Lyft Inc (NASDAQ:LYFT) shares hit their lowest point to date after Reuters reported that rival Uber was seeking a valuation between $90 billion and $100 billion for its upcoming IPO, lower than the $120 billion investment bankers previously told the company it could get. Lyft, which had its IPO on March 29, went public with a $24 billion valuation, and its stock has fallen in the weeks since.
Shares dropped nearly 11% to its lowest-ever close of $60.12.
Conagra Brands Inc (NYSE:CAG) stock jumped after the company reiterated its guidance to investors. The owner of brands including Hunt’s, Slim Jim and Reddi-wip expects earnings between $2.03 and $2.08 per share for its current fiscal year, between $2.10 and $2.20 EPS for fiscal 2020 and between $2.70 and $2.80 EPS for fiscal 2022. The Chicago company attributed its strong position in part to its integration of Pinnacle Foods, which it acquired in June for $10.9 billion.
Investors came back for seconds, sending shares up 6.8% to close at $29.41.
Delta Air Lines (NYSE:DAL) shares soared after the company beat on earnings in the first quarter and posted a promising outlook. The airline brought in adjusted earnings of $0.96 per share on revenue of $10.4 billion, compared to Street estimates of $0.89 EPS on $10.4 billion in revenue. In the year-ago quarter, the Atlanta carrier saw $0.79 EPS on $10 billion in revenue. in the coming quarter, Delta expects to pull in between $2.05 and $2.35 EPS on revenue growth of between 6% and 8%. Analysts expect $2.14 EPS on revenue of $12.3 billion. The company doesn’t own any MAX planes, according to Reuters, which puts it in an advantageous position amid the groundings of the Boeing Co (NYSE:BA) model.
The stock took flight, up 1.6% to $57.86.
Levi Strauss & Co (NYSE:LEVI) stock rose after the company swung to a profit in its first quarter since making its second public debut last month. The maker of the iconic denim jeans posted net income of $146.6 million, or $0.37 per share, compared to a loss of $19 million, or $0.05 in the year-ago quarter. Over the same period, the company’s revenue climbed to $1.43 billion from $1.34 billion.
Shares rose nearly 4% to $22.75.
JetBlue Airways Corporation (NASDAQ:JBLU) stock rose on expectations that the airline will announce its first transatlantic service on Wednesday. The Long Island City, New York company scheduled an “all hands” meeting with staff at JFK airport in New York, CNBC reported. According to an employee, buttons featuring the JetBlue logo with London tourist destinations such as Big Ben were sent to the company offices.
Shares climbed 3.6% to $16.92.
Indivior PLC (OTCMKTS:INVVY) (LON:INDV) shares hit their all-time low after the drugmaker was slapped with fraud charges. A federal grand jury in Virginia issued 28 charges including healthcare fraud, wire fraud and mail fraud. The charges relate to a long-running Department of Justice investigation, which claimed Indivior engaged in a fraudulent marketing scheme to boost prescriptions of Suboxone – its blockbuster opioid addiction treatment.
The London-listed company’s stock collapsed, falling nearly 72% on the LSE to £30.05.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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