Check out the companies making headlines midday on Monday:
Avis Budget Group — Shares of the car-rental company jumped 7 percent after Goldman Sachs upgraded it to buy from sell, citing an attractive valuation. The analyst also sees a 36.3 percent upside for Avis over the next 12 months.
Electronic Arts — The video-game maker climbed more than 5 percent after Bank of America Merrill Lynch upgraded it to buy from neutral. Bank of America also hiked its price target on Electronic Arts to $110 a share from $95.
Loews Corp — Shares of the hospitality company fell 6.2 percent as Loews reported a loss of 53 cents a share for its fourth-quarter report. Lowes revenue in the quarter fell to $3.3 billion, down over $250 million from the same period a year ago.
Pfizer — One of the world’s largest pharmaceutical companies slid 1.5 percent Monday after its Japanese subsidiary recalled hundreds of thousands of tablets of a drug for high blood pressure. More than 763,000 tablets of the drug Amvalo, manufactured from April to July in Mylan, are the subject of recall, Pfizer Japan said in a statement.
Goodyear Tire & Rubber Company — Shares of the he multinational tire manufacturing company dropped more than 3.5 percent in midday trading after two brokerages downgraded the stock. Argus Research cut the equity to a hold rating citing reduced earnings estimates and near-term cost headwinds.
Tesla – The electric carmaker rallied after Canaccord Genuity upgraded Tesla to buy from hold, with a new price target that represents a 47 percent upside for the stock. The firm predicted more electric vehicle penetration and the company getting closer to building an affordable car for the masses.
Activision Blizzard — The video gaming giant fell 7 percent Monday following a Bloomberg report that it plans to announce job cuts “in the hundreds” this week. The layoffs would be part of a restructuring effort as the company faces sluggish sales, Bloomberg reported, citing unnamed sources familiar with the matter.
Norfolk Southern Corp. — The railroad holding company surged 4 percent after outlining a strategic plan that focuses on increased productivity and revenue growth at its investor conference. CEO James Squires said in a press release that the lower costs and more efficiency would “deliver stronger margins.”
Avaya Holdings — The multinational technology company that specializes in business communications, dropped 11.74 percent following its release of weaker-than-expected earnings and revenues for their first-quarter. The company also named Kieran McGrath as their new CFO, effective February 15, 2019.
—CNBC’s Tom Franck, Kate Rooney, Nadine El-Bawab and Michael Sheetz contributed to this report.
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