American Airlines, MGM Resorts, Carnival, Fossil & more

Here are the companies making headlines in midday trading.

American Airlines, United, Delta — Airline stocks rose as the companies announced plans to ramp up flights in the coming months due to a rebound in travel demand. American now plans to use 55% of its domestic schedule in July, up from 20% in May. Shares of American soared by more than 41%, while United and Delta both posted double-digit percentage gains as well. 

MGM Resorts – Shares of the casino name gained more than 7% as casinos in Nevada reopened on Thursday. Wynn Resorts rose 2% and Caesars Entertainment climbed 3.6%. 

Carnival, Norwegian, Royal Caribbean — Cruise stocks jumped again on Wednesday as investors bet on a strong reopening of the economy and a bounce-back in the travel sector. Shares of Norwegian rose 9%, while Carnival jumped 7%. Royal Caribbean’s gave up early gains to finish 0.7% lower. 

Navistar — Shares spiked 12.4% after the manufacturing company reported a narrower-than-expected loss for its second quarter. Navistar reported a loss of 38 cents per share and $1.93 billion of revenue for the quarter, while analysts surveyed by Refinitiv expected a 41 cent loss and $1.87 billion of revenue. Sales were down 39% year-over-year, which the company attributed to the impact of the pandemic.

Fossil — Shares of the watchmaker jumped more than 14% after the company said it was gradually reopening stores following the coronavirus-induced shutdown of the economy. The company’s same-store sales were also roughly in line with expectations.

Charles Schwab, TD Ameritrade — Shares of the e-brokers rose on Thursday on reports Charles Schwab received antitrust approval from the Justice Department for its acquisition of TD Ameritrade, sources told CNBC’s David Faber. Shares of Schwab gained nearly 5.5% and TD Ameritrade jumped 9%.

J.M. Smucker — The food stock fell 4.8% after the company said it expected to see a sales decline over the next full-year because of weakness in its “away from home” business. J.M. Smucker did beat expectations for its fiscal fourth quarter on the top and bottom lines, earning $2.57 in adjusted earnings per share on $2.09 billion of revenue.

Cloudera —The tech stock fell more than 12% after giving weaker-than-expected revenue guidance for the second quarter and the full year, with revenue declining sequentially for the second quarter. The company said its estimates were based on the assumption that the “recessionary impact” of the pandemic would peak during the second and third quarters. 

Ciena — Shares of the technology company fell 4.2% despite beating Wall Street estimates for earnings and revenue during its fiscal second quarter. The company said during the conference call that its full-year revenue growth would be between 2% and 4%, according to a transcript of the call from FactSet. Wall Street analysts expected a 3.7% growth rate, according to FactSet.

Huntington Bancshares, Citizens Financial Group, Fifth Third — Shares of regional banks rose on Thursday as investors grew optimistic about the economy reopenings and its impact on consumer spending and loan defaults. Huntington Bancshares rose more than 5% and Citizens Financial Group and Fifth Third gained 6.1% and 6.3%, respectively.

Simon Property Group — Shares of Simon Property Group, the biggest U.S. mall owner, rose 5.3% as it started to reopen after shutting down its locations for weeks to curb the spread of the coronavirus. Simon Property is also suing apparel retailer Gap over nearly $66 million in unpaid rent, The Real Deal reported Wednesday.

Michaels Cos. – Shares of the arts and crafts retailer dipped 1.5% in morning trading after posting a wider-than-expected quarterly loss, but the stock rallied to finish 9% higher. Michaels reported an adjusted quarterly loss of 43 cents per share, compared to analyst expectations of a 14 cents per share profit, according to Refinitiv. The company said its same-store sales fell 27.6% in the quarter as the coronavirus pandemic caused unprecedented disruption. However, the company signaled an improvement in sales as stores started to reopen.