Stocks making the biggest moves midday: Boeing, Norwegian, Live Nation, Best Buy, L Brands & more
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, April 26, 2020.

Here are the companies making headlines in midday trading:

Boeing – Shares of the industrial name jumped more than 5% after RBC initiated coverage on the stock with an outperform rating. "Acknowledging the uncertainty regarding the return to service of the 737-MAX and broader health of the airline industry, we see a favorable Risk/Reward profile in the stock and view the defense business as undervalued," RBC said. The firm's $164 target is 17% above where the stock currently trades.

Royal Caribbean , Norwegian Cruise Line – Shares of Royal Caribbean and Norwegian Cruise Line jumped 6.5% and 9.8%, respectively, after Credit Suisse initiated ratings on the two cruise operators as outperform. The bank said current price levels offer "an attractive entry point" with the risk of "a liquidity crunch partially priced in." Royal Caribbean and Norwegian Cruise Line both tumbled more than 65% this year as the coronavirus pandemic hammered travel demand.

Best Buy — Shares of the electronics retailer fell 4.4% despite beating Wall Street expectations for its fiscal first quarter. The company, which had already pulled forward guidance, did not issue new expectations with its earnings report, and sales declined year-over-year due to the pandemic. The stock is still up 10% over the past month.

Live Nation — Shares of the entertainment company dropped 4.6% on Thursday. The company closed a previously announced bond deal on Wednesday worth $1.2 billion. The stock still closed higher than it was before the deal was announced, upsized and priced last week.

BJ's Wholesale — The retail stock soared more than 13% after beating Wall Street estimates on the top and bottom lines for its first quarter. The company reported adjusted earnings per share of 69 cents on $3.8 billion of revenue. Analysts surveyed by Refinitiv expected 37 cents in earnings per share and $3.32 billion in revenue. The companies comparable sales, excluding fuel, rose by 27%, while analysts had expected just a 5.8% rise.

Expedia – Shares dipped more than 3% after the company reported a wider-than-expected loss for the first quarter. The company did beat revenue expectations, however, and said that it is seeing signs of demand recovery.

L Brands — Shares of the beleagured retailer jumped more than 18% after the company announced that it was closing 300 stores. The parent company of Victoria's Secret saw net sales fall 37% in the first quarter.

Avis Budget — Shares of the car-rental company jumped more than 7% after a Morgan Stanley analyst upgraded them to equal weight from underweight. "The company has executed important steps (capital raising, cost cutting) to buy time to re-size the fleet. Used car prices are also improving vs. our previous concerns," according to the analyst.

Hormel Foods — The food stock dropped 4.1% after the company missed earnings estimates for its fiscal second quarter and pulled its forward guidance. Hormel reported adjusted earnings per share of 42 cents, one cent below what analysts surveyed by Refinitiv expected. The company did beat revenue expectations.

MGM Resorts — The casino stock fell 3.1% on Wednesday following a downgrade at Jefferies. The bank slashed its rating to hold from buy, citing an "absence of catalysts for MGM to rerate in the near term." Jefferies also cut its 12-month price target on MGM to $17 a share from $22. The stock has plunged more than 50% this year amid the coronavirus pandemic.

Square — Shares of the payments company fell 0.7% after UBS downgraded the stock from neutral to sell. The bank said in a note that the stock's current price "prices in an accelerated recovery in Seller volumes and revenues in most scenarios, an outcome we consider unlikely."

Flexion Therapeutics , Boston Scientific — Several biotech stocks dropped on Thursday after announcing secondary stock offerings. Shares of Flexion and Boston Scientific fell 10% and 6.4%, respectively. Boston Scientific also issued new debt.

National Oilwell Varco — Shares of the energy company fell more than 6% after an announcement that it was suspending its quarterly dividend until further notice. Chief executive officer Clay Williams said in a statement the company felt "that it is prudent to preserve the $77 million per year of cashflow from the dividend while we navigate through present market challenges."



Correction: This story has been updated to reflect the correct timeline of Live Nation's bond offering.