News

Shares That Make The Greatest Strikes At Noon: Boeing, Caterpillar, Chewy, Navistar & Extra

shares-that-make-the-greatest-strikes-at-noon-boeing-caterpillar-chewy-navistar-extra

United Airlines' Boeing 747-400 aircraft made its last passenger flight on November 7, 2017.

Photo only

Check out the companies that are making headlines in midday trading.

Boeing shares fell more than 3% after European aviation authority chief Patrick Ky said the company's beleaguered 737 Max jet was safe to fly again. He added that the plane could fly again in the region before the end of the year.

Caterpillar – The agricultural equipment manufacturer rose 3% after Wells Fargo Caterpillar switched from being equally weight to being overweight. Wells anticipates sales growth in key markets will accelerate from 2021 onwards.

Costco – The big box retailer shares fell 1.3% after Jefferies Costco upgraded to buy from the hold. The company said Costco is the "dominant" leader in the club warehouse sector and that its "digital underdevelopment" offers advantages.

Navistar International – The truck maker's stock rose 21% after CNBC's David Faber reported that Volkswagen's Traton unit was in talks to buy the rest of Navistar. According to people close to the negotiations, the companies are very close to a $ 44.50 per share deal.

CIT Group – The bank's shares rose more than 22% after the company announced it would merge with First Citizens in an all-stock deal. The combined company will be the 19th largest US bank by assets. The proportion of first-time residents rose by around 8% after the announcement.

Chewy – Chewy's shares rose nearly 4% after Jefferies switched the online pet retailer to buy from the hold. The Wall Street company's most recent survey found that 37% of pet owners named Chewy as their best e-commerce platform for pet food and supplies. Jefferies also said Chewy's "moat" was "more defensible than previously thought".

Bank of New York Mellon – The stock rose more than 2% after the bank's better-than-expected quarterly results. The bank reported earnings of 98 cents per share, 4 cents above the refinitive estimate. Revenues were also above Wall Street forecasts.

Pfizer – The drugmaker's shares rose 2.4% after CEO Albert Bourla said the company could know if its Covid-19 vaccine candidate will be effective by the end of the month, so applying for emergency approval in late November. The company is developing the vaccine with BioNTech, which increased its share by 2.1%.

Wynn Resorts – Wynn Resorts shares fell nearly 2% after Jefferies downgraded the casino and resort company to prevent it from buying. The bank said Wynn's leverage would remain "under pressure" through 2022.

– CNBC's Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Fred Imbert contributed to the coverage.

Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.

0 Comments
Share

Katherine Clark