A Gap store in New York, August 2, 2020.
Scott Mlyn | CNBC
Check out the companies making headlines in midday trading.
Gap — Shares of the apparel retailer dropped more than 3% after Gap announced Monday that CEO Sonia Syngal is stepping down from her position. Wells Fargo downgraded the stock to equal weight from buy following the move, saying the firm can no longer recommend a stock that is dealing with so many challenges within its own company — especially as investors deal with a difficult economic backdrop.
Boeing — The aerospace company’s shares jumped more than 8% after it reported that its deliveries have reached their highest monthly level since March 2019. Boeing delivered 51 airplanes in June, totaling 216 jets during the first half.
Airline stocks – Shares of American Airlines jumped 11% after the company updated its second-quarter guidance, expecting total revenue to rise by 12% compared to the same period in 2019. Delta Air Lines gained about 7.5% ahead of its earnings, scheduled for Wednesday. Southwest also rose more than 5% after Susquehanna upgraded the stock to a positive rating from neutral.
Peloton – Peloton shares added 3% after the fitness equipment maker said it’s suspending its in-house manufacturing operations and broadening its partnership with Taiwanese manufacturer Rexon Industrial.
Twitter – Shares of the social media company rebounded more than 4% following a 11% decline in the previous session. Twitter said Monday in a letter that Elon Musk’s bid to terminate his proposed $44 billion acquisition of the social media company is “invalid and wrongful.”
Dave & Buster’s – Shares of Dave & Buster’s fell nearly 3% to a 52-week low after the entertainment-themed restaurant announced a slew of executive changes to its C-suite. The hires will take effect August 1.
PriceSmart—Shares of discount retailer PriceSmart plunged nearly 10%, touching a 52- week low a day after the company reported earnings that missed analysts’ expectations, even though sales outperformed. PriceSmart also said it is trying to offload excess inventory at discount prices, as its been hit by shifts in consumer demand and supply chain disruptions.
Canoo—Shares of EV maker Canoo surged 77% after Walmart agreed to purchase at least 4,500 of its upcoming electric delivery vans. Through the agreement, Walmart may purchase up to 10,000 of the electric vans.
Microsoft – Microsoft slipped about 2.7% after Morgan Stanley lowered its price target on the company to $354 from $372. The firm also said that the stock is not immune to macro risks.
— CNBC’s Sarah Min, Samantha Subin and Yun li contributed reporting