Business

Lennar, Coinbase, Array Technologies and more

Lennar, Coinbase, Array Technologies and more
Written by admin

A worker in a Lennar house under construction.

Justin Sullivan | News from Getty Images | Getty Images

Check out the companies making the biggest moves as of Monday lunchtime:

DR Horton, lennar, PulteGroup – Homebuilder stocks rose Monday, according to KeyBanc double upgraded the sector from an underweight to an overweight. Analyst Kenneth Zener said homebuilders that have underperformed this year tend to rebound earlier and stronger than the broader market. Shares of Lennar are up about 2%, while DR Horton is up over 2% and PulteGroup is up nearly 4%.

array technologies — The solar stock jumped more than 3% afterwards Piper Sandler updated Array Technologies from neutral to overweight as the company has more upside potential on improved future prospects.

SunOpta — SunOpta shares surged more than 5% after being named Cowen’s top pick. Analyst Brian Holland, who has a buy rating for the stock, wrote in a note that “the company’s agnostic stance and capital deployment offer strong growth prospects that are underappreciated by the market.” Its price target of $15 implies a gain of 55.9% from Friday’s close.

Opendoor Technologies — Opendoor fell 6% according to a Bloomberg report the iBuyer lost money on 42% of its resales in August. Like others in the housing industry, the company is facing headwinds, including a housing recession and mortgage rates above 6%.

AutoZone — AutoZone shares fell more than 2% as traders pored over a mixed earnings report. The company’s gross margins of 51.5% were slightly below a StreetAccount estimate of 51.9%. Still, AutoZone earned $40.50 per share in the prior quarter, beating guidance of $38.51 per share.

NKR — Shares of NCR fell nearly 3% after Morgan Stanley downgraded it from overweight to equal weight. The company said the path to unlocking shareholder value was “less clear and lengthy” after the corporate payments company announced on Friday it would split into two companies.

wix – Wix shares rose 11% after activist investor Starboard Value announced a 9% stake in the web development platform company. According to ReutersStarboard spoke to Wix about how it can improve operations at the company, which has lost half of its value this year.

coin base — Cryptocurrency exchange shares fell more than 7% Bitcoin price fell to its lowest levels since June and traders continued to unload short positions after the Ethereum merger was completed. Stocks also fell on the Monday ahead of this week’s Fed decision. Crypto prices are largely macro-driven, and Coinbase’s revenue is heavily dependent on trading fees.

Theravance Biopharma — Theravance rallied more than 3% after announcing a $250 million share buyback Program.

airlines — United Airlines, Alaska Air and American Airlines Soared more than 3% and was among the best performers in the S&P 500 on Monday.

Gamco Investors – Shares in the Mario Gabelli-led investment firm plunged nearly 12% after it announced after the bell on Friday that it was voluntarily delisting from the New York Stock Exchange. Gamco has applied to list its common shares on the OTCQX platform operated by OTC Markets Group.

Ralph Lauren — The luxury apparel and homewares maker rose nearly 2% after an investor update pointed to high-single-digit sales growth.

– CNBC’s Alexander Harring, Sarah Min, Jesse Pound, Tanaya Macheel and Yun Li contributed coverage.

About the author

admin

Leave a Comment