Stocks making the biggest moves midday: Snap, Boston Beer, Duluth Holdings & more

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Check out the companies making headlines midday Friday:

Boston Beer — The Sam Adams brewer dropped nearly 4% after Goldman Sachs downgraded the stock to sell from buy, citing an intensifying beer market throughout the remainder of 2019.

Anheuser-Busch InBev — Shares of Anheuser Busch Inbev rose 1.52% after Bank of America upgraded the beer maker to neutral from underperform. “We believe the shares will remain supported near-term, as the Street’s concerns around its leverage subside and short-term earnings momentum improves,” the bank said.

Louisiana-Pacific — Louisiana Pacific shares were up over 4% in midday trading after Stephens upgraded the stock to overweight from equal weight, noting the company’s strong balance sheet, commitment to capital discipline and “unusually high operating leverage” will help the stock.

Duluth Holdings — Shares of Duluth Holdings dropped 23.75% after the retailer reported earnings and revenues that fell short of expectations. The company posted earnings of 64 cents per share on revenues of $250.5 million, while analysts polled by Refinitiv had expected earnings of 75 cents per share on revenues of $258.2. The CEO cited challenges with system implementation, late deliveries of products and the slowdown of overall consumer spending during the holiday season.

Lennar — Lennar shares were up nearly 2% in midday trading on Friday, after J.P Morgan Securities added the company to its “Focus List,” noting the homebuilder’s valuation is attractive relative to its competitors.

Snap — Shares of Snap jumped 5% a day after the launch of its new advertising network, Snap Audience Network. The ad network will compete with advertising giants like Facebook, Google and LinkedIn, targeting its users beyond the social media company’s main stake platform, Snapchat.

HomeStreet — The financial services company jumped more than 8% after announcing it may repurchase up to $75 million in stock. The company also announced the sale of two of its businesses.

Triumph Group — Shares of the aerospace company jumped 10% after announcing it is exploring alternatives for its aerospace structures business. Triumph also said Citigroup has been hired as an advisor throughout the review process.

Boeing — The Dow Jones Industrial Average member fell about 1% after Reuters reported the company was looking into scenarios in which production of the 737 Max jet would slow down.

Nadine El-Bawab
Matt Lavietes
Isabel Soisson
contributed to this report.

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