Global Courant 2023-05-02 01:03:11
NEW YORK, NEW YORK – APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. The U.S. bank will report its latest financial results, but concerns about small and medium-sized banks remain after the collapse of Silicon Valley Bank (SVB) in March. (Photo by Spencer Platt/Getty Images)
Spencer Plat | Getty Images News | Getty Images
Check out the companies making headlines during midday trading.
First Republic, JPMorgan Chase – First Republic stock and was discontinued after JPMorgan Chase acquired the ailing bank and most of its assets afterward supervisors seized check. Shares of JPMorgan rose 2.1%.
General engines — The automaker gained 1.3% after Morgan Stanley upgraded General Motors from equal weight to overweight and called the stock oversold.
Norwegian cruise line — The cruise business rose 8.9% after better-than-expected quarterly results. Norwegian Cruise Line also raised its full-year profit forecast given strong travel demand.
Exxon Mobil — Stocks lost 3.1% after Goldman Sachs downgraded from buy to neutral. The company said the oil giant was less attractive after its multi-year run.
PacWest, Zion Bank Corp. — Regional bank stocks were volatile Monday as investors reacted to the repossession and sale of First Republic Bank over the weekend. Shares of PacWest fell nearly 1.1% after rising earlier in the session. Zions Bancorp was down more than 3.7%, while Western Alliance was down about 3%. The SPDR S&P Regional Bank ETF (KRE) fell 2.8%.
SoFi technologies — Student loan refinancing fell more than 12.2% despite better-than-expected quarterly results. The company reported a loss of 5 cents per share and revenue of $460.16 million against consensus estimates of 7 cents and $441 million, according to Refinitiv. However, management said on Monday’s corporate earnings call that fourth-quarter loan demand would be lower because of higher interest rates.
Comcast — The media share gained 0.6% after Bank of America upgraded the media share from a neutral rating following recent quarterly results. Analysts see Comcast as well positioned for a “strong turnaround”.
teradata – The cloud database company rose 6% after Guggenheim Partners upgraded shares to buy from neutral. The Wall Street firm said Teradata is poised to exceed customer retention expectations and grow revenue in its cloud sector. The $62 price target implies a 60% upside.
On Semiconductor — On Semiconductor rose 8.9% after beating first-quarter profit and revenue expectations. The chip company reported earnings per share ex-items of $1.19, beating consensus estimates of $1.08 per share, according to FactSet. It posted sales of $1.96 billion, exceeding the expected $1.92 billion.
Scotts Miracle-Gro — Shares rose 5.5% after Stifel upgraded Scotts Miracle-Gro to buy off hold and set an $80 price target, implying a nearly 20% increase from Friday’s close. Stifel analyst W. Andrew Carter said the maker of consumer lawn, garden and pest control products has an “attractive near-term stock setup with a margin recovery that will allow for exorbitant earnings-per-share growth.”
Worldwide payments — Shares of Global Payments plummeted 8.6% despite an increase in revenue and earnings for the past quarter as the payments technology company announced a new CEO effective June 1.
logitech — Logitech shares rose 2.6% after Morgan Stanley upgraded the company from underweight to an equal weight, citing a “more balanced catalyst path” ahead.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
— CNBC’s Sarah Min, Alexander Harring, Brian Evans, Jesse Pound and Yun Li contributed to the reporting
