Newmont, World Wrestling Entertainment, Ryanair and more

Ryanair aircraft are seen at Dublin Airport following the outbreak of the coronavirus disease (COVID-19), Dublin, Ireland.

Jason Cairnduff | Reuters

Check out the companies making headlines on midday trading Monday.

Newmont – Newmont shares fell 11.9% after the mining company reported a disappointing second-quarter profit. The company reported earnings of 46 cents per share, compared with a Refinitiv consensus forecast of 63 cents per share.

World Wrestling Entertainment — Shares of World Wrestling Entertainment rose more than 7% after Loop Capital upgraded and raised its price target on them “based on a higher likelihood of the company being sold as Vince McMahon steps down.” McMahon, WWE’s top shareholder, is under investigation for allegations of sexual misconduct and stepped down as CEO on Friday. — The Chinese e-commerce company rose 2% after Morgan Stanley called a “catalyst-driven idea.” The Wall Street firm said it is particularly bullish on heading into August earnings as revenue growth is expected to accelerate from June’s level.

Ryanair – Shares in Ryanair rose more than 4% after the low-cost airline reported quarterly earnings that beat Wall Street profit estimates. The company also expects to return to pre-Covid profit levels this year or next, although the recovery is fragile.

Philips – The Dutch medical device maker’s shares fell nearly 7% after the company reported weaker-than-expected quarterly earnings, citing lockdowns in China and supply chain issues. It also cut its estimate for full-year sales growth to between 1% and 3%, down from 3% to 5%.

Lam Research — Shares of the semiconductor equipment company fell nearly 2% after Barclays downgraded the stock to equal weight, saying in a note to clients that despite a recent recovery, the semiconductor industry is due for a correction.

Diamondback Energy — Energy stocks rose on the back or rising oil prices Monday. Diamondback Energy rose 5.7%, while Marathon Oil rose 5.1%. Valero and Hess each gained more than 4%.

Travelers — Shares rose 2% after Raymond James upgraded Travelers to a strong buy. Raymond James believes the insurance stock, which is up 2% this year, will continue to outperform.

— CNBC’s Yun Li, Tanaya Macheel, Samantha Subin and Carmen Reinicke contributed reporting

Leave a Reply

Your email address will not be published. Required fields are marked *