Stocks making the biggest moves midday: Block, SolarEdge, Cleveland-Cliffs, Verizon and more
Check out the companies making the biggest moves midday: Bruker — The lab instrument and tools maker shed 12% after the company issued weaker-than-expected guidance for the second quarter. The company expects to earn between 32 cents and 34 cents per share on revenue ranging from $795 million to $798 million. Analysts polled by FactSet expected a profit of 42 cents per share on revenue of $813.3 million. Block — The fintech stock surged 8% as it prepares to officially join the S & P 500 before the opening of trading on July 23. Block will replace Hess, which has been acquired by Chevron. Arrowhead Pharmaceuticals — The biotech company fell nearly 12%, adding to its steep decline from the previous session. Shares slid 11.1%, following those of Sarepta Therapeutics. Sarepta Therapeutics — The biotech stock tumbled 7% after the U.S. Food and Drug Administration announced following Friday’s close that it was pulling its support for Elevidys, a gene therapy developed by Sarepta used to treat Duchenne muscular dystrophy, after another patient death. Shops such as Leerink Partners, Mizuho and Needham soon downgraded the stock. Alkermes — The biopharma company lost 9% after it announced Phase 2 trial results for its alixorexton drug, which aims to treat patients with narcolepsy Type 1. EQT Corporation — Shares of the largest natural gas producer in the U.S. fell 8% after CEO Toby Rice told the Financial Times that China will win the artificial intelligence race unless Congress streamlines permitting for projects. Pinterest — Shares of the social media company jumped more than 2% after Morgan Stanley analyst Brian Nowak upgraded the stock to overweight from equal weight. Nowak highlighted Pinterest’s attractive valuation along with “GPU enabled investments and budding engagement and monetization improvements” as the key reasons for his new rating. SolarEdge — The solar technology manufacturer’s stock jumped 8% after analysts at Susquehanna increased their price target for the company to $26. But solar stocks face big headwinds as President Donald Trump moves to end federal support for the sector. Dollar Tree — Shares added 2.2% upon an upgrade to overweight from equal weight at Barclays. Analyst Seth Sigman said he expects a “cleaner growth story” ahead. Cleveland-Cliffs — The steel manufacturer gained 13% after the company said it expected to spend less money than anticipated on capital expenditures and administrative expenses for the full year. That overshadowed a larger-than-expected loss for the second quarter. Verizon — The telecommunications stock rose 5% after posting second-quarter earnings of $1.22 per share on revenue of $34.5 billion. Analysts were expecting earnings of $1.18 billion on $33.74 billion in revenue, according to LSEG. Invesco — Shares added 1% after TD Cowen upgraded the investment management firm to a buy rating from hold. Analyst Bill Katz called Invesco’s Friday announcement that it was requesting to migrate its QQQ exchange-traded fund to an open-end fund structure from a unit investment trust a “game changing event.” — CNBC’S Spencer Kimball contributed reporting.
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