Business

Twitter, Carnival, First Solar and more


Carnival Cruise Line’s Carnival Ecstacy is docked in Jacksonville amid the Coronavirus outbreak on March 27, 2020 in Jacksonville, Florida.

Sam Greenwood | beautiful pictures

Here are the companies that hit the headlines in midday trading.

Twitter – Shares of the social media company rose more than 3% after Twitter announced that Elon Musk will join the board of directors. Shares jumped 27% in the previous session in its best day even after Musk revealed a 9.2% stake. The Tesla CEO said “significant improvements” could be made to Twitter in the coming months.

Carnival Cruise ship shares 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 service after the pandemic effectively halted the global cruise industry.

The first solar energy – Solar panel stock drops 4.8% after one downgrade to underperforming from neutral at Bank of America. The investment firm said in a note that First Solar received “too much credit for a fact that never materialized.”

Ralph Lauren The clothing retailer’s shares fell 3.7% in midday trading. Shares of Ralph Lauren have been downgraded to balance by being overweight, Wells Fargo analysts said on Tuesday they were cautious about the industry’s short-term picture. A hit to consumer spending will likely hurt the mid-range retailer, analysts say.

MarketAxess Holdings – Shares of the fixed-income trading platform fell more than 9% after MarketAxess released its monthly volume statistics for March. The company’s average monthly total credit volume has down 3% compared to March 2021.

Starbucks Shares of the coffee chain fell another 4.1% on Tuesday, as Wall Street announced Chief Executive Officer Howard Schultz’s decision to suspend the company’s share buyback program. Shares fell 3.7% on Monday. Wedbush downgrades Starbucks to neutral from performing better, said in a note to clients that they have less confidence in the company’s earnings.

Coinbase The crypto exchange’s shares fell 7.4% on Tuesday after investment firm Mizuho highlighted spending on unavailable tokens as an incremental cost to Coinbase. Mizuho also cuts stock price target.

Carvana – Used car dealership shares fall more than 9% after downgrade to implementation industry at RBC Capital Markets. RBC said in a note that it is skeptical that Carvana’s fundamentals can support its expansion plans.

-CNBC’s Yun Li and Sarah Min contributed to this report.



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