Tesla vehicles are displayed in a Manhattan dealership on September 08, 2020 in New York City.
Spencer Platt | Getty Images
Check out the companies making headlines in midday trading:
Bristol-Myers Squibb — Shares of the pharmaceutical company rose 1.2% after it announced positive interim results from a phase three trial of an immunotherapy drug for bladder cancer patients. The company said it will continue the trial to collect more data.
General Mills – Shares of General Mills gained 2% after Credit Suisse upgraded the cereal and snack maker to outperform from neutral following the company’s better-than-expected earnings. The bank said General Mills will be able to retain more consumers than many of its peers in the food category.
Royal Caribbean, Carnival, Norwegian Cruise Line – Shares of cruise operators jumped on Friday after Barclays upgraded the sector to overweight from equal weight. The Wall Street firm said the worst is over for the beaten down group and that next week’s CDC decision on the no-sail order will be a catalyst for the stocks. Norwegian popped 7.8% while Carnival gained 6.3%. Royal Caribbean was up 5.3%.
Costco — Shares of the retailer fell 2% despite a stronger-than-expected fourth quarter report. The company reported $3.04 in adjusted earnings per share on $53.58 billion of revenue, beating analyst expectations on both counts. Investment firm D.A. Davidson, which has a neutral rating on the stock, said in a note that it is unclear how much more Costco can grow its member base.
DraftKings – Shares of DraftKings climbed more than 3% after Argus initiated coverage on the online gambling company with a buy rating. The Wall Street firm said the online gaming industry is in the early stages of growth and DraftKings will continue to benefit from its market leadership.
Tesla — Shares of the electric vehicle maker rose more than 4% to wrap up a volatile week of trading in the Elon Musk-led company. For the week, the stock is still down more than 8% amid the company’s widely-anticipated “Battery Day” on Tuesday.
Penn National Gaming — Shares of the gambling company rose more than 7% after Penn National announced that it has priced its 14 million share offering at $61 per share. The offering will raise at least $854 million, prior to the deduction of underwriting discounts and other expenses.
Nikola — Shares of the electric truck maker gained more than 3% to end a rough week for the stock on a high note. The stock is down more than 40% on the week after founder and executive chairman Trevor Milton announced his resignation on Monday amid an accusation of fraud at the company from short-selling firm Hindenburg Research.
CNBC’s Jesse Pound, Yun Li and Maggie Fitzgerald contributed reporting.