Tesla, Enphase Energy, Exxon Mobil and more

A Tesla sales and service center is shown in Vista, California on June 3, 2022.

Mike Blake | Reuters

Check out the companies making headlines in midday trading on Wednesday.

Tesla, Twitter – Shares in Tesla fell 5.5% after a filing on Tuesday confirmed that CEO Elon Musk agreed to buy Twitter for $54.20 a share, the original price he had agreed to for the acquisition . Shares of Twitter fell 1%, taking a breather after rising more than 22% on Tuesday.

Morgan Stanley, Goldman Sachs β€” Shares of Morgan Stanley and Goldman Sachs fell 2.3% and 2.8%, respectively, after Atlantic Equities downgraded. The firm said the two investment banks have few positive catalysts ahead as they continue to address macro challenges. Morgan Stanley was downgraded to neutral from overweight, and Goldman Sachs was downgraded to underweight from neutral.

Airbnb: Shares of the travel rental company fell 1.5% even after Bernstein initiated the stock as outperform with a price target of $143, indicating a 30% upside . The Wall Street firm said Airbnb is on track to become the largest Western travel platform within the next five years.

Carnival: Cruise line stocks declined as a group. Shares in Carnival fell 7%, Royal Caribbean Group fell 3.5% and Norwegian Cruise Line Holdings fell 3.4%. The group received a boost a day earlier, after Norwegian said it would end all Covid-19 testing and vaccination requirements.

Enphase Energy, Sunrun: Solar stocks declined on Wednesday after rallying earlier this week. Enphase Energy shares fell 13% and Sunrun fell 9.5%.

Schlumberger – Energy stocks rose as a group after OPEC+ decided to cut oil production by 2 million barrels per day. Schlumberger advanced 6.4%, Exxon Mobil gained 4.3% and Phillips 66 rose 3%.

Lamb Weston Holdings: Shares of the food products company rose 4.7% after Lamb Weston reported strong increases in net sales and net income in its fiscal first quarter. Lamb Weston’s adjusted earnings of 75 cents a share beat analysts’ estimates of 50 cents a share, according to StreetAccount. The Idaho-based company also maintained its full-year guidance despite seeing a decline in volume during the quarter.

Lumen Technologies: Shares of the technology company fell 10.3% to a 52-week low after Wells Fargo cut its price target on Lumen by 56% and downgraded the stock from overweight to equal weight. Wells Fargo said its mass-market segment was seeing headwinds that put dividends at risk.

– CNBC’s Alexander Harring, Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *