Check out the companies making headlines in midday trading.
Peloton — Shares of the fitness company dropped 7.3% after the U.S. Consumer Product Safety Commission issued a warning about Peloton's Tread+ product being dangerous when children or pets are in the house. Peloton said that it would not recall the product, as one lawmaker called on the company to do.
GameStop – The video game retailer rallied 6.3% after the company announced that CEO George Sherman will step down by July 31 amid efforts to transform into an e-commerce firm. It said the board is leading a search to identify CEO candidates who can accelerate the next phase of the company's transformation. Some investors were also heartened that Keith Gill doubled down on his GameStop bet, forgoing millions of dollars in quick profit from an options trade.
Coca-Cola — The beverage stock rose 0.6% after Coca-Cola beat Wall Street estimates in its first quarter report. The company reported adjusted earnings of 55 cents per share, which was 5 cents above expectations, according to Refinitiv. Revenue came in higher than expected as well. The company said its global demand was back to pre-pandemic levels in March.
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Harley-Davidson – Shares of the motorcycle maker jumped 9.7% after the company beat bottom-line estimates during the first quarter. The company earned $1.68 per share during the period, compared to the 88 cents per share analysts surveyed by Refinitiv were expecting. Revenue came in at $1.23 billion, which was just shy of the expected $1.25 billion. Harley-Davidson also raised its outlook.
Herman Miller – Shares of the office furniture maker tanked 8.7% after announcing it will buy furniture and accessories company Knoll for $1.8 billion in cash and stock. Shares of Knoll popped more than 33% on Monday.
Qualcomm – Shares of the chip maker dipped 2.1% after the company was downgraded to neutral from positive by Susquehanna. The firm pointed to near-term benefits leading to long-term headwinds, licensing and royalty fights as well as competition as potential downsides for the company. The firm also cut its target on the stock from $175 to $155. The new price forecast is 12% above where shares closed on Friday.
Tesla — Shares of the electric automaker fell 3.4% as police officials in Texas probe the deadly crash of a Tesla vehicle. Based on a preliminary investigation, police told KPRC 2 they believe nobody had been behind the wheel.
First Solar – The clean energy stock closed around the flatline even after Citi upgraded the company to buy from neutral on Monday. The Wall Street firm believes the company is well-positioned to benefit from the White House push for green energy. Citi also hiked its price target on First Solar to $100 per share from $88.
Tribune Publishing – Shares of Tribune Publishing dropped 5.2% after The Wall Street Journal reported Swiss billionaire Hansjorg Wyss has dropped out of a bid for Tribune. That leaves Choice Hotels Chairman Stewart Bainum searching for a new partner in his bid for the newspaper publisher, as he tries to outbid hedge fund Alden Capital for Tribune.
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— with reporting from CNBC's Jesse Pound, Pippa Stevens and Yun Li.