The Airbnb logo is visible on a small mini-pyramid under the Louvre glass pyramid in Paris, France on March 12, 2019.
Charles Plateau | Reuters
Pay attention to the companies that hit the headlines of the midday auction.
MGM Resorts – MGM Resorts jumped 9.6% after Credit Suisse raised its casino stock rating to neutral from above average. The firm said MGM’s new operations and solid cash flow should make the stock attractive to investors. “MGM has undergone a transformation with the recent announcement of four deals and we believe the market is not delivering full returns,” Credit Suisse said.
CureVac – The shares of the German biotech company fell 4.6% after it withdrew its application for the Covid-19 vaccine in Europe after the European Medicines Agency decided not to speed up the approval process for CureVac.
Solar Stocks – Solar stocks fell sharply this week amid global concerns over energy shortages. Enphase Energy shares rose 5.3% and Sunrun shares gained 8.5%.
Airbnb – Shares in the rental company jumped 3.7% after Cowen upgraded the stock to outperform the market. The Wall Street firm said Airbnb’s growth next year will exceed expectations amid strong demand for alternative housing. Cowen raised its Airbnb price target to $ 220 per share from $ 160 per share.
Nike – The sportswear company gained 2% after Goldman Sachs initiated buy rating coverage. The firm said the stock still has upside potential as Nike is likely to benefit from more health-conscious customers, “fashion trends are likely to become more casual after the pandemic.”
Signet Jewelers – Shares in the jewelry retailer fell 0.5% after the company announced the acquisition of rival Diamonds Direct for $ 490 million in cash. The acquisition will immediately increase the company’s profits, SIgnet said.
Fastenal – Fastenal rose 3.1% following the company’s third-quarter report. Refinitiv estimated that the industrial goods maker earned 42 cents a share, in line with Wall Street’s expectations. Revenue was $ 1.55 billion, slightly above analysts’ expectations of $ 1.54 billion.
General Electric – Shares in an industrial company fell 1.3% after JPMorgan affirmed a neutral rating on the stock. JPMorgan analyst Stephen Tusa said the stock looked overvalued even if he accepted the more optimistic forecasts made by other analysts.
– with reports from CNBC Hannah Miao, Jesse Pound, Tanaya Machil and Yoon Lee.