Pot Profiteer

Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more

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Employees prepare a window display at a Kate Spade shop in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus.
Roslan Rahman | AFP | Getty Images

Check out the companies making headlines during midday trading Thursday.

Disney — Shares of the media giant jumped 4%. Late Wednesday, the company said it would raise the price on its ad-free streaming tier in October and that it would crack down on password sharing. Disney reported a 7.4% decline in subscriber count last quarter, however. It also recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly net loss.

AppLovin — Shares popped more than 23%. On Wednesday, the game developer posted solid second-quarter results and shared stronger-than-expected revenue guidance for the current period. AppLovin said it anticipates revenues to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Earnings for the recent quarter came in at 22 cents, versus the 7 cents anticipated.

Alibaba — U.S.-traded shares rose 5.7% on Thursday after the Chinese company beat analysts‘ expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv.

Capri, Tapestry — Capri soared more than 56%, while luxury company Tapestry slid 15% during midday trading. The moves come after Thursday’s announcement that Tapestry, which is behind the brands Coach and Kate Spade, is set to acquire Capri Holdings in a roughly $8.5 billion deal. Capri owns the Versace, Jimmy Choo and Michael Kors brands.

Wynn Resorts — Shares of the hotel and casino company climbed 3% after Wynn topped analysts’ estimates in its second-quarter results. Late Wednesday, the company reported 91 cents in adjusted earnings per share on $1.60 billion of revenue. Analysts surveyed by Refinitiv were expecting 59 cents per share on $1.54 billion of revenue.

Global Payments — The financial technology stock added nearly 3% after Jefferies upgraded the company to buy from hold, citing long-term margin expansion and revenue growth as consumer spending increases. The analyst assigned a price target of $145, which implies a 16.9% gain from Wednesday’s close.

Penn Entertainment — Shares dropped about 3.5% midday Thursday. Truist downgraded shares to hold from buy in a note from Wednesday evening, citing uncertainty around the company’s partnership with Disney’s ESPN to relaunch its sports betting app.

Roblox — Shares of the gaming company added 3% in midday trading after an upgrade to outperform from Wedbush. Analyst Nick McKay remains optimistic on Roblox’s long-term trajectory, even though the company recently missed analysts’ estimates on the top and bottom lines in the second quarter.

Fleetcor Technologies – Shares of the global business payments company popped 4%. Several Wall Street firms hiked their price targets on Fleetcor Wednesday in response to the company’s top and bottom-line beat for the second quarter. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

— CNBC’s Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li and Alex Harring contributed reporting.

This article was originally published by Cnbc.com. Read the original article here.

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