The Twitter logo and trading information will be displayed on May 3, 2022, when traders are working on the floor of the New York Stock Exchange (NYSE) in New York City, USA.
Brendan MacDermid | Reuters
Check out the companies that make headlines for trading at noon.
UPSTART — Consumer lender stocks fell more than 20% after the company issued a profit warning that it could not meet its already reduced financial targets in the second quarter. This is a move to convert loans into cash, demonstrating constraints on the lending market. JMP also downgraded by citing shares “Limited revenue visibility” from now on.
Vita Coco — Beverage company Vita Coco shares surged 16% in the following cases: Bank of America upgrades and buys shares and raises price targets.. The company said a stable sea freight market should help reduce costs and boost the company’s bottom line over the next few years. In addition, Bank of America sees VitaCoco in a strong position to withstand a potential recession.
WD-40 — Lubricant maker stocks fell 12% after the company report Quarterly earnings weaker than expected. Garry Ridge, Chairman and CEO of WD-40, cited the “difficult macroeconomic environment” and rising inflation as squeezing the company’s gross profits.
XPO Logistics — Freight company XPO Logistics’ share has since surged by nearly 2% Morgan Stanley has upgraded inventory From equal weight to overweight. Banks see XPO Logistics as an opportunity to buy, as equities have fallen 35% so far.
Spirit Airlines — After Spirit Airlines postponed yet another shareholder vote on its plans to merge with Frontier Group, airline shares increased by more than 3%.that is The third spirit postponed votingBecause Frontier Group and JetBlue Airlines are competing in the airline bidding war.
Tesla — Tesla’s stake has increased by more than 1% following reports from the China Passenger Car Association that Tesla has sold a record number of Chinese-made vehicles. Tesla sold 78,906 Chinese cars in June, compared to 32,165 in May.
GameStop — The share of video game retailers has fallen by more than 5% a day after the company announced it. Fired Chief Financial Officer Mike Recupero, And as part of an aggressive turnaround plan, we are reducing staff across departments. CEO Matt Furlong explained the changes to the memo to employees, stating that the company needs to take bold steps when investing in the digital future.
Six Flags Entertainment — Six Flags’ share has since declined by more than 6% Citi downgraded shares from purchase to neutral, And reduce the price target from $ 41 to $ 26. Citi cited a decline in attendance in response to rising inflation.
— CNBC’s Yun Li, Tanaya Macheel and Carmen Reinicke contributed to the report