HomeBusinessStocks making the biggest moves in the afternoon: Lennar, Coinbase, Array Technologies...

Stocks making the biggest moves in the afternoon: Lennar, Coinbase, Array Technologies and more

A worker at a Lennar house under construction.

Justin Sullivan | Getty Images News | Getty Images

Check out the companies making the biggest moves on Monday afternoon:

DR Horton, Lennar, PulteGroup — Homebuilder stocks rose Monday after KeyBanc upgraded the sector from underweight to overweight. Analyst Kenneth Zener said homebuilders, which have underperformed this year, tend to recover faster and sharper than the broader market. Shares of Lennar were up about 2%, while DR Horton gained more than 2% and PulteGroup rose nearly 4%.

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Array Technologies — Solar stock rose more than 3% after Piper Sandler upgraded Array Technologies from neutral to overweight, saying the company has more upside potential with an improved outlook for the future.

SunOpta — Shares of SunOpta rose more than 5% after being named a top pick by Cowen. Analyst Brian Holland, who has a buy rating for the stock, wrote in a note that “the company’s agnostic stance and capital execution lead to strong growth outlooks that are undervalued by the market.” Its price target of $15 implies a 55.9% increase from Friday’s closing price.

Opendoor Technologies – Opendoor fell 6% after Bloomberg reported the iBuyer lost money on 42% of its resale sales in August. Like others in the housing space, the company is facing headwinds, including a housing recession and mortgage rates above 6%.

AutoZone – AutoZone shares fell more than 2% as traders delved into a mixed quarterly report. The company’s gross margin of 51.5% was slightly below a StreetAccount estimate of 51.9%. Still, AutoZone earned $40.50 per share in the previous quarter, beating a forecast of $38.51 per share.

NCR — Shares of NCR fell nearly 3% after being downgraded from overweight to equal weight by Morgan Stanley. The company said the path to unlocking shareholder value is “less clear and longer-lasting” after the business payment solutions company said Friday it would split into two companies.

Wix – Shares of Wix rose 11% after activist investor Starboard Value revealed a 9% stake in the web development platform company. According to Reuters, Starboard has spoken with Wix about how it can improve operations at the company, which has lost half its value this year.

Coinbase – Shares of the cryptocurrency exchange fell more than 7% as bitcoin’s price plunged to its lowest level since June and traders continued to unwind short positions after the completion of the Ethereum merger. Shares also fell Monday ahead of the Fed’s decision this week. Crypto prices are largely macro-driven, and Coinbase’s revenues rely heavily on trading fees.

Theravance Biopharma — Theravance rose more than 3% after announcing a $250 million share repurchase program.

Airlines — United Airlines, Alaska Air and American Airlines rose more than 3% and were among the best performers in the S&P 500 on Monday.

Gamco Investors – Shares of the Mario Gabelli-led investment firm plunged nearly 12% after announcing after the bell on Friday that it would voluntarily delist from the New York Stock Exchange. Gamco has applied to list its common stock on the OTCQX platform, operated by OTC Markets Group.

Ralph Lauren — The luxury apparel and homewares manufacturer rose nearly 2% after an update from investors pointed to high single-digit sales growth.

— CNBC’s Alexander Harring, Sarah Min, Jesse Pound, Tanaya Macheel and Yun Li contributed coverage.

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