Midday Wrap: SmileDirectClub, Caterpillar, Walgreens

Credit: The Street
Published on September 12, 2019 - Duration: 00:49s

Midday Wrap: SmileDirectClub, Caterpillar, Walgreens

SmileDirectClub's opening trade gave investors reason to frown Thursday after the stock debuted at $20.55 per share, about 10% below the company's suggested IPO price of $23 per share.

The teeth straightening product maker currently has 300 centers including partnerships with CVS and Walgreens .

Walgreens to give customers using Apple's credit card the Apple Card 3% cash back on purchases.

Eligible purchases include prescriptions bought at Walgreens and Duane Reade stores and those made on the Walgreens app and its website.

Walgreens was down 3.5% Thursday while Apple shares rose 0.6%.

Caterpillar was falling Thursday after Wells Fargo downgraded the stock to market perform after channel checks suggested that demand for new equipment is dropping, leading to increased inventories and shrinking backlogs.

At the same time, Wells Fargo says customers are more interested in renting equipment than buying.

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