A movie signal displays the emblem for Roku Inc, a Fox-backed video streaming company, in Times Square after the firm’s IPO in the Nasdaq Marketplace in New York, U.S., September 28, 2017.
Brendan McDermid | Reuters
Check out the companies making headlines in midday trading:
United Technologies, Raytheon — Shares of United Technologies rose 1.7 percent, while Raytheon’s stock was largely unchanged, following shareholder meetings at every defense contractor approved a merger of equals. The deal will see United Technologies’ aerospace business combined with Raytheon and is anticipated to close in the first half of next year.
Roku — Roku stocks jumped 4.7percent on news that Citadel Securities took a 5 percent stake from the media-streaming device manufacturer. The stock also got a boost after an analyst at RBC Capital Markets upgraded it to outperform from market perform. The analyst cited a “compelling” evaluation and strong revenue growth among the reasons for the upgrade.
Wendy’s — Shares of this fast-food chain gained 4 percent after Wendy’s gave additional information about its plans to launch nationally breakfast and expand in Europe. The company said it will invest about $20 million to encourage U.S. shops in preparation of the 2020 breakfast rollout. Wendy’s also anticipates breakfast to become at least 10percent of its daily sales.
Johnson & Johnson — Shares of the pharmaceutical giant gained 1.8% later Bernstein upgraded the firm to an outperform rating. The company said the stock is currently at a “historically cheap” evaluation, which they expect the provider’s ongoing lawsuits to be solved over the next 6 – 12 months.
Crowdstrike — The cyber security firm’s stock fell 1.9% after a downgrade to market at Goldman Sachs. While the company believes that the company “is uniquely positioned to continue to take market share,” after the stock’s 85% profit since its June IPO, the company believes that at this stage expectations are “elevated.”
SAP — Shares of SAP surged 9.5% following the German software firm declared Bill McDermott is stepping down as CEO after nine decades. SAP also pre-announced third-quarter effects, which beat expectations in part because of a cloud customer.
Fastenal — Shares of Fastenal skyrocketed 17.2% after the maker of industrial and construction materials reported stronger-than-expected earnings. Fastenal earned 37 cents per share from the past quarter, 2 cents above estimates, while revenue also came slightly above Wall Street forecasts. The powerful result came from higher unit sales and higher costs that was implemented to mitigate the consequences of overall and tariff-related inflation.
— CNBC’s Pippa Stevens, Yun Li and Fred Imbert contributed to this report.