Home Finance Shake Shack, Lordstown Motors, Coinbase and more

Shake Shack, Lordstown Motors, Coinbase and more

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A pedestrian wearing a protective mask walks past a Shake Shack restaurant on Monday, April 20, 2020 in Washington, DC, US.

Edneroo Harrer | Bloomberg | Getty Images

Learn about the companies making headlines in mid-day trading.

Lordstown Motors Electric vehicle stock plunges after 7.5% The company cut its guidance for production and year-end cash. Lordstown said it would need to raise more capital.

shake Shack Shares of the restaurant company jumped 4.5% after one Bullish Call from Goldman Sachs. The firm upgraded the stock to a buy rating, saying the recent pullback gives investors an opportunity to take the stock. “The company’s small size and unique footprint lag behind the company’s recovery from COVID, making it one of the last re-opening plays in the space,” Goldman said in a note to clients.

modern Pharmaceutical stock is up nearly 3.1% after the company has a Covid-19 vaccine 100% effective in teens. Moderna said it plans to ask the Food and Drug Administration to expand emergency use of its COVID vaccine to teens as early as next month.

IAC / Interactive and vimeo Shares of IAC fell 5.6% after the spinoff of Vimeo to IAC shareholders. Vimeo began trading as a standalone public company on the Nasdaq today, with Vimeo shares down 12.9%. The video platform debuted with a valuation of around $10 billion.

canopy development The cannabis stock rose 6.5% after MKM Partners upgraded the stock from “neutral” to “buy”. MKM said sentiment around the cannabis sector is low, making Canopy’s risk and reward “very favorable”.

petco Shares of the pet products retailer fell 2.2% after the company announced A secondary stock offering of 22 million shares. The selling stockholder gave the underwriters a 30-day option to purchase another 3.3 million shares. The company said that Petco would not receive any proceeds from the offering.

coinbase — Cryptocurrency exchange shares rose nearly 7.6% JPMorgan begins coverage of stock with “overweight” rating. JP Morgan said that despite the recent volatility in the price of bitcoin and other cryptocurrencies, the future of crypto is bright. The recovery in bitcoin prices also helped the stock.

– CNBC’s Pippa Stevens, Jesse Pound, Tanaya Machel and Berkeley Lovelace Jr. contribution reporting

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