Twitter, Carnival, First Solar and more

Carnival Cruise Line’s Carnival Ecstacy cruise ship 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 making headlines in midday trading.

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

Carnival — The cruise stock rose more than 2% after Carnival said that March 28-April 3 was the busiest booking week in the company’s history. Carnival has 22 of its 23 ships operational again after the pandemic effectively halted the global cruise industry.

First Solar — The solar panel stock dropped 4.8% following a downgrade to underperform from neutral at Bank of America. The investment firm said in a note that First Solar has received “too much credit for a reality that has never materialized.”

Ralph Lauren — Shares for the apparel retailer tumbled 3.7% in midday trading. Ralph Lauren’s stock was downgraded to equal weight from overweight by Wells Fargo analysts, who Tuesday that they’re said on the sector’s near-term picture. A hit on consumer spending will likely hurt the midtier retailer, analysts said.

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 total credit monthly average daily volume was down 3% from March 2021.

Starbucks — Shares of the coffee chain fell another 4.1% on Tuesday, as Wall Street digested returning CEO Howard Schultz’s decision to halt the company’s stock buyback program. The stock fell 3.7% on Monday. Wedbush downgraded Starbucks to neutral from outperform, saying in a note to clients that it was less confident in the company’s earnings.

Coinbase — Shares of the crypto exchange sank 7.4% on Tuesday after investment firm Mizuho highlighted spending on nonfungible tokens as a rising cost for Coinbase. Mizuho also cut its price target on the stock.

Carvana — The used car dealer’s stock dropped more than 9% after a downgrade to sector perform at RBC Capital Markets. RBC said in a note that it was skeptical that Carvana’s fundamentals could support its expansion plans.

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

Source link

Denial of responsibility! is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.
Andrew Naughtie

News reporter and author at @websalespromo