Tesla charging stations at a car showroom in the morning light. The expansion of the charging infrastructure is still not progressing as desired.
Jan Woitas | Picture Alliance | Getty Images
Check out the companies making headlines in midday trading.
4 hours ago
Wynn Resorts – Shares of Wynn Resorts added more than 2% after Wells Fargo upgraded the hotel and casino operator, saying it sees a significant reopening opportunity and citing China’s moves toward a full reopening. The call gave a boost to Las Vegas Sands, which added about 3% as well. MGM Resorts added 1%.
Traeger — The wood pellet grill maker dropped 8.3% after RBC downgraded the stock to sector perform from outperform. The firm said it believes in Traeger’s long-term positioning within the outdoor cooking space, but said it would likely have a delayed recovery.
Molina Healthcare — The health care company slid nearly 5% despite the company saying it expects revenue from California Medicaid to double under revised contracts.
Linde — Shares fell 3% following a Reuters report that said Russia froze almost $500 million in the German gas company’s assets. Linde suspended work on a contract with Russian companies after the European Union imposed sanctions following the invasion of Ukraine.
T-Mobile — The stock slid 1.7% following a downgrade to peer perform from perform by Wolfe. The firm cited slowing growth within telecommunications, while noting T-Mobile “remains a great story.”
PayPal – Shares added 4.1% after Truist upgraded PayPal to buy from hold, saying that estimates now look reasonable.
Block – Block rose as much as 7.4% after Baird upgraded the stock to outperform from neutral. The firm said shares are due for a comeback and should benefit from macro trends like rising rates. The stock later gave up that gain and was last flat.
Amazon — Shares gained 1% after Loop named the e-commerce giant a top idea for 2023, saying the stock is “well positioned to outperform.”
Coty — Shares of the beauty company rose 1.4% after being upgraded to overweight from neutral by Piper Sandler. Among the catalysts are Coty’s increasing exposure to China, which should allow for recovery tailwinds, the firm said.
Citigroup — The bank stock gained 1.4% after Bank of America reiterated it as a buy. The firm said the stock has an “interesting” risk/reward for investors looking for a “restructuring story.”
Molson Coors Beverage — Shares declined more than 3% after Wells Fargo downgraded the Molson Coors Beverage to underweight from equal weight, saying there is “significant downside to Street estimates in 2023” for the beverage and brewing company.
CVS — Shares dipped 1%. Evercore downgraded the stock to in line from outperform due to valuation.
— CNBC’s Samantha Subin, Carmen Reinicke, Michelle Fox, Jesse Pound, Sarah Min and Tanaya Macheel contributed reporting.
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