CAVA, at the New York Stock Exchange during its initial public offering, June 14, 2023.
Source: NYSE
Discover the noteworthy companies making significant moves in the middle of the day.
Cava Group — Shares experienced an impressive 91% surge during midday trading on its first day as a publicly traded company. Cava Group set its IPO price at $22 per share and commenced trading at $42 per share on Thursday.
SkyWest — The airline stock rose by 5.7% after receiving an upgrade from Deutsche Bank, shifting its rating from hold to buy. The Wall Street firm expressed optimism for a “significant improvement” in the company’s return on invested capital over the next two to three years. Deutsche Bank also upgraded Allegiant, which saw a 1.4% increase in midday trading.
Domino’s Pizza — The pizza chain experienced a 6.2% rise after Stifel upgraded its stock from hold to buy. The firm predicted a stabilization of delivery sales and an increase in carryout sales in the coming year.
Kroger — Shares declined by 3%. During the company’s earnings call on Thursday, Kroger CEO Rodney McMullen stated, “The economic environment is significantly impacting our budget-conscious shoppers.” The company reaffirmed its identical sales, excluding fuel, and adjusted earnings-per-share guidance for the full year. Kroger also reported revenue slightly below Wall Street’s expectations, with sales for the first quarter amounting to $45.17 billion, compared to analysts’ forecast of $45.26 billion, according to FactSet.
Target — The shares of the retail giant surged by nearly 3% after Bernstein reiterated its outperform rating on the stock. The Wall Street firm advised investors to take advantage of the recent decline in Target shares, which have dropped by 15% over the past month.
Lennar — The shares of the homebuilder rose by over 3% on Thursday. Lennar reported better-than-expected results for the fiscal second quarter on Wednesday evening, with earnings per share of $3.01 and revenue of $8.05 billion. Analysts had projected earnings per share of $2.33 on revenue of $7.22 billion, according to FactSet. The company’s earnings were boosted by gains on technology investments, but even excluding that benefit, Lennar surpassed expectations. Lennar also increased its full-year guidance for home deliveries.
SoFi Technologies — The financial technology stock experienced a 4.2% decline following a downgrade by Oppenheimer, which shifted its rating from outperform to perform. Although the Wall Street firm expressed long-term bullishness, it believed that the stock price had appreciated more strongly than what was observed in the broader market.
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