Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.
Angela Weiss | AFP | Getty Images
Check out the companies making headlines in midday trading.
GameStop, AMC Entertainment — Meme stocks rebounded from a steep sell-off in the previous session. GameStop last traded up about 1.2% after losing nearly 14% on Monday. AMC reversed 1.2% higher after dropping as much as 10% earlier in the day. The movie theater operator’s stock fell more than 15% in the prior session. These speculative trades were hit hard Monday amid a broad market sell-off, as investors dumped risky names after a head-turning year.
Beyond Meat — Shares of the alternative meat stock jumped 6.7% after Piper Sandler upgraded Beyond Meat to neutral from overweight. The investment firm said in a note that a potential product launch in McDonald’s in early 2022 could boost Beyond’s results.
Tesla — Shares of the electric vehicle company fell 2.6% after CEO Elon Musk sold another $906 million of his shares on Monday. This brings the total amount of shares he’s sold to 11.9 million as of Tuesday, according to InsiderScore/Verity.
Terminix — The pest control company saw its stock soar roughly 18% after it agreed to be acquired by British rival Rentokil as it seeks to push further into the U.S. market, the largest in the world for pest control. The deal values Terminix at $6.7 billion.
Dell Technologies — Shares of Dell Technologies slipped 1.6% in midday trading after Evercore ISI downgraded the stock to in line from outperform. The Wall Street firm said after a 60% rally in 2021, upside is likely to be more muted.
Ralph Lauren, Capri Holdings — Ralph Lauren shares retreated 2.7 % after Goldman Sachs double-downgraded the stock to a sell rating from a buy rating. The firm said Ralph Lauren’s brand health is fading and sees limited growth potential ahead. 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