NEW YORK, NY – MAY 2: Beyond Meat CEO Ethan Brown (C) celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.
Drew Angerer | Getty Images News | Getty Images
Check out the companies making headlines midday Tuesday:
Beyond Meat — Beyond Meat shares surged 12% after Bernstein initiated them with an overweight rating and a price target of $81 per share, implying an upside of 8.3% from its Monday close. Bernstein said the alternative meat company will soon experience rapid sales growth and added it could be worth $40.5 billion in the next decade.
Boeing — Boeing shares fell 3% in midday trading after Barclays downgraded the aircraft manufacturing company to equal weight from overweight. Barclays said that it believes fliers will most likely avoid the Boeing 737 Max even when it’s back in service, according to a survey of airline passengers that was conducted.
Anheuser-Busch InBev — Shares of the Budweiser beer maker fell 2.1% after reporting weaker-than-forecast earnings. The company reported first-quarter earnings per share of $1.27, while analysts polled by StreetAccount expected a profit of $1.34. The company’s revenue also disappointed investors.
Mylan — The pharmaceutical company’s stock plummeted nearly 18% on the back of mixed quarterly results. Mylan reported earnings per share that beat expectations, but its revenue fell short. Mylan posted revenue of $2.496 billion, while analysts polled by Refnitiv expected sales to come in at $2.691 billion. The drugmaker said it was hurt by restructuring at its West Virginia plant and a stronger dollar.
Regeneron Pharmaceuticals — Shares of Regeneron Pharmaceuticals dropped 5.82% after the biotechnology company reported disappointing first-quarter results. Regeneron reported earnings of $4.45, missing a Refinitiv estimate by $1.01, and revenues of which missed by $49 million. The company cited a surge in expenses for the miss.
Cohu — Shares of Cohu surged 27% after the back-end semiconductor equipment maker reported first-quarter revenue that topped analyst expectations. Cohu reports sales of $147.8 million for the previous quarter, while analysts polled by Refinitiv had forecast sales of $145 million. The company also issued better-than-expected sales guidance for the second quarter.
Allergan — Allergan fell more than 3% despite posting results that topped analyst expectations. The pharmaceutical company posted adjusted earnings per share of $3.79 on revenue of $3.597 billion. Analysts polled by Refinitv expected a profit of $3.55 per share on revenue of $3.54 billion.
Roku — Roku shares rose as much as 4.1% before giving up those gains amid a broader selloff. An analyst at Stephens initiated them with an overweight rating and an $84 price target. “We like ROKU’s LT industry position as an independent, branded, embedded and capital-light player at the nexus between smart TVs and an increasingly fragmented streaming video landscape,” the analyst said. The stock later gave back those gains, however, trading 1.6% lower.
—CNBC’s Jessica Bursztynsky, Nadine El-Bawab and Isabel Soisson contributed to this report.