A general view of the Draft Kings sign on the right field wall during the Major League Baseball game between the Philadelphia Phillies and the Toronto Blue Jays on September 20, 2020 at Citizens Bank Park in Philadelphia, PA.
Rich Graessle | Icon Sportswire | Getty Images
Check out the companies making headlines in midday trading.
Estee Lauder — Shares of the beauty company fell more than 7% on Monday after missing analysts’ revenue estimates for the first quarter. Estee Lauder reported earnings per share of $1.62 on revenue of $3.86 billion. Wall Street expected earnings per share of $1.32 on revenue of $3.94 billion, according to Refinitiv.
DraftKings — The sports betting stock rose about 1% on Monday following an upgrade to outperform from market perform by Cowen. The investment firm said in a note to clients that the stock’s recent slide represented a buying opportunity, considering the improving outlook for sports betting and DraftKings’ market share.
Berkshire Hathaway — Berkshire shares added 1.8% and hit a record in intraday trading on Monday following its annual meeting over the weekend. CEO Warren Buffett said the massive conglomerate’s earnings are recovering from the effects of the Covid-19 pandemic, and the company is also extending its stock buybacks by an additional $6.6 billion.
Verizon — Shares of Verizon rose 0.8% after the telecom giant said it will sell its media group to private equity firm Apollo Global Management for $5 billion. The sale allows Verizon to offload properties from the former internet empires of AOL and Yahoo.
Baker Hughes — Baker Hughes popped 7.9% in midday trading after Barclays upgraded the stock and said that it’s now the right time to bet on oilfield services and equipment stocks. The brokerage upgraded Baker Hughes to overweight from equal weight and hiked its price target to $28 from $25.
Gap — Shares of Gap jumped 7% amid strength in the retail sector. The SPDR S&P Retail ETF, which tracks the space, gained 1.7%. Dillard’s rose nearly 10%, while Foot Locker, Urban Outfitters and Kohl’s all gained close to 4%. Macy’s rose 4.7%.
– CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Maggie Fitzgerald contributed reporting.
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