Jakub Porzycki | Nurphoto | Getty Images
Take a look at the companies that take the biggest steps in the afternoon:
Coinbase worldwide — Shares of the cryptocurrency exchange fell 7.8% during afternoon trading, along with Bitcoin and ether, after the Commodity Futures and Trading Commission filed a complaint against crypto exchange operator Binance. The CFTC alleges that the exchange has been actively recruiting US users and undermining the exchange’s own “ineffective compliance program”. The suit called both bitcoin and ether “commodities”.
First Citizens BancShares — The Raleigh, NC-based bank rose 53.74% after it agreed to buy Silicon Valley Bank’s deposits and loans. The deal includes approximately $72 billion in SVB assets at a discount of $16.5 billion.
First Republic, PacWest – Regional bank shares rose Monday on reports that the government was considering further support and that deposit outflows had slowed. Shares of First Republic rose 11.81%, while PacWest Bancorp gained about 3.46% and Western Alliance gained 3.03%
Roku — Shares of the media platform rose more than 4.7% after Susquehanna upgraded it from neutral to positive. The Wall Street firm said it continues to view Roku as “one of the main beneficiaries of the secular shift away from linear budgets.”
Border communication — Shares of the telecommunications company fell 8.91% after Morgan Stanley downgraded the stock to underweight. The company noted that Frontier is changing ownership at a significant premium compared to peers including AT&T and Verizon. The stock outperformed the broader field of hardwire telecom companies, but Monday’s drop pushed the stock down about 16% from the start of the year.
Carnival — The cruise line lost 4.77% despite beating earnings estimates for the first quarter. However, it led to an EPS loss of 34 to 42 cents in the second quarter, more than StreetAccount’s estimate of 28 cents.
Ollie’s Bargain Outlet Holdings The stock fell 2.8% during afternoon trading after Citi downgraded the retailer from neutral to sales, saying it has a “difficult to scale model” and has seen weaker productivity in its new stores in recent years. The stock closed down just 0.14%.
International flavors and fragrances — The stock advanced 6.35%. The New York-based maker of flavors, fragrances and cosmetic ingredients Monday reaffirmed its adjusted first-quarter EBITDA guidance of $470 million to $490 million, slightly below StreetAccount’s estimate of $492 million. It reaffirmed revenue of $2.95 billion to $3 billion, compared to $3 billion expected by analysts, per StreetAccount. IFF also reaffirmed its net debt commitment to credit its adjusted EBITDA target of less than 3x by the end of 2024.
pinterest — The social media platform gained 2.18% after UBS upgraded it to buy from neutral. The company said PINS has the potential to improve advertising under new leadership.
Corning — The glass and fiber optic cable maker advanced 1.52% after getting an upgrade at Deutsche Bank to buy off hold. Analyst Matthew Niknam said Corning is “turning a corner” on earnings and earnings per share.
Marketa — Payments share rose 8.96% after Wolfe Research upgraded it to outperform peer performing. The Wall Street firm said the risk and reward for the stock are “too attractive” and that investors are undervaluing the company.
– CNBC’s Alex Harring, Pia Singh, Yun Li, Sarah Min, Jesse Pound and Brian Evans contributed to the reporting.