Check out the companies making headlines in midday trading.
Zoom Video — Shares of the video conferencing company gained more than 3% after Mizuho initiated coverage on the stock with a buy rating and $550 target. "We believe Zoom can continue to deliver outsized revenue growth due to its position as a market leader, its global recognition, cross-sell opportunities, and its position in a growing and underpenetrated long-tail market," the firm said. Shares are up more than 600% this year.
NXP Semiconductors — The semi company jumped 4% after lifting its guidance for the previous quarter. "We experienced material improvement in demand across all end markets, but particularly in the automotive and mobile end markets," NXP said in a statement.
Carnival, Norwegian Cruise Line, Royal Caribbean — Cruise operator stocks rose after the White House announced Vice President Mike Pence will meet with industry officials later in the day. Carnival gained 0.8%. Norwegian Cruise Line and Royal Caribbean advanced more than 2% each.
General Electric — GE shares rose 3.3% after a Goldman Sachs analyst gave the stock a buy rating and a 12-month price target of $10 per share, implying an upside of 50%. "We might be a little early on the turn in the stock, but we believe we are at a bottom from both a fundamental and sentiment perspective," the analyst said in a note.
Advanced Micro Devices, Xilinx — The two chip stocks moved in opposite directions on Friday after The Wall Street Journal reported that AMD was in advanced talks to buy the rival company. Shares of Xilinx popped more than 12%, while AMD's stock slid 4.2%.
Etsy — Shares of Etsy gained more than 3% following a bullish note from research firm Needham, which has a buy rating and $150 price target on the stock. The Wall Street firm said demand for masks is good for Etsy, and that first time users are returning to the e-commerce site.
Big Lots — Shares of the retailer jumped nearly 4% after the company reported better-than-expected quarterly results. Big Lots reported earnings of 53 cents per share on revenue of $1.252 billion. Analysts expected earnings of 40 cents per share on revenue of $1.248 billion, according to Refinitiv.
Teradyne — Shares of the equipment maker rose more than 3% after Stifel upgraded the company to a buy rating. "From both a top-down and bottom-up perspective our view on the company's growth prospects in semi test and industrial robotics has improved," the firm said. Stifel also raised its target on the stock from $85 to $115.
3D Systems — The 3D printing company jumped more than 6% after Berenberg initiated coverage on the stock with a buy rating. The firm said that 3D's more than 20% decline year to date is "overdone," and that the stock offers investors an attractive risk/reward at current levels. "In our view, investors are underestimating the potential of DDD's recently launched technologies," the firm added.
DraftKings — Shares of the gaming stock fell 3.8% as concerns about the NFL's ability to play a full season continued to grow. ESPN reported that the New York Jets had a positive test for Covid-19 and sent their players home on Friday. The Jets are scheduled to play the Arizona Cardinals this weekend.
- CNBC's Maggie Fitzgerald, Fred Imbert and Jesse Pound contributed reporting.
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