Stocks making the biggest moves midday: Nike, La-Z-Boy, Altria Group, Coinbase, Dow & more

Stocks making the biggest moves midday: Nike, La-Z-Boy, Altria Group, Coinbase, Dow & more


People walk past a store of the sporting goods retailer Nike Inc. at a shopping complex in Beijing, China March 25, 2021.

Florence Lo | Reuters

Check out the companies making headlines in midday trading Wednesday.

Nike — Shares of the athleticwear retailer fell more than 3% after Seaport downgraded the stock to neutral from buy. The Wall Street firm said Nike is faced with rising inflation and supply chain disruptions.

La-Z-Boy — Shares of the furniture maker jumped more than 8% after La-Z-Boy reported its fiscal fourth quarter results. The company, which is covered by few Wall Street analysts, reported consolidated net sales up 32% year over year, with net income also rising, powered primarily by strong wholesale sales growth. The company’s CEO did say in a release that La-Z-Boy expected demand to be “volatile for the foreseeable future.”

Altria Group — The tobacco company dropped 9% after the Wall Street Journal reported that the Food and Drug Administration is preparing to order Juul Labs to take its e-cigarettes off the U.S. market. The Biden administration also plans to propose a rule to establish a maximum nicotine level in cigarettes.

Coinbase – Shares of the crypto services firm fell 7.6% on Wednesday after rival crypto exchange Binance.US said it’s dropping spot bitcoin trading fees for customers. Coinbase historically has relied heavily on trading volumes for revenue but in recent months has been looking to diversify its revenue streams.

Revlon — The cosmetics stock surged more than 35%, extending a rally that came after the company filed for Chapter 11 bankruptcy protection last week. Revlon soared 62% in the previous session.

Airbnb — The vacation rental company saw its shares drop 2% after JMP Securities downgraded it to market perform from market outperform. The analyst said the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.

Dow – The chemical maker’s shares fell 5.8% after Credit Suisse downgraded them to underperform from neutral, saying the stock’s valuation looks pricy amid potentially unsustainable results and that several pandemic-related factors that boosted Dow could reverse in the coming years.

Jack In The Box — Shares of the fast food company slid more than 3% after Cowen downgraded the stock to market perform from outperform. The Wall Street firm cited concerns about slowing same-store sales growth.

— CNBC’s Jesse Pound and Tanaya Macheel contributed reporting.



Source

Trump says ‘extremely hard’ to make a deal with China’s President Xi Jinping as trade talks stall
Finance

Trump says ‘extremely hard’ to make a deal with China’s President Xi Jinping as trade talks stall

Key Points U.S. President Donald Trump said on Wednesday that China’s President Xi Jinping was “extremely hard” to make a deal with. A senior White House official told CNBC earlier on Monday that Trump and Xi are likely to speak this week. Source

Read More
Stocks making the biggest moves after hours: Hewlett Packard Enterprise, CrowdStrike, Guidewire Software and more
Finance

Stocks making the biggest moves after hours: Hewlett Packard Enterprise, CrowdStrike, Guidewire Software and more

Check out the companies making headlines after hours. Hewlett Packard Enterprise — Shares rose 3%, after the information technology company beat analysts’ expectations on the top and bottom lines. Hewlett Packard Enterprise reported second-quarter adjusted earnings of 38 cents per share on revenue of $7.63 billion. Analysts polled by LSEG had expected earnings of 32 […]

Read More
Citigroup lifts banking curbs on gun makers and sellers
Finance

Citigroup lifts banking curbs on gun makers and sellers

In this article C Follow your favorite stocksCREATE FREE ACCOUNT Signage at a Citibank branch in New York, US, on Sunday, Jan. 12, 2025. Michael Nagle | Bloomberg | Getty Images Citigroup on Tuesday ended a seven-year-old policy restricting how it provides banking services to firearm manufacturers, sellers and resellers. The bank launched the policy in […]

Read More