Check out the companies making headlines midday Wednesday:
Mattel — Toy maker Mattel’s stock jumped 5.3% on news that the company rejected a second merger offer from Bratz doll maker MGA Entertainment. MGA CEO Isaac Larian revealed the attempted merger in emails he shared with Reuters, which showed he demanded to become Mattel’s chairman and CEO and that all of Mattel’s board members resign “without any further compensation.”
Beyond Meat — The plant-based meat products maker jumped 12.6% after the company announced that its breakfast sandwiches are now available at almost 4,000 Tim Hortons restaurants across Canada. Beyond Meat did not include the Canadian coffee chain in its revenue forecast as it was still in testing stages.
Lam Research — Lam Research, which specializes in semiconductor processing equipment, dropped more than 5% after an analyst at Evercore ISI downgraded the stock to in line from outperform, citing a slower-than-expected recovery within the chipmaker space. The analyst also downgraded and cut price targets on other semiconductor stocks, including Western Digital and Micron Technology.
Dave & Buster’s Entertainment — Shares of Dave & Buster’s plunged more than 22% on a disappointing quarterly report. The restaurant and entertainment company reported earnings of $1.13 per share on $364 million in revenue, both missing consensus estimates from Refinitiv. The company also lowered its full-year revenue guidance.
Chico’s FAS — The retailer’s stock fell 3.8% on the back of a bigger-than-expected drop in quarterly same-stores sales. Chico’s reported same-store sales dropped 7% in the previous quarter, while analysts polled by Refinitv expected a slide of 6.6%. The weak sales offset stronger-than-forecast earnings.
CrowdStrike Holdings — Shares of CrowdStrike Holdings, a company that provides cloud-based security, skyrocketed more than 70% in their first day of trading. The company’s IPO was priced at $34 per share. CrowdStrike shares traded around $67 a share midday.
Cisco Systems —Cisco shares fell 2.2% after an analyst at William Blair downgraded the stock from to market perform from outperfom. The analyst cited “tightening demand across the IT infrastructure universe” and increased competition, among other factors, for the downgrade.
Farfetch — Shares of the online luxury retail platform climbed 0.4% after KeyBanc initiated them with an overweight rating, citing a potential for a “secular tailwind” for the company as luxury goods gain a bigger online presence.
Teva Pharmaceutical Industries — Teva shares dropped more than 4% after a judge rejected its $85 million settlement with the state of Oklahoma to end an opioids-related case. The news raised concern that Teva’s liability in the case could be bigger than the settlement.
