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Stocks making the biggest moves midday: Micron Technology, Wynn Resorts, Estee Lauder & more

Check out the companies making headlines midday Monday:

Micron TechnologyAdvanced Micro DevicesOn Semiconductor — The semiconductor stocks rose after the U.S. granted Huawei another 90 days to buy from American suppliers. “We’re giving them a little more time to wean themselves off,” Commerce Secretary Wilbur Ross said. Micron and AMD gained 3.4% and 1%, respectively. Shares of On Semiconductor advanced 2.7%.

Chevron — Shares of the energy company rose 1.3% after an analyst at Barclays initiated them with an overweight rating. The analyst said Chevron is “well positioned” for a return of “significant” free cash flow to its shareholders.

Deckers Outdoor — Shares of Deckers gained 2.6% on Monday after the footwear company was upgraded to buy from hold by Pivotal Research Group. The analysts cited winter weather as a potential catalyst for the maker of Uggs footwear and said a recent slide in price made the stock more attractive. Shares are down roughly 20% in the past month.

Amgen — Shares of pharmaceutical giant Amgen slid as much as 1.4% on Monday after analysts at Mizuho downgraded the company to neutral from buy. The analysts said the downgrade was based “solely on valuation” and increased the price target to $212 per share from $208. The share price has risen more than 10 percent in the past month.

Aramark — The food service company’s stock soared 8.3% after a Securities and Exchange Commission filing showed that private equity firm Mantle Ridge had claimed a 20% stake.

Las Vegas SandsWynn Resorts — Major casino stocks Las Vegas Sands and Wynn Resorts jumped on Monday after a report indicated growing gambling revenue in Macau. Analysts from Nomura Instinet estimated that gross gambling revenue in Macau rose roughly 7% week over week, with the protests and airport closures in Hong Kong not making a major impact. Shares of Las Vegas Sands and Wynn Resorts were both up more than 4%.

Estee Lauder — Estee Lauder shares rallied more than 12% after the skincare-products maker reported better-than-expected results for the previous quarter. The company earned an adjusted 64 cents per share on revenue of $3.59 billion. Analysts polled by Refinitiv expected a profit of 53 cents a share on sales of $3.53 billion. Estee Lauder saw upside in its makeup and fragrance business. The company also issued strong earnings guidance for fiscal 2020.

PG&E — The embattled electric utility company from California fell 25.3% after a judge ruled that a jury can find them liable for as much as $18 billion in wildfire damages. In a separate ruling, a judge determined PG&E can retain control of its bankruptcy plan.

—CNBC’s Elizabeth Myong and Jesse Pound contributed to this report.

Link:
https://www.cnbc.com/2019/08/19/stocks-making-biggest-moves-midday-micron-technology-wynn-resorts.html

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