Lordstown Motors Corp. Endurance electric pickup trucks perform on stage during an unveiling event in Lordstown, Ohio, U.S. on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg |bergGetty Images
Check out the companies that make headlines in the daytime trading.
clean energy fuel — Shares of Clean Energy Fuels Soar More Than 14% Amid Forum Discussions Reddit’s WallStreetBets, a renewable natural gas company, has a relatively small float at 66%, meaning its stock is more manageable, and about 8% of the company’s float is short, according to FactSet.
Clover Health, ContextLogic, AMC Entertainment, Wendy’s — Some of the most popular Reddit stocks in the past few weeks lost space Wednesday as social media traders appeared to shift their focus to another idea. AMC’s shares fell nearly 10% in While Clover was down about 13%, ContextLogic was down more than 3%, and Wendy was down about 11%. Wendy’s was downgraded to hold based on being bought by Stifel.
Lordstown Motors Corp. — The electric car company saw its shares tumble more than 17 percent after it filed a lawsuit with the Securities and Exchange Commission saying it struggled to raise funds for the automaker and had “extreme doubts” about its ability. Going forward, Bank of America maintains a neutral rating on Lordstown, and RBC Capital Markets began reporting on Wednesday with a lower rating.
Campbell Soup Company — The food maker’s stock fell more than 5 percent in midday trading after reporting quarterly earnings of 57 cents a share, with analyst expectations missing 9 cents. Expect higher costs to affect margins. Although there will be a price increase at the end of this year.
Merck — The drugmaker’s shares rose more than 2 percent after the company said the U.S. government Agrees to pay about $1.2 billion for 1.7 million COVID-19 trial courses if authorized by US regulators. Merck expects to have more than 10 million treatment courses by the end of the year.
Abercrombie & Fitch — The clothing retailer’s shares rose more than 1 percent after Jefferies upgraded its shares to buy from its holdings. Jefferies said Abercrombie & Fitch was experiencing a brand lift that was underestimated on Wall Street.
Fox Corp. – Shares of the media giant jumped more than 3 percent in midday trading after Wells Fargo upgraded its stock and said it would climb to $47 in the next 12 months. Wells said it was bullish on the company’s exposure to sports betting: “Our detailed analysis of the sports betting situation indicates the share price will rise 17% to 34% over the next few years.”
— CNBC’s Pippa Stevens, Tanaya Macheel, Yun Li, Maggie Fitzgerald, Tom Franck and Jesse Pound contributed to the report.
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