Stocks making the biggest moves midday: Tesla, Wynn, Traeger, Amazon and more

January 3, 2023 by admin 0 Comments

Tesla charging stations at a car showroom in the morning light. The expansion of the charging infrastructure is still not progressing as desired.

Jan Woitas | Picture Alliance | Getty Images

Check out the companies making headlines in midday trading.

4 hours ago

6 hours ago

Wynn Resorts – Shares of Wynn Resorts added more than 2% after Wells Fargo upgraded the hotel and casino operator, saying it sees a significant reopening opportunity and citing China’s moves toward a full reopening. The call gave a boost to Las Vegas Sands, which added about 3% as well. MGM Resorts added 1%.

Traeger — The wood pellet grill maker dropped 8.3% after RBC downgraded the stock to sector perform from outperform. The firm said it believes in Traeger’s long-term positioning within the outdoor cooking space, but said it would likely have a delayed recovery.

Molina Healthcare — The health care company slid nearly 5% despite the company saying it expects revenue from California Medicaid to double under revised contracts.

Linde — Shares fell 3% following a Reuters report that said Russia froze almost $500 million in the German gas company’s assets. Linde suspended work on a contract with Russian companies after the European Union imposed sanctions following the invasion of Ukraine.

T-Mobile — The stock slid 1.7% following a downgrade to peer perform from perform by Wolfe. The firm cited slowing growth within telecommunications, while noting T-Mobile “remains a great story.”

PayPal – Shares added 4.1% after Truist upgraded PayPal to buy from hold, saying that estimates now look reasonable.

Block – Block rose as much as 7.4% after Baird upgraded the stock to outperform from neutral. The firm said shares are due for a comeback and should benefit from macro trends like rising rates. The stock later gave up that gain and was last flat.

Amazon — Shares gained 1% after Loop named the e-commerce giant a top idea for 2023, saying the stock is “well positioned to outperform.”

Coty — Shares of the beauty company rose 1.4% after being upgraded to overweight from neutral by Piper Sandler. Among the catalysts are Coty’s increasing exposure to China, which should allow for recovery tailwinds, the firm said.

Citigroup — The bank stock gained 1.4% after Bank of America reiterated it as a buy. The firm said the stock has an “interesting” risk/reward for investors looking for a “restructuring story.”

Molson Coors Beverage — Shares declined more than 3% after Wells Fargo downgraded the Molson Coors Beverage to underweight from equal weight, saying there is “significant downside to Street estimates in 2023” for the beverage and brewing company.

CVS — Shares dipped 1%. Evercore downgraded the stock to in line from outperform due to valuation.

— CNBC’s Samantha Subin, Carmen Reinicke, Michelle Fox, Jesse Pound, Sarah Min and Tanaya Macheel contributed reporting.

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