Stocks making the biggest moves midday: Hilton Grand Vacations, Paramount, Albemarle and more
Check out the companies making headlines in midday trading. Hilton Grand Vacations — The stock declined roughly 8% after the lodging company said it would acquire Bluegreen Vacations for about $1.5 billion . Hilton Grand Vacations also posted its third-quarter results, posting revenue of $1.02 billion, down from $1.12 billion a year earlier. The company also trimmed its full-year guidance for adjusted earnings before interest, taxes, depreciation and amortization. Paramount Global — The entertainment giant tumbled 7.8% following a rare double-downgrade from Bank of America. The firm moved its rating to underperform from buy, noting there aren’t any significant opportunities to sell parts of the business on the horizon. Bloomin’ Brands – The restaurant operator saw shares dipped 2.2% after Raymond James downgraded the stock to outperform from strong buy , citing weak traffic and rising beef cost pressures after Bloomin’s third-quarter earnings release Friday. SolarEdge — Shares tumbled 5.1% after Wells Fargo downgraded shares to equal weight from overweight and cut its price target to $82 per share from $190. The downgrade comes on the back of the solar product manufacturer’s dismal fourth-quarter guidance due to weak demand. The stock is now down more than 75% year to date. Albemarle — Shares of the chemical company dropped 6.7% after UBS lowered its rating to neutral from buy and slashed its price target by more than 40%. The bank sees future risk to lithium volume growth, which could affect Albemarle’s earnings. Berkshire Hathaway —The B-class shares of Warren Buffett’s investment company fell 1.5% after Berkshire reported its third-quarter results on Saturday. The drop came despite Berkshire reporting growth in operating earnings and its cash pile. Berkshire did report an investment loss of $24.1 billion in the quarter. Dish Networks — Shares plunged more than 37% after the company missed on both top and bottom lines in the third quarter. The company posted losses of 26 cents per share on $3.7 billion in revenue. Analysts had forecasted earnings of 5 cents per share and revenue of $3.72 billion, according to LSEG. Constellation Energy — The energy company gained 6.5% after raising its earnings guidance for the full year. The company anticipates adjusted EBITDA of $3.80 billion to $4 billion, while its previous guidance was $3.3 billion to $3.7 billion. Chief financial officer Dan Eggers said the company’s gross margin outlook for 2023 is now $850 million higher than it expected at the start of the year, and also raised the outlook for 2024. Dominion Energy — Shares jumped 4.5% after Barclays upgraded shares to overweight from equal weight. The firm said Dominion’s latest earnings were a “positive inflection point.” Booking Holdings — The online travel company gained 3.9% after D.A. Davidson upgraded shares to buy and named it to its list of top picks. The firm said shares of Booking Holdings, whose shares are off 2.3% in the last three months, are worth buying on the dip. — CNBC’s Yun Li, Alex Harring, Pia Singh, Jesse Pound and Tanaya Macheel contributed reporting This post has been syndicated from a third-party source. View the original article here.
