The Airbnb logo can be seen on a small mini pyramid under the glass pyramid of the Louvre Museum in Paris, France, March 12, 2019.
Charles Platiau | Reuters
Check out the companies that are making headlines in midday trading.
MGM Resorts – MGM Resorts stocks rose nearly 7% after Credit Suisse upgraded casino stock from neutral to outperformance. The company said MGM’s new business and solid cash flow should make the stock attractive to investors. “MGM has gone through a transformation and recently announced four transactions and we believe the market is not granting full credit,” said Credit Suisse.
CureVac – The German biotech company’s shares plunged more than 6% after it withdrew its Covid-19 vaccine application in Europe after the European Medicines Agency decided not to speed up the approval process for CureVac.
Solar Power Stocks – Solar stocks plummeted this week amid global concerns about energy shortages. Enphase Energy was up 5.7% while Sunrun was up 8%.
Airbnb – The rental company’s shares rose nearly 4% after Cowen upgraded the stock to outperform the market. The Wall Street firm said Airbnb’s growth over the next year will exceed expectations amid strong demand for alternative accommodations. Cowen has raised its price target for Airbnb from $ 160 per share to $ 220 per share.
Nike – The sportswear company’s shares rose about 1% after Goldman Sachs initiated coverage of the stock with a buy rating. The company said there could still be upward trends for the stock as Nike is likely to benefit from more customers who are focused on wellness, “a likely increasing casualization of post-pandemic fashion trends.”
Signet Jewelers – The jewelry retailer’s shares fell 0.3% after the company announced it had acquired rival Diamonds Direct for $ 490 million in cash. SIgnet said the acquisition would add to the company’s profits immediately.
Fastenal – Fastenal’s shares rose more than 2% after the company’s earnings report for the third quarter. The manufacturer of industrial products earned 42 cents a share, which, according to Refinitiv estimates, was in line with Wall Street’s expectations. At $ 1.55 billion, sales were slightly above the $ 1.54 billion expected by analysts.
General Electric – The industrial company’s shares fell roughly 2% after JPMorgan reiterated its neutral rating on the stock. JPMorgan analyst Stephen Tusa said the stock appears overvalued even if he accepts more optimistic predictions from other analysts.
– with reports from Hannah Miao, Jesse Pound, Tanaya Macheel and Yun Li from CNBC.