Wynn Resorts, Planet Fitness, AMC, Lyft and more
An exterior view shows Encore Las Vegas (L) and Wynn Las Vegas as the coronavirus continues to spread in the United States on March 15, 2020 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Find out which companies are making headlines in the midday business.
Las Vegas Sands, Wynn Resorts — Shares of casino operators both soared about 11% after Macau announced plans to allow Chinese tour groups back into casinos as early as November. The Macau government has said it will resume access to visits from mainland China through electronic visits and visas in a few months. Jefferies upgraded the duo to buy on hold after the reopening announcement.
Li Auto, Xpeng – Chinese electric vehicle makers all saw their shares rise after Beijing announced an extension of tax breaks for electric vehicles. Xpeng rose about 3%. Li, a competitor, jumped about 5.5% despite lower guidance for the third quarter.
Chegg – Shares of the educational technology company jumped more than 6% after Needham downgraded the company to a buy rating. The company has a price target of $28 on Chegg shares, which is up 48% from Friday’s close.
Vertical Aerospace – The Bristol, England-based maker of electric vertical take-off and landing aircraft flew its VX4 eVTOL model for the first time over the weekend while tethered to the ground. The shares fell 8%.
Atlas – Shares of the asset management company rose 3.7% following a statement from Poseidon Acquisition that it had increased its offer to $15.50 per share from $14.45. Poseidon called the offer “the last and best offer”.
Core Laboratories – Shares of the energy company fell 3.4% after Morgan Stanley downgraded Core Laboratories to an underweight from an equal weight. Morgan Stanley said Core appeared to have fewer free cash flow advantages than its peers and outsized international exposure that could weigh on results.
Planet Fitness – Gym stock jumped 2% after Raymond James upgraded Planet Fitness to a strong market buy. The investment firm cited a “very resilient business model” and healthy balance sheet as reasons for optimism about the stock.
AMC Entertainment – Shares of the movie giant and meme stock favorite fell 8% after news that AMC would likely sell up to 425 million units of APE, its preferred stock. APE jumped about 5%.
Kimco Realty – Shares of the real estate investment trust fell more than 5%, making it the worst performer in the S&P 500. Kimco invests in shopping malls. Overall, the real estate sector underperformed within the overall index, down more than 3%.
PG&E – The utility company rose 1%, continuing a premarket rally. PG&E will replace Citrix Systems in the S&P 500, the S&P Dow Jones Indices announced on Friday.
LAVA Therapeutics – The healthcare company jumped 89% after announcing that Seagen will produce LAVA’s tumor-targeting therapy. LAVA will receive $50 million up front with the potential for up to an additional $650 million as part of the deal.
Amazon – Shares of the e-commerce giant rose 1% following news of a Prime Day-like event for members coming in October.
Lyft – Shares of the transportation company fell about 3% after UBS downgraded the stock to neutral after a buy. The company said it was skeptical of Lyft’s ability to deliver industry-level revenue growth.
Estée Lauder — The cosmetics company is up 1% after announcing a partnership with BALMAIN focused on luxury beauty products.
— CNBC’s Yun Li, Jesse Pound, Tanaya Macheel, Scott Schnipper and Darla Mercado contributed reports