Global Courant
A banner for the online image board Pinterest Inc. hangs on the New York Stock Exchange on the morning of Pinterest’s IPO, April 18, 2019.
Spencer Plat | Getty Images News | Getty Images
Take a look at the companies that take the biggest steps in the afternoon.
pinterest — Stocks rose more than 5% during afternoon trading. Wells Fargo upgraded Pinterest to overweight due to an Amazon partnership expected to launch later this year and optimism that Pinterest can continue to drive user engagement.
Cruise Stocks — Carnival popped almost 10%, Norwegian cruise line gained about 9% and Royal Caribbean added more than 3%, extending Tuesday’s gains after Carnival reported a smaller-than-expected second-quarter loss and issued strong guidance. The industry has had a tear this year as it recovers from the Covid-19 pandemic.
General Mills – Shares fell 4.4% after the maker of Betty Crocker mixes and Cheerios breakfast cereals filed a mixed earnings report for its fiscal fourth quarter. The company beat Wall Street earnings expectations, posting $1.12 in adjusted earnings per share against a consensus estimate of $1.07 from analysts polled by Refinitiv. But $5.03 billion in revenue missed analysts’ forecast of $5.17 billion.
Chip Shares — Shares of Nvidia slipped less than 1% and Advanced micro devices added less than 1%, offsetting previous losses, following a Wall Street Journal report that the US is considering new restrictions on shares of artificial intelligence chips sold to China.
Netflix — The streaming giant rose 4.3% after Oppenheimer raised its price target from $450 to $500 per share. The Wall Street firm said it expected more subscribers and the possible discontinuation of its lowest-priced, ad-free plan, which is being tested in Canada.
Joby Aviation — Shares rose nearly 41% after the company announced it had received a permit to begin testing its first electric vertical take-off and landing (eVTOL) vehicle.
Aero environment – Shares rose 3.3% after the military drone maker reported revenue of $186 million after market close Tuesday, beating analysts’ forecast of $164 million, according to Refinitiv consensus estimates. AeroVironment also said it expects revenue of $630 million to $660 million for the full year, surpassing analyst expectations of $600 million.
ZoomInfo — The software stock rose more than 6% after Needham began coverage of ZoomInfo with a buy rating. Needham said in a note to clients that ZoomInfo has “best-in-class economics.” ZoomInfo also received positive coverage from Morgan Stanley, which again issued an overweight rating on the stock.
Snowflake — Shares rose 5.5% after the data cloud company reiterated its full-year guidance during an investor day on Tuesday. Goldman Sachs reiterated its buy rating for Snowflake after the event and Morgan Stanley maintained an overweight rating.
Circus International – The maker of flow control products for users of industrial, aerospace and defense markets gained 4% following a Reuters report that private equity firm Arcline offered $57 per share, on top of a rival bid from KKR.
First Citizens BancShares — The regional bank was up 2.3% during afternoon trading. Atlantic Equities began reporting Wednesday on the North Carolina bank with an overweight rating and a price target of $1,775 per share, suggesting a nearly 50% increase from Tuesday’s close.
– CNBC’s Alex Harring, Brian Evans, Jesse Pound and Michael Bloom contributed to the reporting.
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