Stocks That Make The Biggest Moves By Midday: Walgreens, BlackBerry, Applied Materials & More

A woman on an escalator in a Walgreens store in New York.

Scott Mlyn | CNBC

Check out the companies that are making headlines in mid-day trading.

Walgreens – The drugstore company’s shares rose 6.7% after beating analysts’ expectations for quarterly results. According to Refinitiv, Walgreens earned $ 1.40 per share, beating estimates by 29 cents. Walgreens also said it has delivered 8 million Covid-19 vaccines to date and raised its profit forecast for 2021.

BlackBerry – The communications software company’s shares fell more than 9% after losing quarterly sales due to lower demand for the company’s QNX maintenance software. However, BlackBerry adjusted its quarterly earnings by 3 cents per share, which was in line with Refinitiv’s estimate.

Applied Materials, Lam Research – Applied Materials rose 5% and Lam Research nearly 4% after Bernstein began reporting on both stocks with an outperform rating. “In the long term, we believe that semiconductor capital equipment is likely to be extremely structurally beneficial, with growth trends in the underlying semi-market likely to remain positive over the long term, and semiconductor capital intensity developments should be strongly justified over time …” the company wrote in a note to customers. Bernstein’s price prediction for Applied Materials and Lam Research is $ 160 and $ 700, respectively.

Harley-Davidson – Motorcycle stock rose 6.3% after investment firm Baird improved the stock from neutral to above average. In a statement to customers, Baird said retail demand for the company was bullish and that retailers were experiencing inventory shortages.

Chewy – The pet supplies retailer’s inventory rose more than 7% after the company reported a surprise profit last quarter. Chewy reported earnings of 5 cents per share compared to expectations of a 10 cents per share loss, Refinitiv said. Revenues also beat estimates as stuck home consumers increased their orders for pet products.

Tilray, Canopy Growth, Aphria, Aurora Cannabis – Several stocks of cannabis companies rose Wednesday after New York passed a law authorizing the recreational use of marijuana. Governor Andrew Cuomo signed the bill today. Tilray was up 4.5% and Canopy Growth was up 2.3%. Aphria was up 5.5% and Aurora Cannabis was up 4.2%.

Cleveland-Cliffs – The steelmaker’s shares rose nearly 15% in midday trading after preliminary results for the quarter ended today were released. Projected earnings for the quarter and full year are well above Wall Street’s current projections.

Apple – Apple shares rose about 2.8% in midday trading after UBS upgraded the stock from a neutral rating to a buy rating and expected more stable long-term iPhone demand and stronger average selling prices. The broker raised its target price on Apple stock from $ 115 to $ 142, meaning the closing price was up 18% on Tuesday.

– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Yun Li contributed to the coverage.

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