Stocks that make the biggest moves at noon: Simon Property, Cisco, Sunrun & more
Shoppers walk through the King of Prussia shopping mall in King of Prussia, Pennsylvania.
Jennah Moon | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Sunrun – Solar stock fell 10% after Simmons Energy, a division of Piper Sandler, appreciated the stock from neutral to overweight. The company said in a statement to the customer that the recent decline in solar stocks was puzzling and that Sunrun’s shares could rise more than 60%.
Simon Property Group – The real estate company’s shares rose more than 3% after Jefferies upgraded its stock from Hold to Buy. The Wall Street firm said pent-up consumer demand and fewer bad debts are good signs for the mall operator.
Morgan Stanley – The bank’s stock fell 2.6% despite beating analysts’ expectations for first quarter earnings due to better-than-expected trade and investment banking results. The major US bank reported earnings of $ 2.19 per share on sales of $ 15.72 billion.
Cisco – The device manufacturer’s shares rose more than 2% after Wolfe Research upgraded the company to an outperform rating. “The revitalization of IT spending, increasing the software sales mix and improving the hyperscale game have put the company in the best position it has been in a number of years,” the company said in a statement to customers.
PNC Financial – Bank stocks rose roughly 1.7% on a better-than-expected quarterly report. PNC posted earnings of $ 4.10 per share on sales of $ 4.22 billion. Analysts polled by Refinitiv had estimated $ 2.75 per share and revenue of $ 4.12 billion.
Bank of New York Mellon – The regional bank’s stocks fell nearly 4% even after the Bank of New York Mellon beat analysts’ estimates in the first quarter. The company earned 97 cents per share on sales of $ 3.92 billion, compared to Refinitiv estimates of 87 cents per share and sales of $ 3.85 billion. The stock is still up more than 8% this year.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Yun Li contributed to the coverage.