Stocks making the biggest moves noon: Snap, Boeing, Alibaba, Lemonade & more

Check out the corporations making headlines in noon buying and selling. 

Ormat Technologies — Shares of the different power firm superior more than 4% after Bank of America initiated protection on the inventory with a purchase ranking and $96 goal, in accordance with FactSet. The inventory rose to an all-time excessive on the heels of the bullish name.

Continental Resources — The oil firm superior more than 2% after KeyBanc upgraded Continental Resources to an obese ranking. The agency cited “improved leverage next year, significant [free cash flow] generation in 2021, and nice exposure to higher oil prices” as causes for the the improve.

Barnes & Noble Education – The bookstore chain jumped 7% after chief monetary officer Thomas Donohue stated the firm plans to proceed its cost-cutting efforts as campuses stay closed, in accordance with an interview with The Wall Street Journal. Donohue stated he would not anticipate additional job cuts, and that the firm will take into account different cost-cutting measures, together with charges paid to varsities, in accordance with the WSJ.

Snap – Shares superior more than 7% after Goldman Sachs hiked its value goal on the social media firm to a avenue excessive of $70. The new goal is about 35% above the inventory’s present value of roughly $51. The financial institution stated Snap’s partnerships in addition to improvements will “increase the likelihood of revenue growth acceleration well beyond consensus forecasts in Q4 and beyond.” The inventory is up more than 200% this yr.

Boeing — The aerospace large gained 1.5% as the 737 Max launched into its first business flight in the United States since March 2019. The Boeing airplane was scheduled for a roundtrip flight between Miami and New York for American Airlines on Tuesday, and the airline plans to develop service with the lately ungrounded jet in the weeks forward.

Arcturus Therapeutics – Shares tanked more than 53% after the biotech firm’s section half examine of its Covid-19 vaccine candidate confirmed underwhelming outcomes. Arcturus stated the vaccine produced a potent immune response to the virus, and the firm has obtained approval to proceed with a section 2 examine. However, a Guggenheim analyst stated the knowledge launched Tuesday “raised more questions than answers,” including solely a profitable section three efficacy trial will resolve the rising controversy round the firm’s vaccine candidate.

Lemonade — The insurance coverage firm jumped more than 7%, rebounding from their latest slide. The firm’s lockup interval from its July preliminary public providing expired on Tuesday, and shares fell sharply in prior periods, together with a virtually 14% decline Monday.

Alibaba — Shares rose more than 5% after the People’s Bank of China stated fintech affiliate Ant Group was drafting a plan to arrange a monetary holding agency. The report comes amid heightened scrutiny from Chinese regulators round Ant Group’s operations.

– CNBC’s Yun Li, Fred Imbert and Jesse Pound contributed reporting.

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