stock fell 1.95% after Oppenheimer downgraded it to perform from outperform. The Wall Street company stated that it is positive in the long run, but that the stock price has been rising significantly faster than the broader market.
A study reveals that being “out of date” on COVID-19 immunization is associated with a decreased risk of infection.
AutoZone – The stock rose 4.08% after the auto parts store authorized an extra $2 billion in stock repurchases late Wednesday.
Corning – Corning’s stock rose 1.81% after Citi upgraded it to buy from neutral. The Wall Street company also raised its price objective to $40 from $36, implying a 20% increase from Wednesday’s finish. Citi stated that it had “greater conviction” in the glassmaker’s ability to regain margins.
— John Wiley & Sons The stock dropped 11.39%. The business posted adjusted profits per share of $1.45 for the fiscal fourth quarter, up from $1.08 a year ago. However, sales fell, falling to $526.1 million from $545.7 million the previous year. Management also unveiled a reorganization strategy that included the divestiture of noncore education assets.
Coinbase recovered previous losses and finished 0.65% higher. Mizuho wondered if traders were flocking to Robinhood. In a client letter, Mizuho confirmed its underperforming rating on the cryptocurrency platform.
Due to aviator shortages, a House committee votes to raise the retirement age for pilots to 67.
NexTier Oilfield Solutions, Patterson-UTI Energy — The two firms agreed to join in an all-stock transaction valued at $5.4 billion. Patterson-UTI Energy shares increased 12.13%, while NexTier Oilfield Solutions increased 6.73%.
T-Mobile – T-Mobile increased by 3.68%. Morgan Stanley reintroduced T-Mobile as a top choice, citing the company’s robust repurchase program as well as its ability to capitalize on market volatility.
