Check out the companies making headlines in afternoon trading. New Fortress Energy – Shares of the natural gas company fell 17% after New Fortress priced its underwritten public offering of approximately 46 million shares at $8.63 per share through Morgan Stanley. Deutsche Bank lowered its price target and downgraded New Fortress to Sell Tuesday, citing impending equity dilution and its view that the stock “carries too many risks inherent to the company's business model” . Energy Stocks – U.S. crude futures rose 4% on concerns that Iran is preparing to attack Israel, sending energy company shares higher. APA Corp rose 5%, while Halliburton added 3%. Hess and Occidental Petroleum each rose more than 2%. Energy was the S&P 500's best-performing sector, up nearly 2%. Arcos Dorados – Shares rose more than 11% after the company told McDonald's it is exercising its option to renew its master franchise agreement with the restaurant chain. The new deal is also expected to include the option to be extended for another 20 years upon expiration, starting on January 1, 2045. Defense Stocks – Defense stocks rose Tuesday after the White House warned that Iran is preparing an “imminent” ballistic missile attack was on Israel. Shares of Lockheed Martin and Northrop Grumman were last trading up 3.7% and 4.1%, respectively. L3Harris Technologies advanced 3%. Paychex – Shares rose more than 4% to hit a new 52-week high after the company reported better-than-expected fiscal first-quarter results. Paychex posted earnings of $1.16 per share, excluding items, on revenue of $1.32 billion. That's more than the profit of $1.14 per share on revenue of $1.31 billion that analysts had expected, according to FactSet. HP Inc – Shares fell more than 4% after Citi downgraded the personal computer maker to neutral from buy, citing a deteriorating industry situation and limited artificial intelligence tailwinds in the near term. Walt Disney – Shares fell 2.6% after Raymond James downgraded the media conglomerate to market perform instead of “outperform,” saying moderating demand and a weaker consumer cloud the outlook for Disney's parks business. CVS Health – The stock fell nearly 2% after CNBC, citing people familiar with the matter, reported that the health care company is conducting a strategic review of its consultant business. One option under consideration is a split of the insurance and strategic businesses, the people said. Reuters first reported the news on Monday. Clorox – Shares of the home goods company rose nearly 2% after an upgrade to buy from hold at Jefferies. The investment firm thinks Clorox is at an inflection point and should see earnings upside going forward. – CNBC's Sarah Min, Hakyung Kim, Samantha Subin, Lisa Kailai Han, Pia Singh, Michelle Fox and Darla Mercado contributed reporting.
