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Cray, Pinterest, Luckin Coffee & more

Cray, Pinterest, Luckin Coffee & more


Cray, Pinterest, Luckin Coffee & more


A banner for the online image board Pinterest Inc. hangs from the New York Stock Exchange on the morning that Pinterest makes its initial public offering on April 18, 2019.

Spencer Platt | Getty Images

Check out the companies making headlines midday Friday:

Cray — Shares of Cray surged 19.4% after the supercomputer manufacturer announced it will be bought out by Hewlett Packard Enterprise. The deal, valued at about $1.3 billion, is expected to close by the first-quarter of Hewlett Packard’s fiscal 2020.

Pinterest — Pinterest plummeted 11.6% after the social media company reported a larger-than-expected loss and a weak full-year outlook in its first quarterly report since going public. The company reported a loss of 32 cents per share while analysts polled by Refinitiv had only expected a loss of 11 cents per share.

Qorvo — Shares of Qorvo dropped 4.3% after the U.S. Bureau of Industry and Security, which is part of the Commerce Department, added Huawei to its entry list, barring American firms from doing business with Huawei without a licence. Qorvo, a semiconductor company, is one of more than 30 American firms that Huawei has listed as a “core supplier. “

Under Armour — Under Armour shares jumped more than 6% after an analyst at J.P. Morgan upgraded the stock to overweight from neutral, citing how management has “‘repositioned the global foundation for multi-year gross margin expansion.”

Wayfair — The furniture e-commerce company rose more than 1% after Jefferies initiated coverage of the stock with a buy rating and a price target of $192 per share. The analyst noted that Wayfair’s international growth will provide an “upside” surprise.

Deere — Deere shares fell more than 5% after the company reported weaker-than-expected earnings for the previous quarter. The company also lowered its fiscal 2019 earnings outlook and cited the ongoing U.S.-China trade war for its weak quarterly numbers.

Luckin Coffee — Shares of the Chinese coffee brand surged more than 32% in their first trading day ever and were trading up 24% midday. The jump marks one of the best IPOs of the year.

Foot Locker — An analyst at B. Riley FBR upgraded the retailer to buy from neutral, citing “improving trends” in its footwear business. The analyst also hiked Foot Locker’s price target to $73 per share from $62, implying a 30% surge from Thursday’s close. Foot Locker shares rose about 1%.

Baidu — Baidu shares plummeted more than 15% after the Chinese search-engine operator reported its first quarterly loss since 2005 and issued weaker-than-expected quarterly revenue guidance that missed expectations. CEO Robin Li also warned that a slowdown in China’s technology sector or the country’s broad economy could hurt the company.

Applied Materials — The semiconductor’s stock rose more than 4% after reporting better-than-expected earnings and revenue. Applied Materials posted quarterly earnings per share of 70 cents on revenue of $3.54 billion. Analysts polled by Refinitiv expected a profit of 66 cents a share on sales of $3.45 billion.

—CNBC’s Nadine El-Bawab contributed to this report.


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