CAR - Hot Stocks: CAR rises on upgrade MYOV buyout deal; PSO climbs on revenue stats; HA accounting error
Avis Budget ( NASDAQ: CAR ) highlighted the names moving in Monday's midday trading, with news of a bullish analyst comment sending the stock sharply higher. The list of intraday gainers also included Myovant ( MYOV ), which rose on a takeover offer, and Pearson ( PSO ), which received a boost from its Q3 revenue totals.
Looking to the downside, Hawaiian Airlines ( HA ) was among the day's standout decliners. The disclosure of an accounting error prompted a downdraft.
Gainers
Avis Budget ( CAR ) showed strength in midday trading, jumping 12% on an upbeat analyst comment. JPMorgan upgraded the car rental firm to Overweight from Neutral .
Analyst Rajat Gupta cited increased demand for rental cars as COVID restrictions continue to ease. Meanwhile, CAR will also benefit from recent cost cuts, Gupta said.
Myovant ( MYOV ) also displayed notable gains during midday trading after agreeing to a takeover deal with Japan's Sumitovant Biopharma. Shares climbed about 9% on the news.
Under the deal, Sumitovant will purchase the 48% of MYOV that it does not already own. The firm will pay $27 per share in cash, leading to a transaction value of $1.7B.
Turning to earnings news, Pearson ( PSO ) climbed 9% following the release of a Q3 revenue update . The firm said its top-line figure rose 7% during the quarter compared to last year.
Decliner
Hawaiian Airlines ( HA ) lost ground on news of an accounting error related to $19.4M in net unrealized losses from equity securities which were miscategorized in its prior earnings reports. As a result, the company said its Q1 and Q2 losses are wider than it had previously reported.
"In connection with the restatement, management has concluded that a material weakness exists in internal control over financial reporting," the company said. HA dropped about 3% on the news.
For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .
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Hot Stocks: CAR rises on upgrade, MYOV buyout deal; PSO climbs on revenue stats; HA accounting error