Simon Property Group, American Airways, IBM and extra
An American Airlines aircraft lands at Miami International Airport in Miami, Florida on June 16, 2021.
Joe Raedle | Getty Images
Check out the companies that are making headlines in midday trading.
Simon Property Group – The mall operator rose 7.2% after Stifel upgraded the stock to buy off hold. The Wall Street firm said Simon Property Group’s recent underperformance was a good entry point into a stock poised to rebound.
Banks – Banks rebounded Tuesday after suffering a blow on Monday as bond yields plummeted. JPMorgan, Citigroup and Bank of America are all up more than 2%, while US 10-year Treasuries are up over 1.2%. Regionals trade even higher, with Zions adding 7% and Regions and Fifth Third adding more than 4.5%.
Virgin Galactic – The space tourism company’s shares fell 1.1% after rival Blue Origin successfully completed its first manned flight with billionaire founder Jeff Bezos on board. Virgin Galactic and its found Richard Branson completed their own maiden flight earlier this month.
PPG Industries – Shares fell 4.4% after the company reported worse-than-expected earnings results. The paint and coatings maker earned an adjusted $ 1.94 per share last quarter, falling short of its consensus estimate of $ 2.19. PPG also warned that input and other costs would rise in the current quarter.
Airlines – The sector was one of the hardest hit sectors during Monday’s sell-off, losing around 4%, but is now climbing higher and making up for its losses. United and Delta Airlines gained around 4% in midday trading. American Airlines rose about 5%.
Royal Caribbean Cruises – The cruise company’s stock rose 7.8%, making up for Monday’s losses. Carnival and Norwegian stocks are also trading roughly 6% higher.
IBM – Shares in the enterprise technology and services provider rose 1.5% after the company’s earnings surpassed sales and earnings estimates in the second quarter. IBM made an adjusted $ 2.33 per share on revenue of $ 18.75 billion. Analysts had expected the company to make $ 2.29 per share on sales of $ 18.29 billion, according to Refinitiv estimates. Sales increased by 3% compared to the previous year.
Halliburton – The oilfield services company rose 3.7% after posting profit for the second straight quarter on a rebound in oil prices. The company earned 26 cents per share, which was above the 23 cents expected. However, sales of $ 3.71 billion fell short of the expected $ 3.74 billion.
Apple – The tech giant’s stocks rose 2.6%, helping to boost the broader markets. UBS raised its target price on Apple ahead of next week’s earnings report, saying strong iPhone and Mac sales should boost the stock.
Citizens Financial – Shares rose 3.6% after reporting better-than-expected gains. The company posted earnings per share of $ 1.46, according to Refinitiv, beating estimates by 35 cents. However, sales fell short of expectations.
KeyCorp – Shares rose 3.3% after the company beat the top and bottom lines of its quarterly results. KeyCorp reported a profit of 73 cents on sales of $ 1.77 billion. According to Refinitiv, analysts expected a profit of 54 cents on sales of 1.73 billion US dollars.
Philip Morris International – The cigarette maker lost 3.1% after missing its second quarter sales estimates. Philip Morris reported quarterly sales of $ 7.59 billion versus Wall Street’s estimate of $ 7.69 billion, according to Refinitiv.
– with reports from Tanaya Macheel, Hannah Miao, Pippa Stevens and Jesse Pound from CNBC.