Twitter, Carnival, First Solar and more

The Carnival Cruise Line Carnival Ecstacy is docked at the Port of Jacksonville amid the coronavirus outbreak on March 27, 2020 in Jacksonville, Florida.

Sam Greenwood | Getty Images

Here are the companies that make headlines in the midday trade.

Twitter – The social network’s shares rose more than 3% after Twitter announced that Elon Musk would join its board of directors. Shares rose 27% in the previous session, which was the best day even after Musk disclosed 9.2% of the shares. Tesla’s CEO said that “major improvements” could be made to Twitter in the coming months.

Carnival – Shares in cruise lines rose more than 2% after Carnival said March 28 to April 3 was the busiest booking week in the company’s history. Carnival has 22 of its 23 ships back in operation after the pandemic brought the global cruise industry to a virtual halt.

First Solar – Shares of solar panels fell 4.8% after Bank of America downgraded to below-neutral. The investment firm said in a note that First Solar received “too much confidence in a reality that never materialized.”

Ralph Lauren – Shares in the clothing retailer fell 3.7% at noon. Analysts at Wells Fargo downgraded Ralph Lauren stock to overweight, saying on Tuesday they are cautious about the sector’s short-term picture. The hit to consumer spending is likely to hurt the mid-tier retailer, analysts say.

MarketAxess Holdings – Shares in the fixed income trading platform fell more than 9% after MarketAxess released monthly volume statistics for March. The total average monthly volume of the company’s loans decreased by 3% compared to March 2021.

Starbucks — The coffee chain’s shares fell another 4.1% on Tuesday as Wall Street digested a decision by returning CEO Howard Schultz to suspend the company’s share buyback program. Shares fell 3.7% on Monday. Wedbush downgraded Starbucks from “better” to “neutral”, saying in a note to customers that it was less confident about the company’s earnings.

Coinbase – Shares of the cryptocurrency exchange fell 7.4% on Tuesday after investment firm Mizuho cited spending on non-fungible tokens as a rising cost for Coinbase. Mizuho also lowered its share price target.

Carvana – Shares of the used car dealer tumbled more than 9% after the sector was downgraded by RBC Capital Markets. RBC said in a note that the company is skeptical that Carvana’s fundamentals could support its expansion plans.

– Yoon Lee and Sara Min of CNBC contributed to this report.

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