A Tesla dealership is seen in West Drayton, just outside London, Britain February 7, 2018.
Hannah McKay | Reuters
Find out which companies are making headlines in the midday business.
Tesla – Shares rose about 2.2% after UBS upgraded the electric vehicle stock to buy from neutral. The company said Tesla’s pullback this year provides an “attractive entry point” for investors. “We believe the operating outlook is stronger than ever,” UBS said.
Signet Jewelers – Shares of the jewelry retailer rose about 9% after the company posted quarterly profit and revenue that beat analysts’ estimates and issued an upbeat forecast for the year. Signet also expanded its share buyback authorization by $500 million.
Five Under – The discount retailer’s stock lost 2.9% after a slight drop in profits but a drop in revenue in the last quarter. Five tips below the cut for the year.
Nio — Nio’s stock fell 7% following the Chinese electric vehicle maker’s recent quarterly earnings report. The company has struggled during the Covid-19 shutdowns in China and faces a squeeze on margins that isn’t expected to start recovering until the third quarter, CEO William Bin Li said on an earnings call. .
Novavax – Shares of the drugmaker fell 16% on news that the FDA may postpone a decision on Novavax’s Covid-19 vaccine. The FDA must assess changes to the drugmaker’s manufacturing process, a spokesperson told CNBC.
Ollie’s Bargain Outlet – The discount retailer’s stock jumped 6.2% on an upgrade from RBC Capital Markets to outperform the sector’s performance following Ollie’s recent quarterly report.
Skillsoft – Skillsoft’s stock fell 16% after the learning platform released its quarterly results. The company reported a smaller loss than analysts expected, but posted revenue below analysts’ expectations.
– CNBC’s Tanaya Macheel and Hannah Miao contributed reporting.