Peloton, Apple, IAC, CarMax and extra

A monitor displays the signage of Peloton Interactive Inc. during the company’s IPO across the Nasdaq MarketSite in New York, United States on Thursday, September 26, 2019.

Michael Nagle | Bloomberg | Getty Images

Check out the companies that are making headlines in midday trading.

Peloton – Exercise equipment inventory increased more than 11.7%, reaching an all-time high after Peloton announced it would purchase equipment maker Precor for $ 420 million. The deal could help Peloton ramp up production to meet strong demand.

IAC – IAC’s shares rose more than 14.1% on Tuesday after it was announced that it would spin off its full stake in video software company Vimeo. Vimeo will become an independent publicly traded company upon completion of the transaction, which is expected in the second quarter of 2021.

Apple – Up 2.9%, Apple helped offset losses across major indices given the iPhone maker’s market cap of $ 2.2 trillion. Investors praised the strength of its equity to report that Apple is pushing plans to make self-driving cars by 2024, a massive endeavor called Project Titan by tech company.

CarMax – The car dealer reported quarterly earnings per share of $ 1.42, beating the consensus estimate of $ 1.14 per share. Revenues were also above Wall Street forecasts. However, CarMax shares fell more than 8% after the company reported that comparable used car sales fell 0.8%, compared to a FactSet consensus estimate of 1% more.

Carnival, Norwegian Cruise Line, MGM Resorts – Travel-related stocks came under pressure as concerns increased over the new strain of coronavirus from the UK. Carnival lost 5.9%, Norwegian Cruise Line fell 6.9%, and Royal Caribbean fell 3%. MGM Resorts fell 0.5%. Delta Air Lines, American Airlines and United Airlines all fell more than 2.5%.

Sportsman’s Warehouse – The retailer’s shares rose 39.6% after the company agreed to be bought by Great American Outdoors Group. Cabela’s parent company is paying $ 18 in cash per share of Sportsman’s Warehouse, which is up from the stock’s closing price of $ 12.65 per share on Monday.

RealReal – The luxury apparel company’s shares fell 10.3% after Baird began reporting on RealReal with an outperform rating. The Wall Street firm called RealReal a “compelling open growth story”.

Rent-A-Center – The furniture and electronics rental company’s shares rose 1.2% after Loop Capital upgraded Rent-A-Center to buy from the hold. The investment firm said in a note that the company’s acquisition of Acima was a “game changer.”

Illumina – Illumina stock rose 2.3% after Piper Sandler upgraded the gene sequencing technology maker to an overweight rating. “llumina is well positioned as a leader in the NGS space [next-generation sequencings]and we believe it can hold and build its position by further reducing sequencing costs and leveraging advances in data science … to improve short read performance, “the company said in a statement to customers.

– with reports from Jesse Pound, Pippa Stevens and Tom Franck of CNBC.

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