Business

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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