Check out the companies making headlines in midday trading.
Netflix — Shares of the streaming giant fell 2.6% after Jefferies downgraded the stock to hold from buy and said the company may need to shift its focus to video games. The shares plunged Friday as several analysts issued downgrades and price target cuts after Netflix reported disappointing subscriber guidance.
ARK Innovation — Shares of Cathie Wood’s flagship exchange-traded fund fell 7% in midday trading as growth names continued their downward spiral before ending the day 2.8% higher. Coinbase, one of the fund’s largest holdings, fell slightly. Tesla fell 1.4% and Unity Software lost more than 4% before finishing 3.8% higher. Exact Sciences slid more than 6% but ended the day slightly higher. Twilio fell 5% before bouncing to 2.8% higher.
Coinbase — The cryptocurrency exchange operator’s shares tumbled more than 9% as the price of bitcoin fell to its lowest point since July as part of the continued sell-off in risk assets. Microstrategy, one of the biggest corporate buyers of bitcoin, also plunged more than 7%.
Wynn Resorts — The casino and resort stock fell nearly 1% following a New York Post report that Wynn is looking to divest its online sports-betting unit for $500 million, a significant discount to the $3 billion valuation that has been floated in the past year.
Snap — Shares of the social media stock fell 1% after Wedbush downgraded Snap to “neutral” from “outperform.” The Wall Street firm said it sees various headwinds impacting Snap’s revenue growth.
General Motors — The auto manufacturer saw shares slide 1.2% ahead of announcements the company plans to make Tuesday about major electric vehicle investments. GM plans to invest $6.5 billion and create as many as 4,000 jobs at two plants in Michigan, according to AP.
Boeing — Shares of the aircraft maker fell 5% before pulling back, after the company announced it invested another $450 million in the flying-taxi developer Wisk. Boeing said the Wisk passenger vehicle, set for certification in around 2028, would be the first autonomous passenger-carrying vehicle to be certified in the United States.
Kohl’s — Kohl’s shares soared by more than 36% following news the company is fielding takeover offers from at least two suitors. Starboard-backed Acacia Research is offering $64 per share for the retailer, while private-equity firm Sycamore Partners has reached out with a potential offer of at least $65 per share, CNBC has learned. Kohl’s shares closed Friday at $46.84.
Fox Corp — Fox gained 3.7% after UBS upgraded the stock to a buy from neutral on its on its sports-betting potential and said it sees more than 30% potential upside to the stock. It also pointed to Fox’s strong position among pay-TV providers.
Peloton — The at-home fitness company’s stock gained 9.7% after activist investor Blackwells Capital called on the company to fire CEO John Foley and seek a sale of the company
— CNBC’s Maggie Fitzgerald contributed reporting
Source: Finance - cnbc.com
