Stocks making the biggest moves midday: Lyft, Under Armour, Yelp, Marriott & more

Finance

The Marriott hotel in Times Square is barricaded as much of the city is void of cars and pedestrians over fears of spreading the coronavirus on March 22, 2020 in New York City.

Spencer Platt | Getty Images

Check out the companies making headlines midday Monday:

Marriott International — Shares of the hotel operator fell more than 5% after reporting dismal quarterly earnings. Marriott reported adjusted earnings of adjusted 26 cents per share for the first quarter, well below the consensus estimate of 80 cents, according to Refinitiv. Marriott said business was improving in China, and stabilizing in the rest of the world, although at extremely low levels.

AutoNation — Shares of the car retailer jumped 5.5% after the company reported better-than-expected revenue for its latest quarter. AutoNation reported sales of $4.667 billion, compared to the $4.57 billion expected by analysts, according to Refinitiv. AutoNation said sales did strengthen during the final 10 days of April.

Lyft — An analyst at Stifel downgraded the ride-hailing company to hold from buy, sending Lyft shares down 5%. “We are challenged to continue to recommend shares at this time given the likely slow and uncertain path to recovery for the domestic ridehailing market,” the analyst wrote in a note to clients.

Yelp — Yelp shares dropped 5.6% after an analyst at BMO Capital Markets downgraded them to market perform from outperform, noting there were “no silver linings” from the company’s disappointing quarterly results.

AbbVie — AbbVie’s stock climbed 1.5% after Morgan Stanley resumed coverage of the biopharmaceutical company with an overweight rating. “We view Humira erosion fears as overly discounted and Abbvie’s prospects as underappreciated. This is an earnings and multiple call, and we see a positive risk-reward skew given ABBV’s 5.6% dividend yield,” according to the analyst.

Nvidia — Needham hiked its 12-month price target on the chipmaker to $360 per share from $270 per share, implying an 18.4% upside from Friday’s close of $312.50. The hike was driven by “higher Nintendo Switch estimates and discrete GPU sales due to strong adoption of gaming titles.” Nvidia shares traded 3.1% higher. 

American Airlines, United, Delta — Airline stocks fell on Monday as investors had doubts about the U.S. reopening the economy effectively. The shares also fell after the United Kingdom implemented new restrictions on people traveling to the country. United Airlines fell 7.1%, while United dropped 3.9% and American fell 3.6%.

Royal Caribbean, Norwegian Cruise Line, Carnival — Cruise line stocks fell broadly as investors grew jittery about a potential second wave of coronavirus cases as global economies start to reopen. Royal Caribbean traded lower by 4.8% and 3.2%, respectively, while Norwegian Cruise Line dropped 6.2%.

Cardinal Health — Shares of the drug distributor rose more than 5% after reporting adjusted quarterly earnings of $1.62 per share, beating the consensus estimate of $1.43, according to Refinitiv. Revenue also beat forecasts of $36.95 billion, coming in at $39.16 billion. Its businesses did see increased volume related to the coronavirus pandemic. 

Mosaic — Mosaic shares dropped more than 8% after an analyst at Bank of America downgraded the stock to underperform from buy. The analyst said “potash and phosphate are unlikely to see significant price recovery given abundant global supply of both nutrients as well as weakening demand from Southeast Asia and the broader northern hemisphere.”

Under Armour — Under Armour shares dropped 13% after the retailer said first quarter sales declined by 23% as stores closed during the global pandemic. For the quarter the company lost 34 cents per share on an adjusted basis, on revenue of $930.2 million. The company outlined plans to cut costs by $325 million in 2020 amid the ongoing sales slump.

—CNBC’s Michael Bloom, Jesse Pound, Pippa Stevens and Jesse Pound contributed to this report. 

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