Beyond Meat, AMC, Tesla and more
Beyond Meat “Beyond Burger” cakes made from plant-based substitutes for meat products are on a shelf for sale in New York City.
Angela Weiss | AFP | Getty pictures
Check out the companies that are making headlines in dinner trading.
GameStop, AMC Entertainment ̵[ads1]1; Meme shares picked up after a steep sell-off in the previous session. GameStop last traded up around 1.2% after losing almost 14% on Monday. AMC reversed 1.2% higher after falling as much as 10% earlier in the day. The cinema operator’s share fell more than 15% in the previous session. These speculative trades were hit hard on Monday in the middle of a wide sale of the market, as investors dumped risky names after an exciting year.
Beyond Meat – The shares of the alternative meat stock rose 6.7% after Piper Sandler upgraded Beyond Meat to neutral from obesity. The investment company said in a note that a potential product launch in McDonald’s in early 2022 could increase Beyond’s results.
Tesla – Shares of the electric car company fell 2.6 percent after CEO Elon Musk sold another 906 million dollars of his shares on Monday. This brings the total number of shares he has sold to 11.9 million on Tuesday, according to InsiderScore / Verity.
Terminix – The pest control company saw its shares rise by about 18% after agreeing to be acquired by British rival Rentokil, as they try to push themselves further into the US market, the largest in the world for pest control. The deal values Terminix at $ 6.7 billion.
Dell Technologies – Shares of Dell Technologies fell 1.6% in mid-day trading after Evercore ISI downgraded the stock to in line with better results. The Wall Street firm said after a 60% rally in 2021 that the upside is likely to be more subdued.
Neogen – Neogen’s shares rose 7.9% after the company announced an agreement to combine with 3M’s food safety business.
Ralph Lauren, Capri Holdings – Ralph Lauren shares retreated 2.7% after Goldman Sachs doubled its downgrade to a sales rating from a buy rating. The company said that Ralph Lauren’s brand health is disappearing and sees a limited growth potential going forward. Meanwhile, Capri shares rose 1.7% after Goldman upgraded the Michael Kors parent to a buy rating from neutral on margin improvements.
– CNBC’s Jesse Pound, Tanaya Macheel, Yun Li and Maggie Fitzgerald contributed reporting
