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Check out the companies that make headlines in the afternoon trade.
Bumble – The online dating company’s shares are up more than 43% at noon. Fourth quarter revenue fell short of Refinitiv’s expectations. However, BMO raised Bumble’s rating to outperform the market, telling clients on Wednesday that the stock still has room to grow.
JB Hunt Transport Services – Shares of the shipping company rose 2.8% on Wednesday after Goldman Sachs upgraded JB Hunt Transport to a Buy rating. The investment firm said the company is poised to reap huge benefits from reducing supply chain congestion.
Stitch Fix – Shares in the clothing retailer tumbled 3% on Wednesday after Stitch Fix’s fiscal third-quarter guidance came in below expectations. The company said it expects third-quarter revenue to be between $485 million and $500 million, while analysts polled by StreetAccount FactSet had expected $558.6 million. The company also cut its full-year revenue guidance. Truist downgraded Stitch Fix to a hold following the report.
XPO Logistics – XPO shares jumped more than 14% after the company said it would focus on freight and spin off its brokered transportation division into a separate company. He also said he would get rid of his European business and intermodal operations in North America.
Netflix – Shares rose 5.7% after Wedbush upgraded the streaming company’s rating to neutral from “better.” “While we do not expect significant growth in share price in the near term, Netflix’s first-mover advantage and large subscriber base provide the company with an almost insurmountable competitive advantage over its streaming peers,” Wedbush said in a note.
General Electric – Shares of General Electric rose 4.4% at noon after news that the company’s board of directors approved a $3 billion share buyback program.
Carnival, Royal Caribbean, Norwegian Cruise Line – Shares in cruise lines rose on Wednesday as commodity prices fell, including a sharp drop in oil prices. At noon, shares rose by 11%, 7% and more than 10%, respectively.
Amazon – E-commerce shares rose 2% at noon. Barclays maintained its rating for the overweight company, saying the tech giant will see an upward revision “likely this year” following a further move to higher-margin business units such as AWS.
PayPal – PayPal was up more than 5% in midday trading. On Wednesday, Bank of America downgraded its rating, saying in a letter to clients that the stock is too “difficult” to recommend right now until it proves operationally sound.
Caesars Entertainment – The casino company’s shares rose 12% at noon after Jeffreys added it to his top list and said he liked the management team’s “performance track record.”
Boeing – Boeing shares rose 3.8% at noon after Langenberg & Company initiated a Buy recommendation on the aerospace firm. Analysts write that the move was prompted by “an accelerating recovery in the commercial aerospace industry and expectations that international travel will return to 75-80% of normal by the end of 2022.”
Starbucks – Starbucks shares rose 4.1% at noon after announcing Tuesday that the coffee retailer was suspending operations in Russia.
– CNBC’s Maggie Fitzgerald, Hanna Miao, Sara Ming, Jessie Pound and Tanaya Machil provided reporting.