An exterior view shows Encore Las Vegas (L) and Wynn Las Vegas as the coronavirus continues to spread across the United States on March 15, 2020 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Take a look at the companies making headlines in midday trading.
Las Vegas Sands, Wynn Resorts: Shares of the casino operators rose about 11% after Macau announced its plan to allow Chinese tour groups to return to casinos as early as November. Macau’s government said it will resume visiting access from mainland China via e-visits and visas in a few months. Jefferies upgraded the duo to buy from hold following the reopening announcement.
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Li Auto, Xpeng – All Chinese electric vehicle makers saw shares rise after Beijing announced an expansion of tax breaks for electric vehicles. Xpeng rose about 3%. Li, a competitor, jumped about 5.5% despite cutting guidance for the third quarter.
Chegg: Shares of the education technology company rose more than 6% after Needham upgraded the company to a buy rating from hold. The firm has a $28 price target on Chegg stock, which represents a 48% upside from Friday’s close.
Vertical aerospace: The Bristol, England-based manufacturer of electric vertical takeoff and landing aircraft test flew its VX4 eVTOL model for the first time over the weekend, while tethered to the ground. Shares fell 8%.
Atlas: Shares of the asset management company rose 3.7% after Poseidon Acquisition said it had raised its offer to $15.50 a share, from $14.45. Poseidon called the offer his “final and best offer.”
Core Laboratories: Shares of the energy company fell 3.4% after Morgan Stanley downgraded Core Laboratories to underweight from equal weight. Morgan Stanley said Core appeared to have less free cash flow upside than peers and outsized international exposure that could weigh on results.
Planet Fitness: The gym’s shares rose 2% after Raymond James upgraded Planet Fitness to a strong market buy. The investment firm cited a “highly resilient business model” and a clean balance sheet as reasons to be bullish on the stock.
AMC Entertainment: Shares of the movie giant and meme favorite fell 8% after news that AMC would likely sell up to 425 million units of APE, its preferred stock. APE jumped about 5%.
Kimco Realty: Shares of the real estate investment trust fell more than 5%, becoming the worst performer in the S&P 500. Kimco invests in shopping centers. The real estate sector generally underperformed the broad market index, down more than 3%.
PG&E: The utility rose 1%, continuing a pre-market rally. PG&E will replace Citrix Systems in the S&P 500, S&P Dow Jones Indices said Friday.
LAVA Therapeutics: The healthcare company surged 89% after the announcement that Seagen will produce LAVA’s tumor-targeting therapy. LAVA will receive $50 million upfront with the potential for up to $650 million more as part of the deal.
Amazon: Shares of the e-commerce giant rose 1% after news of a Prime Day-like event for members in October.
Lyft: Shares of the ride-hailing company fell about 3% after UBS downgraded the stock to neutral from a buy. The company said it is skeptical that Lyft can deliver industry-wide top-line growth.
Estée Lauder — The cosmetics company rose 1% after announcing a partnership with BALMAIN focused on luxury beauty products.
— CNBC’s Yun Li, Jesse Pound, Tanaya Macheel, Scott Schnipper and Darla Mercado provide reports
