Stocks making the biggest moves midday: Chipotle, PG&E, Marathon Oil and CarMax
Check out the companies making headlines in midday trading.
CarMax — CarMax shares dipped more than 8% after reporting a beat on revenue but a miss on earnings for the latest quarter. The auto retailer earned 98 cents per share, below the $1.25 per share consensus estimate.
CrowdStrike — Shares of the cybersecurity company jumped 3.7% after Goldman Sachs upgraded the stock to a “buy” from “neutral.” The firm said the strength of CrowdStrike’s business has been overlooked recently and that it’s “well positioned in the sweet spot of demand.”
PG&E — Shares of the utility company rose 3% after it reached settlements to pay $55 million for two fires in Northern California. As part of the agreement, PG&E will not face any criminal prosecution.
Cisco Systems — Shares of the network technology company fell about 1%, lagging behind the broader market, after Citi downgraded Cisco to sell from neutral. A Citi analyst said in a note to clients that Cisco was losing market share to its rivals.
Hewlett Packard Enterprise — Shares of Hewlett Packard Enterprise dipped 1% after Morgan Stanley downgraded the stock to underweight from equal weight and said it expects the stock to underperform over the next year.
Chegg — Shares of Chegg dropped 5.5% following a downgrade by KeyBanc Capital Markets. Analysts downgraded Chegg to sector weight from overweight, saying the company reported lower growth in the U.S. in its first quarter.
Chipotle — Shares of the restaurant chain rose 3.1% after Citi initiated coverage of the stock with a buy rating. The firm said Chipotle is a “best-in-class growth leader.”
Albertsons — The food retailer’s stock sank 6.7% after reporting earnings for the recent quarter. Albertsons beat on revenue and reported earnings of 75 cents per share, 11 cents above consensus estimates.
Oil stocks — Energy stocks rose on Tuesday as oil prices, which have seesawed in recent weeks, jumped back above $100 a barrel. Marathon Oil, Devon Energy and Occidental Petroleum jumped 5.5%, 4.7% and 3.7%, respectively.
— CNBC’s Jesse Pound, Hannah Miao, Tanaya Macheel and Sarah Min contributed reporting