Stocks making the biggest moves midday: Newmont, World Wrestling Entertainment, Ryanair & more

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Ryanair planes are seen at Dublin Airport, following the outbreak of the coronavirus disease (COVID-19), Dublin, Ireland.
Jason Cairnduff | Reuters

Check out the companies making headlines in midday trading Monday.

Newmont — Newmont shares tumbled 11.9% after the mining company reported a disappointing second-quarter profit. The company reported earnings of 46 cents per share, compared to a Refinitiv consensus forecast of 63 cents per share.

World Wrestling Entertainment — Shares of World Wrestling Entertainment jumped more than 7% after Loop Capital upgraded and raised its price target on them “based on a greater likelihood that the company is sold with Vince McMahon stepping down.” McMahon, WWE’s top shareholder, is being investigated for sexual misconduct claims and stepped down as CEO on Friday. — The Chinese e-commerce company climbed 2% after Morgan Stanley named a “catalyst-driven idea.” The Wall Street firm said it’s particularly bullish on heading into earnings in August, as revenue growth is expected to accelerate from June’s level.

Ryanair — Shares of Ryanair surged more than 4% after the budget airline reported quarterly earnings that beat Wall Street’s profit estimates. The company also expects to return to pre-Covid profit levels this year or next, even though the recovery is fragile.

Philips – The Dutch medical equipment maker’s shares fell nearly 7% after the company reported weaker-than-expected quarterly earnings, citing lockdowns in China and supply chain issues. It also cut its estimate for full-year sales growth to between 1% and 3%, down from 3% to 5%.

Lam Research — Shares of the semiconductor equipment company slipped nearly 2% after Barclays downgraded the stock to equal weight, saying in a note to clients that, despite a recent bounce, the semiconductor industry is due for a correction.

Diamondback Energy — Energy stocks surged on the back or rising oil prices Monday. Diamondback Energy jumped 5.7%, while Marathon Oil advanced 5.1%. Valero and Hess each gained more than 4%.

Travelers — Shares jumped 2% after Raymond James upgraded Travelers to a strong buy. Raymond James believes the insurance stock, which is up 2% this year, will continue to outperform.

— CNBC’s Yun Li, Tanaya Macheel, Samantha Subin and Carmen Reinicke contributed reporting

Sophie Tremblay

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