Discovery, GameStop, T-Mobile and others

In this photo illustration, the logo of the American television network Discovery Channel is visible on the screen of a smartphone and computer.

Pavel Gonchar | LightRocket | Getty Images

Check out the companies that are making headlines in the afternoon trade.

GameStop – The video game retailer jumped about 4% after news that the company plans to create a market for non-fungible tokens, or NFTs. At the session high, the speculative name jumped more than 20% on the day.

T-Mobile. The company’s shares fell more than 5% after the company reported a net increase in postpaid customers of 844,000 in the fourth quarter and about 2.9 million in 2021. This turned out to be below the StreetAccount consensus of 867,900 in the fourth quarter.

DraftKings – The betting company shares rose 3.8% ahead of the launch of legal mobile sports betting in New York State on Saturday.

Discovery. Media shares surged 16.5% after Bank of America upgraded Discovery to buy. The upcoming merger with Warner Media could create a true streaming rival to Netflix and Disney +, Bank of America said.

The New York Times – Shares fell about 8% after the newspaper’s publisher announced a $ 550 million deal to buy sports news site The Athletic. The deal is expected to close in the first quarter of 2022.

Delta Air Lines – Shares rose more than 4% after Bank of America upgraded Delta to buy. The firm cited the business travel recovery as the basis of its bullish thesis on stocks. “We expect that each subsequent option will have less impact on consumers’ willingness to travel and return to the office, which could lead to a faster recovery in corporate demand than was originally expected in 1H22,” the company said in a statement.

Texas Instruments – Shares fell 3.4% after Citi downgraded the company from neutral to buy. “We believe its margins will decline due to increased depreciation and the acquisition of the factory,” Citi said.

Kohl’s – Shares in the retailer fell 1.9% after UBS downgraded Kohl’s from neutral to sell. The bank said inflation and less government stimulus could cause Kohl’s to fall short of earnings expectations in 2022.

Abercrombie and Fitch – Abercrombie fell 4.6% after UBS downgraded retail stocks to Neutral from Buy. “We believe that macroeconomic factors lead to a slowdown in growth, which makes it difficult to revalue shares,” the company said.

Chewy – Shares in the pet supplies retailer fell 4.6% at noon after Piper Sandler downgraded Chewy from overweight to neutral. The Wall Street firm said in its downgrade that it sees obstacles to Chewy’s sales and profitability.

Clover Health – The stock fell 5.7% after Credit Suisse downgraded its rating from neutral to the worst. “Our view is based on the fact that the company still needs to raise capital in the future, the lack of clarity on significant improvements in the medical loss ratio (MLR) to reduce cash costs, and the overall ranking change in the technology-enabled MCO sector. “- said the firm.

Starbucks – The worldwide coffeehouse chain fell 3% mid-day after being downgraded from the best performing industry by RBC Capital Markets. The Wall Street firm in its downgrade of Starbucks said it sees more attractive risk / reward.

– CNBC’s Yoon Lee, Maggie Fitzgerald, Pippa Stevens, and Jesse Pound provided reporting.

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