A Delta Airlines aircraft flies into San Diego International Airport (SAN) in San Diego, California, U.S., on Monday, April 27, 2020.
Bing Guan | Bloomberg | Getty Images
Here are the stocks making the biggest moves midday.
Walgreens Boots Alliance — Shares of retail and pharmacy chain plunged nearly 10% after the company missed earnings expectations for its fiscal third quarter. Walgreens reported adjusted earnings of 83 cents per share, 34 cents below what analysts surveyed by Refinitiv were expecting. The company raised its dividend, but suspended buybacks and gave forward guidance that was below expectations.
United, Delta, American — Airline stocks fell on Thursday as investors worried about the continued impact of the coronavirus pandemic on the travel industry. Shares of Delta Air Lines declined 4.3% after CEO Ed Bastian sent a memo that warned of continued demand weakness. American lost 4.1%, while United sank more than 5%.
Morgan Stanley, Goldman Sachs, Wells Fargo — Bank stocks lost ground on Thursday as interest rates moved lower and elevated new virus cases and jobless claims fed fears of a longer economic slowdown. Shares of Morgan Stanley, Goldman Sachs and Wells Fargo all fell more than 2%. Wells Fargo has tightened lending standards in recent weeks.
F5 Networks – Shares of F5 Networks jumped 5.6% after Morgan Stanley upgraded the technology company to overweight from equal-weight and hiked its forecast for the stock. The bank cited an “uncaptured value” in its software business as well as the diminishing headwinds from hardware.
PVH, Kohl’s, Gap — Retail stocks took a big hit on Thursday as investors moved away from stocks tied to the reopening of the economy. Shares of PVH and Kohl’s both fell nearly 7%, while Gap’s stock lost 4%.
Pentair – Shares of the water company gained more than 4% after Bank of America double upgraded the stock to a buy rating, from a prior underperform recommendation. The firm said that pool sales should rise as consumers continue to stay at home amid the pandemic.
Exxon, Chevron, ConocoPhillips – Shares of energy giant Exxon slid more than 3% on the heels of a decline in oil prices as a rising number of Covid-19 cases fuel concerns over additional lockdown measures. Chevron also shed more than 3%, while ConocoPhillips declined 5%.
Peloton — The home exercise stock rose 2.8% after Bank of America raised its price target on the stock to $72 per share from $54. The bank said in a note that “we think elevated case levels and health concerns could limit gym activity and drive continued order upside.”
Keurig Dr Pepper — The beverage stock rose 2.1% after Goldman Sachs upgraded the stock to buy from neutral. The bank said in a note that it sees “a favorable risk/reward” approaching the company’s earnings report and long-term growth from the coffee segment.
DocuSign – Shares of DocuSign gained more than 2% after JPMorgan raised its 12-month price target on the digital signature service company to $233 from $150 and reiterated its outperform rating. The bank said the company represents “an attractive opportunity for long-term capital appreciation,” citing the pandemic as a catalyst to accelerate its growth.
Cisco — Shares of the information technology company rose 1.3% after Morgan Stanley upgraded the stock to overweight from equal weight. The bank said in a note to clients that the stock is as now as cheap relative to the rest of the market as it has been at any point over the past decade.