An American Airlines plane lands at Ronald Reagan Washington National Airport on November 23, 2021 in Arlington, Virginia.
Drew Angerer | Getty Images
Check out the companies that made the headlines on Tuesday afternoon.
American Airlines, Norwegian Cruise Line – Travel stocks fell as investors continued to weigh the risks of the Covid omicron option. American Airlines dropped more than 4%, Norwegian Cruise Line shed more than 6%, Wynn Resorts fell about 5%, and Airbnb fell 4.9%.
Gap, Under Armor – Retail stocks came under pressure on Cyber Monday, according to Adobe Analytics after online sales fell 1.4% year-over-year for the first time in history. However, Adobe believes that customers are increasing their purchases this year and expects to see record growth in online sales throughout the holiday season. The gap fell more than 6%, Under Armor fell about 5%, and PVH Corp, the parent company of Tommy Hilfiger, lost more than 4%.
Regeneron Pharmaceuticals – Regeneron shares fell more than 2% after the company said its anti-Covid-19 antibody drugs may be less effective against the omicron variant of Covid. The company stated that mutations in this variant suggest that “the neutralizing activity of both vaccine-induced and monoclonal antibody-mediated immunity may be reduced.”
Moderna, Pfizer – Vaccine stocks have been in the spotlight after Moderna CEO Stefan Bansel told the Financial Times that expects existing vaccines to be less effective against the omicron variant. Researchers are still studying the new variant’s response to preexisting immunity, and Oxford University said there is no evidence yet that current vaccines will not protect against severe omicron disease. Moderna shares fell more than 6%. BioNTech shares fell more than 5%. Pfizer shares were up about 2%. Novawax shares gained more than 2%.
Dollar Tree – Shares in the discount retailer fell 4.5% after Goldman Sachs downgraded Dollar Tree from Buy to Neutral. The firm said the company’s manufacturing improvements have been factored into the price and that Dollar Tree will tackle pedestrian problems in the coming year.
Solaredge – Net energy shares fell 6.3% after Morgan Stanley downgraded them to equal weight. The investment firm said in a note to clients that Solaredge’s shares could be fully valued following the recent hot streak.
Meta Platforms – Meta, Facebook’s parent company, fell more than 3% after a UK-based competition watcher said the company should sell GIF-sharing platform Giphy, which Facebook acquired last year. The regulator said the deal could harm social media users and UK advertisers. Meta said she did not agree with the decision and is considering an appeal.
Beyond Meat, Oatly – Shares of Beyond Meat and Oatly fell roughly 6% and 7%, respectively, after HSBC initiated coverage of downgraded protein stocks. “Given the prospect of heightened competition, our projected growth will not be enough for many participants to achieve their high ambitions,” the company said.
Twitter, Square – Twitter and Square were down more than 5% and 2%, respectively. The moves came the day after Jack Dorsey announced he was stepping down as CEO of Twitter, remaining CEO of Square. Bank of America upgraded Square to Neutral from Worse and reaffirmed Twitter’s buy ratings.
– Jesse Pound and CNBC’s Tanaya Mashil presented the coverage.