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On Wednesday, September 16, 2020, a pint of Oatly brand ice cream is placed for a photograph in the Brooklyn borough of New York, United States. Getty Images/Getty Images/Getty Images/Getty Images/Getty Images/Getty Images/G Take a look at the companies that are making news in noon trade. Bank of America’s stock dropped 3.7 percent after the company reported quarterly earnings of $1.03 per share, which included a one-time tax benefit. While this was more than the consensus projection of 77 cents, the company’s sales fell short of Wall Street expectations and spending rose. Citigroup and PNC both posted better-than-expected results on Wednesday morning, and their shares are trading down. BlackRock — Despite reporting a better-than-expected quarterly earnings on Wednesday, the asset management firm’s stock slumped 3.5 percent. BlackRock earned $10.03 per share in the second quarter, topping the consensus expectation by 57 cents. During the quarter, assets under management reached a new high of $9.49 trillion. Energy stocks are plunging as the International Energy Agency cautioned on Tuesday that if OPEC+ fails to reach an agreement on its production policy, a supply imbalance will worsen. Marathon Petroleum has down 2.7 percent, Occidental has dropped almost 5%, Cabot Oil & Gas has dropped 3.1 percent, and Valero has dropped 3.2 percent. Oatly — The alternative dairy company’s stock dropped more than 2% after it was accused of improper accounting procedures and misrepresenting its sustainability policies. About two months ago, the Swedish oat-based milk substitute firm went public in the United States. Peloton — The at-home workout empire’s stock plunged more than 4% after Wedbush Securities downgraded it from “outperform” to “neutral.” According to Wedbush, the number of fitness options is expanding, and as the economy improves, people are returning to out-of-home workouts. Lululemon jumped 3.6 percent after Goldman Sachs initiated covering with a “buy” rating and added it to its “Conviction Buy” list. Lululemon may expand geographically and categorically as individuals switch from leggings and sweatpants to business casual attire, according to Goldman. Delta Airlines — The airline’s stock is down about 1.6 percent after announcing a second-quarter loss of $1.07 per share, which was less than experts expected. However, the airline surpassed revenue expectations, citing increased consumer demand and a “strong” pretax profit for June. American Airlines — Ahead of its second-quarter earnings announcement next week, American Airlines’ stock rose more than 3%. The company forecasts a “slight” pretax profit in the second quarter, according to the corporation. L Brands — The retailer’s stock jumped more than 2% after the firm upped its second-quarter earnings forecast. L Brands’ Victoria’s Secret and Bath & Body Works divisions are performing well, so the outlook is upbeat. The company recently stated that founder Leslie Wexner and others will sell 20 million shares. Apple — The stock is up over 2% following news that the company has urged suppliers to increase manufacturing of next-generation iPhones by 20%. That announcement comes on the heels of a report from Tuesday that the internet company is working on a buy-now-pay-later service with Goldman Sachs. AMC Entertainment (American Movie Classics) — On Wednesday, the movie theater chain’s shares fell more than 12% to roughly $34 per share, less than half of its all-time high of $72.62 in early June. The drop took the company’s month-to-date losses to roughly 40%. Thanks to the meme stock hysteria early this year, the stock is still up more than 1,500 percent this year. — Hannah Miao, Pippa Stevens, and Yun Li of CNBC contributed to this report. CNBC Pro can help you become a better investor. Get stock recommendations, analyst calls, exclusive interviews, and CNBC TV access. To begin your free trial, fill out the form below./nRead More

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