General Mills Cheerios for sale on a store shelf.
Lisa Baertlein | Reuters
Check out the companies making headlines in midday trading on Wednesday.
Freyr Battery: Shares of the electric vehicle battery maker jumped 17.6% after Morgan Stanley said the company’s price target was double what it is now. The bullish price estimate was three times higher than its current price.
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Stitch Fix: Stitch Fix rose about 12%, even after the company posted weak quarterly numbers. The online styling company lost 89 cents per share last quarter on net income that fell 16% from the same quarter a year ago.
General Mills: Shares of the food maker rose 7% after the company posted better-than-expected quarterly profit. General Mills also raised its full-year sales forecast amid higher prices and strong demand for cereal, snacks and pet food.
Trupanion: Shares advanced 5.4% after Jefferies initiated coverage of Trupanion with a buy rating, saying the pet insurance company is well-positioned for further gains in the pet health trend.
Chemours: Shares of Chemours fell more than 3% after the chemicals company cut its full-year guidance. The company now sees adjusted EBITDA in the range of $1.4 billion to $1.45 billion, down from previous guidance of $1.475 billion to $1.575 billion.
Sotera Health: Shares of Sotera Health fell more than 7% after JPMorgan downgraded the company to underweight from overweight, citing risks from more than 700 pending trials.
Aurora Cannabis: Shares of the cannabis producer fell 7% after the company reported a break-even quarter, on an adjusted basis. Analysts had forecast a quarterly loss. Aurora’s overall revenue was slightly below expectations.
Beyond Meat: Shares of Beyond Meat rose 3% after the company announced it had suspended chief operating officer Doug Ramsey after he was arrested Saturday on charges of terroristic threats and third-degree battery following an incident at a college football game. The company announced Tuesday that Jonathan Nelson, senior vice president of manufacturing operations, will oversee Beyond’s operations activities on an interim basis.
Coty: Shares rose 5.6% after the beauty company said it has a strategy to double skin care sales by fiscal 2025. The announcement came before Coty’s investor event Wednesday morning.
Arista Networks: Shares of the cloud services provider rose 3.6% after Barclays upgraded the stock to buy, saying Arista can sustain its revenue growth for years to come.
Lockheed Martin, Raytheon Technologies, Northrop Grumman, L3Harris — Defense stocks rose on Wednesday after Russian President Vladimir Putin announced a partial military mobilization for the war in Ukraine, signaling that the conflict will continue in the near future months. Shares of Lockheed Martin, Raytheon and Northrop Grumman rose more than 2%. L3 Harris rose more than 3%.
PayPal: Shares rose 1.8% after Bank of America added PayPal to its list of top US ideas. The company pulled Visa, though that stock remains a buy rating.
– CNBC’s Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Carmen Reinicke contributed reporting
