Check out the companies making headlines midday Wednesday:
Under Armour — Shares of Under Armour rose more than 2% after Citi upgraded its rating on the athletic apparel maker to buy from neutral, saying Under Armour is “growing up” with a “renewed focus on driving profitability.”
Tesla — Shares of Tesla rose 1.67% after lawmakers began to push to expand federal tax credits for buyers of electric vehicles. A bipartisan group of lawmakers aims to grant each automaker $7,000 in additional tax credits for an additional 400,000 vehicles after it exhausts the first 200,000 vehicles eligible for the tax credit as per existing laws.
Lyft — Shares of Lyft tumbled more than 6% following skepticism of the company’s value amidst reports that rival Uber will unveil its public offering on Thursday. New York University professor Aswath Damodaran said Tuesday on CNBC that shares should be trading closer to $59 per share, cutting down $3 billion off the ride-sharing company’s $18 billion valuation. Investors also expect some competition on the public markets very soon from Uber.
First Solar — Shares of First Solar soared nearly 7%, on pace for its best day of the year, after Goldman Sachs added the stock to its “Americas Conviction List,” while reiterating its buy rating and raising the stock’s price target to $75 from $64. Goldman highlighted the strong demand from the utility and commercial end markets.
JD.com — Shares of JD.com fell nearly 2% after reports came out Wednesday that the Chinese e-commerce company plans to cut up to eight percent of its workforce, or 12,000 jobs. JD spokesperson declined to comment on the job cuts, saying that the company was getting back to “its entrepreneurial roots,” according to the reports.
Advanced Micro Devices – Shares of AMD rose nearly 3% after Cowen raised its 12-month price target on the semiconductor to $33 from $28. Cowen analysts said they are “increasingly confident” in Advanced Micro Devices’ product launches this year and its “competitive positioning” against rival Intel.
AmerisourceBergen — Shares of AmerisourceBergen fell almost 6% after analysts from Bank of America downgraded the stock to underperform from buy and lowered the 12-month price target to $76 from $95. Analysts at the bank cited uncertainty for the drug wholesale industry and recent challenges to the company’s biggest customer, Walgreens, for the downgrade.