The Ford company logo is displayed on a sign outside of the Chicago Assembly Plant on February 03, 2021 in Chicago, Illinois.
Scott Olson | Getty Images
Check out the companies making headlines in midday trading.
Ford — The auto stock jumped 7% following an 8% rally in the previous session. Thursday’s gain came after RBC upgraded the stock to outperform from sector perform, saying Ford’s updated business strategy should bring investors off the sidelines as the company’s electric-vehicle future becomes more clear.
Dollar Tree — Dollar Tree shares dropped 7.7%, despite the company beating Wall Street’s expectations on the top and bottom lines for its latest quarter, according to Refinitiv. The retailer issued a full-year outlook lower than analysts’ projections.
Dollar General — Shares of the discount store rose 2.2% after the company reported quarterly earnings of $2.82 per share. Analysts were expecting earnings of $2.19 a share, according to Refinitiv. Dollar General also raised its full-year forecast, citing enhanced performance from the most recent round of government stimulus checks.
Boeing and General Electric — Shares of Boeing and General Electric rose after airliner manufacturer Airbus announced ambitious production plans with a goal of 64 A320 models per month by the second quarter of 2023. Boeing shares gained about 3.9% and General Electric shares rose nearly 7.1% following the announcement.
Okta — Okta shares tumbled 9.8% after the maker of identity management software projected a wider-than-expected loss for the current quarter. Okta also announced the departure of chief financial officer Mike Kourey.
Airbnb — Shares of Airbnb gained 6.3% after RBC initiated coverage of the stock with a “buy” rating. The online platform announced several changes to its platform Monday focused on flexibility ahead of an expected travel boom as pandemic restrictions ease.
General Motors — The Detroit automaker’s stock was up roughly 3% after announcing it will restart production at five assembly plants in North America next week, which had halted production because of a global semiconductor chips shortage. It also said its Bupyeong 1 Assembly in Korea, which has operated at half capacity since April 26, will resume full production next week.
Occidental Petroleum — The energy stock rose 3.1% after Goldman Sachs upgraded Occidental to buy from neutral. The investment firm said that higher oil prices should allow Occidental to cut its debt load.
— CNBC’s Maggie Fitzgerald, Yun Li, Jesse Pound and Tanaya Macheel contributed reporting
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