Peloton, Costco, Constellation Brands, and More

1. Peloton Interactive Inc. (PTON):

  • Peloton: Shares surged nearly 17%.
  • Reason: Peloton’s stock saw a significant boost following news of its partnership with TikTok. The fitness company aims to leverage this collaboration by creating a fitness hub on TikTok, aiming to enhance its subscriber base and attract new customers.

2. Constellation Brands Inc. (STZ):

  • Move: The stock gained more than 3%.
  • Earnings Performance: Constellation Brands exceeded earnings expectations, reporting $3.19 per share compared to the estimated $3 per share by LSEG. However, its revenue fell short of estimates.

3. Costco Wholesale Corporation (COST):

  • Move: Shares added 1.4%.
  • Sales Boost: Costco reported a substantial sales increase in December, with sales rising 9.9% YoY to $26.15 billion. The e-commerce segment played a significant role in driving this growth.Peloton

4. Elanco Animal Health Inc. (ELAN):

  • Move: The stock rallied over 9%.
  • Analyst Upgrade: Stifel upgraded Elanco Animal Health shares to buy from hold, citing a robust pet health pipeline and potential for multiple expansion.

5. Agilon Health Inc. (AGL):

  • Move: The stock sank 35%.
  • Guidance Cut: Agilon Health reduced its revenue guidance for 2023 due to increased expenses from higher-than-expected specialist visits. The company also announced the retirement of its CFO and received a downgrade to neutral from JPMorgan.Peloton

6. Palantir Technologies Inc. (PLTR):

  • Move: Shares pulled back over 2%.
  • Analyst Downgrade: Jefferies downgraded Palantir to underperform, expressing concerns about potential overhype in the near term. The downgrade is based on the company’s valuation, which is seen as unsustainable amid artificial intelligence optimism.

7. Medical Properties Trust Inc. (MPW):

  • Move: Shares of the real estate investment trust plummeted 30%.
  • Challenges with Tenant: Medical Properties Trust is working with its largest tenant, Steward Health Care System, to recover $50 million. The stock decline follows this development.

These midday stock movements reflect a mix of positive catalysts, strong financial performances, and challenges faced by some companies. Investors are closely monitoring these developments for insights into the broader market trends and individual company performances.