Gasoline pumps sit empty at an Exxon gas station in Charlotte, North Carolina on May 12, 2021.
LOGAN CYRUS | AFP | Getty Images
Check out the companies making headlines on Tuesday at noon.
Exxon Mobil – Exxon Mobil shares jumped 6.3% after Credit Suisse upgraded them to perform better from neutral and said they could jump another 45% from current levels. The oil and gas company’s divergent business strategy sets it up to take advantage of soaring oil prices, the company said.
Diamondback Energy – Shares of the energy company rose 8.2% after Diamondback’s board approved an increase in its capital repayment program to at least 75% of free cash flow, relative to its commitment precedent of at least 50% of free cash flow.
Alphabet — Shares of Google’s parent company gained 4.1% following a report from AdAge that the search giant is in talks with Netflix about a possible advertising partnership. Google has become a favorite to partner with Netflix, according to the report.
Kellogg – Shares of the grain company gained 2% after Kellogg on Tuesday announced plans to split into three separate public companies which would revolve around its snacking, cereal and plant activities. The tax-free spinoffs are expected to be completed by the end of 2023.
You’re here – Shares of the electric vehicle maker soared 9.4% after CEO Elon Musk provided more clarity on planned job cuts which were announced earlier this month. Musk said the company would lay off 3.5% of the workforce, calling the amount “not great material.”
Spirit Airlines — The discount airline saw its shares jump 7.9% after JetBlue strengthened its takeover offer for the company from $2 per share to $33.50 per share. Spirit also offers a Frontier Airlines offer. The company said it expects to decide on the proposal by June 30.
Palantir Technologies – Shares jumped 5.7% after Bank of America launched cover of the defense technology company with a buy rating. The company said investors were underestimating the demand for artificial intelligence that is expected to boost Palantir shares.
centene – Shares of the healthcare company rose 6% after Credit Suisse upgraded it to surpass from neutral, saying its headwinds are already priced in and it could climb another 10% from its current price.
Lennar — The homebuilder’s stock gained 1.6% after Lennar’s second-quarter results beat expectations. The company earned $4.49 per share on revenue of $8.36 billion. Analysts polled by Refinitiv had expected $3.96 per share on $8.08 billion in revenue. However, the company’s executive chairman commented on the uncertainty in the housing market, saying the third-quarter forecast was closer to “guessing” than “guiding.”
– CNBC’s Jesse Pound and Sarah Min contributed reporting
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