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Check out the companies that make headlines in midday trading.
Netflix – Streaming shares jumped 7% after Evercore ISI has upgraded Netflix to a better rating and said its stock could rise more than 30% as it rolls out an ad-supported service and reduces password sharing.
Adobe – Adobe share 15% off when news they acquired a design software company called Figma with about $20 billion in cash and stock. The company beat earnings estimates for the period but gave mixed guidance for the current quarter.
Oracle – Coupon of software companies shed another 2%, prolonging the 5% sell-off from the previous session on low income. Oracle earnings came in at $1.03 per share, according to Refinitiv, compared with the $1.07 per share analysts expected. However, its revenue lived up to expectations.
Railroad Stocks – Several railroad stocks edged higher after the announcement of a expected, last minute transaction between railroad companies and unions representing their workers. Union Pacific and Norfolk Southern up 1.6% and just under 1% respectively. CSX Corp. fell more than 2% despite rising in trading long before the alarm.
Stocks ‘buy now, pay later’ – Stocks are mainly “buy now, pay later” the back of a report from the Consumer Financial Protection Bureau calls for more scrutiny into the field. PayPal and Affirm Holdings both fell below 1%, while UnitIts shares rose nearly 2%.
Fisker The electric vehicle maker’s stock price rose 3.6% after Needham begins coverage of Fisker with buy rating as the demand for electric vehicles increases rapidly. Tesla shares rose about 1% amid a holding rating upgrade from underperforming.
Nordstrom – The stock of the department store rose 2% after Jefferies has upgraded it to buy rating. The company said in a note to clients that Nordstrom was better positioned than some of its peers during the downturn.
Outdoor deck – Shares of Deckers Outdoor jumped more than 2% after Wedbush upgraded the footwear company to outperform, saying in a note to customers that it is well-positioned to weather a tough retail environment.
Arconic Corp – Shares of the manufacturing company fell nearly 15% after Arconic cut its full-year forecast amid higher energy costs in Europe and falling demand.
Duckhorn Portfolio – The winemaker’s stock fell 8% after being downgraded to neutral by JPMorgan due to being overweight. JPMorgan said it still likes Duckhorn, calling the company’s long-term and operational track record since its initial public offering “impressive”. However, the company is concerned that Duckhorn’s guidance could be disappointing.
– CNBC’s Alex Harring, Michelle Fox, Yun Li and Sarah Min contributed reporting.