Stocks making the biggest moves midday: Blackstone, HP, AMC, Tapestry

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HP logo, at Hewlett-Packard pavilion, during theMobile World Congress day 3, on February 28, 2018 in Barcelona, Spain. (Photo by Joan Cros/NurPhoto via Getty Images)

NurPhoto | NurPhoto | Getty Images

Check out the companies making headlines in midday trading:

Blackstone – Shares of the alternative asset manager shed 1.5% following a downgrade to neutral at Bank of America. The firm said that while Blackstone is “very well-positioned over the long term” they see “more modest upside” ahead after the stock’s 55% surge this year.

Hewlett Packard Enterprise — HP shares rose 3% after an analyst at Evercore ISI upgraded them to in-line from underperform. The analyst said HPE now has a better “risk/reward dynamic,” citing solid cash flow, an attractive valuation and the acquisition of supercomputer builder Cray.

AMC – Shares of the entertainment company lost 3.6% after Evercore downgraded the stock to underperform. The firm said that “accelerating cord-cutting trends” makes the stock “unfavorable at current levels.”

Western Digital – Shares of the computer hard-disk maker rose 1.5% after an analyst at Loop Capital upgraded Western Digital to buy from hold, noting the company can deliver earnings and revenue upside for the final two quarters of 2019.

Tapestry – Shares of the luxury lifestyle brands company dropped 2.9% after UBS lowered its rating on the stock to neutral from buy. UBS believes Tapestry will continue to face both widespread and industry headwinds, limiting its upside.

General Motors – GM’s stock slipped 0.4% after the United Auto Workers (UAW) union announced it was countering the automaker’s latest offer. The UAW strike has lasted nearly a month, disputing GM production as multiple key manufacturing locations.

Beyond Meat – Shares of the plant-based burger maker slid more than 3% after Wells Fargo initiated coverage on the stock with a market perform rating. The firm said “competition is poised to intensify” and that there’s “limited visibility into restaurant and foodservice success.”

CrowdStrike – Shares of cybersecurity technology company CrowdStrike tanked more than 8% after Citi initiated coverage of the stock with a sell rating. The firm said CrowdStrike won’t be able to sustain its current growth level and is trading above normal software multiples.

Planet Fitness – Shares of Planet Fitness rose 3.4% following an upgrade from Imperial to outperform from in-line. The firm said Planet Fitness is a “best in class” fitness operator with good management. Imperial called the stock a “core long-term holding.”

– CNBC’s Maggie Fitzgerald, Pippa Stevens and Fred Imbert contributed to this report.

2019-10-14 17:08:00

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