Simon Property Group, American Airlines, IBM and more
An American Airlines plane lands at Miami International Airport on June 16, 2021 in Miami, Florida.
Joe Raedle | Getty Images
Find out which companies are making the midday headlines.
Simon Property Group – The mall operator rose 5% after Stifel upgraded inventory to buy holdback. The Wall Street firm said Simon Property Group’s recent underperformance is a good entry point into a stock poised to rebound.
Banks – Banks rebounded on Tuesday after taking a heavy blow on Monday as bond yields plummeted. JPMorgan, Citigroup and Bank of America are all up more than 2% as the 10-year US Treasury has passed 1.2%. Regions are trading even more, with Zions adding 7% and Regions and Fifth Third adding over 4.5%.
Virgin Galactic – Shares of the space tourism company have fallen more than 4% after rival Blue Origin landed its first manned flight with billionaire founder Jeff Bezos on board. Virgin Galactic and her found Richard Branson made their own maiden flight earlier this month.
PPG Industries – Shares fell more than 4% after the company reported lower than expected results. The paints and coatings maker earned adjusted $ 1.94 per share for its most recent quarter, below analysts’ consensus estimate of $ 2.19. PPG also warned that inputs and other costs would increase in the current quarter.
Airlines – The sector was among the hardest hit in Monday’s liquidation, losing around 4%, but is now climbing higher and recovering its losses. United and Delta Airlines were up about 4% at midday. American Airlines jumped about 5%.
Royal Caribbean Cruises – Shares of the cruise line rose more than 4.5% at midday, regaining losses on Monday. Carnival and Norwegian shares are also trading up about 6%.
IBM – Shares of the enterprise technology and services provider rose more than 3% after the company’s second-quarter profits beat revenue and profit estimates. IBM made an adjusted amount of $ 2.33 per share on revenue of $ 18.75 billion. Analysts expected the company to earn $ 2.29 per share on revenue of $ 18.29 billion, according to Refinitiv estimates. Revenue increased 3% year-on-year.
Halliburton – The oil services company rose 5% after reporting profit for a second consecutive quarter amid rebounding oil prices. The company earned 26 cents per share, which was ahead of the expected 23 cents. However, revenues were less than $ 3.71 billion against an expected $ 3.74 billion.
Apple – Shares of the tech giant rose more than 2%, helping to lift wider markets. UBS raised its price target for Apple ahead of next week’s earnings report, saying strong iPhone and Mac sales should boost action.
Citizens Financial – Shares rose 4% after reporting better-than-expected earnings. The company posted EPS of $ 1.46 per share, beating estimates by 35 cents, according to Refinitiv. However, turnover did not meet expectations.
KeyCorp – Shares rose 4% after the company broke the upper and lower lines of its quarterly results. KeyCorp reported a profit of 73 cents on revenue of $ 1.77 billion. Analysts had expected a profit of 54 cents on revenue of $ 1.73 billion, according to Refinitiv.
Philip Morris International – The cigarette maker fell more than 3% after the company missed second quarter revenue estimates. Philip Morris said $ 7.59 billion in quarterly revenue against Wall Street’s estimate of $ 7.69 billion, according to Refinitiv.
– with reporting by CNBC’s Tanaya Macheel, Hannah Miao, Pippa Stevens and Jesse Pound.