Check out the companies making headlines in midday trading.
Tesla – Shares of Tesla shed 13% after the company announced fourth-quarter vehicle deliveries that fell short of Wall Street’s expectations. The electric vehicle maker delivered 405,278 cars in the fourth quarter, where the median analyst estimate was around 427,000, according to FactSet.
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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.