Global Courant
A JD.com truck receiving incoming goods and preparing shipments at the Northeast China-based Gu’an Warehouse and Distribution Center in Gu’an, Сhina.
XiXinXing | iStock Editorial | Getty Images
Check out the companies making headlines during midday trading.
biogen — Shares of biotech stocks fell 3% after Biogen renewed its board of directors. Three current board members are not running for re-election, while the company’s former head of corporate strategy, Susan Langer, was nominated for the board, Biogen said Monday.
Oracle — Shares rose 2.7% to an all-time high on the back of a strong earnings report for the fiscal fourth quarter. Oracle reported $1.67 in adjusted earnings per share, while analysts polled by Refinitiv expected $1.58. Revenue also came in higher than expected at $13.84 billion against an estimate of $13.74 billion. Goldman Sachs upgraded Oracle from selling to neutral following the report.
Norwegian Cruise Line Holdings Norwegian Cruise Line Holdings rose 4.8% to its highest level since May 2022 after Bank of America raised its price target from $17 to $19 on Monday, though the company maintained a neutral investment rating. Carnival‘s target went from $11 to $20, also rising to the highest since May 2022, while Royal Caribbeanshares rose from $82 to $95 and the stock reached its highest level since November 2021.
Urban Outfitters — The retailer gained almost 4% after being upgraded to an overweight position by Morgan Stanley. The Wall Street firm cited Urban Outfitters’ low valuation relative to industry peers and improving company fundamentals.
Devon energy — The energy share increased by 2.7%. Goldman Sachs upgraded Devon to buy from neutral, saying it trades at an attractive valuation and appears poised to appreciate as manufacturing and capital spending prospects improve.
Oil Stocks – Oil stocks rallied overall as WTI crude gained after losses on Monday. The VanEck Oil Services ETF increased by more than 4%. Shares of Halliburton jumped 5.7% while Transocean climbed 4.2%.
Zion Ban Corporation – The Salt Lake City-based bank lost 12.4% after it said its outlook for net interest income is “diminishing”. The bank’s earlier forecast was “moderately declining,” according to StreetAccount. The update came in a presentation posted Monday afternoon.
Chinese internet stocks, metals and mining stocks – Shares of Chinese internet companies and metals and mining stocks rose on Tuesday after the People’s Bank of China cut key short-term interest rates in an attempt to spur a post-Covid recovery. The KraneShares CSI China Internet ETF rose 2.7% while JD.com gained 3.3%. Metals and mining stocks were also boosted by the news, with shares of Freeport-McMoRan And Steel dynamics by 5.1% and 4.3% respectively.
