A worker at a Lennar home under construction.
Justin Sullivan | Getty Images News | Getty Images
Take a look at the companies making the biggest moves Monday afternoon:
DR Horton, Lennar, PulteGroup — Homebuilder shares rose Monday after KeyBanc doubled upgraded the sector to overweight from underweight. Analyst Kenneth Zener said homebuilders, which have underperformed this year, tend to recover faster and more strongly than the broader market. Shares of Lennar rose about 2%, while DR Horton rose more than 2%, and PulteGroup jumped nearly 4%.
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Array Technologies — The solar energy stock jumped more than 3% after Piper Sandler upgraded Array Technologies to overweight from neutral, saying the company has more upside going forward with an improved outlook going forward.
SunOpta — Shares of SunOpta rose more than 5% after being named a top pick by Cowen. Analyst Brian Holland, who has a buy rating on the stock, wrote in a note that “the company’s agnostic stance and capital execution provide strong growth prospects that are undervalued by the market.” His price target of $15 implies a 55.9% upside from Friday’s close.
Opendoor Technologies – Opendoor fell 6% after a Bloomberg report that iBuyer lost money on 42% of its resales in August. Like others in the housing space, the company faces headwinds, including a housing recession and mortgage interest rates above 6%.
AutoZone – AutoZone shares fell more than 2% as traders studied a mixed quarterly earnings report. The company’s gross margins of 51.5% were slightly below a StreetAccount estimate of 51.9%. Still, AutoZone earned $40.50 per share last quarter, beating forecasts of $38.51 per share.
NCR — Shares of NCR fell nearly 3% after being downgraded to balance from overweight by Morgan Stanley. The firm said the path to unlocking shareholder value is “less clear and a longer tail” after the payment solutions company said on Friday it would split into two companies.
Wix — Shares of Wix rose 11% after activist investor Starboard Value disclosed a 9% stake in the web development platform company. According to Reuters, Starboard has spoken to Wix about how it can improve the operations of the company, which has lost half its value this year.
Coinbase — Shares of the cryptocurrency exchange fell more than 7% as the price of bitcoin fell to its lowest level since June and traders continued to liquidate short positions following the completion of the Ethereum merger. Stocks also fell on Monday ahead of the Fed decision this week. Crypto prices are largely macro-driven, and Coinbase’s revenue is heavily dependent on trading fees.
Theravance Biopharma – Theravance rose more than 3% after announcing a $250 million share buyback program.
Airlines – United Airlines, Alaska Air and American Airlines rose more than 3% and were among the top performers in the S&P 500 on Monday.
Gamco Investors — Shares of the Mario Gabelli-led investment firm plunged nearly 12% after announcing after hours on Friday that it was voluntarily delisting from the New York Stock Exchange. Gamco has submitted an application for its ordinary shares to be listed on the OTCQX platform, which is operated by OTC Markets Group.
Ralph Lauren — The luxury apparel and home goods maker rose nearly 2% after an investor update pointed to high single-digit sales growth.
– CNBC’s Alexander Harring, Sarah Min, Jesse Pound, Tanaya Macheel and Yun Li contributed reporting.