A worker at a Lennar home under construction.
Justin Sullivan | Getty Images News | Getty Images
Check out the companies making the biggest moves midday Monday:
DR Horton, Lennar, PulteGroup — Shares of homebuilders rose Monday after KeyBanc upgraded the sector to double to overweight from underweight. Analyst Kenneth Zener said homebuilders, which have underperformed this year, tend to recover sooner and more strongly than the broader market. Shares of Lennar rose about 2%, while DR Horton gained more than 2% and PulteGroup rose nearly 4%.
Array Technologies: The solar stock rose more than 3% after Piper Sandler upgraded Array Technologies to overweight from neutral, saying the company has more upside on an improving future outlook.
SunOpta: Shares of SunOpta rose more than 5% after being named a top pick by Cowen. Analyst Brian Holland, who has a buy rating on the stock, wrote in a note that “the company’s capital agnostic stance and execution offer strong growth outlooks underappreciated by the market.” Its price target of $15 implies a 55.9% upside from Friday’s close.
Opendoor Technologies: Opendoor fell 6% after a Bloomberg report that iBuyer lost money on 42% of its resales in August. Like others in the housing space, the company faces headwinds such as a housing downturn and mortgage rates above 6%.
AutoZone: Shares of AutoZone fell more than 2% as traders looked at a mixed quarterly earnings report. The company’s gross margins of 51.5% were slightly below StreetAccount’s estimate of 51.9%. Still, AutoZone earned $40.50 per share in the previous quarter, beating a forecast of $38.51 per share.
NCR: Shares of NCR fell nearly 3% after being downgraded to equal weight from overweight by Morgan Stanley. The company said the path to unlocking shareholder value is “less clear and longer” after the enterprise payment solutions company said on Friday it would split into two companies.
Wix: Shares of Wix rose 11% after activist investor Starboard Value disclosed a 9% stake in the web development platform company. According to Reuters, Starboard has spoken with Wix about how it can improve the company’s operations, which has lost half its value this year.
Coinbase: Shares of the cryptocurrency exchange fell more than 7% as the price of bitcoin fell to its lowest level since June and traders continued to unwind short positions after the merger was completed of Ethereum. Stocks also fell on Monday ahead of the Fed’s decision this week. Crypto prices are heavily macro-based, and Coinbase’s revenue is heavily dependent on trading fees.
Theravance Biopharma – Theravance rose more than 3% after announcing a $250 million share buyback program.
Airlines — United Airlines, Alaska Air and American Airlines rose more than 3% to be among the top performers in the S&P 500 on Monday.
Gamco Investors: Shares of the Mario Gabelli-led investment firm fell nearly 12% after announcing after the bell on Friday that it was voluntarily delisting from the New York Stock Exchange. Gamco has filed to have its common stock listed on the OTCQX platform, operated by OTC Markets Group.
Ralph Lauren: The luxury apparel and home goods maker rose nearly 2% after an investor update indicated high single-digit sales growth.
—CNBC’s Alexander Harring, Sarah Min, Jesse Pound, Tanaya Macheel and Yun Li contributed to this report.
