Thursday, March 28

Netflix, Kohl’s, Wynn Resorts, General Motors and more


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Take a look at the companies that make the headlines for midday trading.

Netflix: Shares of the streaming giant fell 2.6% after Jefferies downgraded the stock to hold from buy and said the company may need to shift its focus to video games. Shares slumped on Friday as several analysts issued target price downgrades and cuts after Netflix reported disappointing subscriber guidance.

ARK Innovation – Shares of Cathie Wood’s flagship exchange-traded fund fell 7% in midday trading as growth names continued their downward spiral before ending the day up 2.8%. Coinbase, one of the fund’s largest holdings, fell slightly. Tesla fell 1.4% and Unity Software lost more than 4% before ending up 3.8% higher. Exact Sciences fell more than 6% but ended the day slightly higher. Twilio fell 5% before bouncing back 2.8% higher.

Coinbase: Shares of the cryptocurrency exchange operator fell more than 9% as the price of bitcoin fell to its lowest point since July as part of the ongoing sell-off in risky assets. Microstrategy, one of the largest corporate buyers of bitcoin, also plunged more than 7%.

Wynn Resorts: Casino and resort stocks fell nearly 1% following a New York Post report that Wynn is looking to divest its online sports betting unit for $500 million, a significant discount to the $3k valuation million that has floated in the last year.

Snap: Shares of social media stocks fell 1% after Wedbush downgraded Snap to “neutral” from “outperformer.” The Wall Street firm said it sees several headwinds affecting Snap’s revenue growth.

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General Motors: Shares of the automaker fell 1.2% ahead of announcements the company plans to make on Tuesday about major investments in electric vehicles. GM plans to invest $6.5 billion and create up to 4,000 jobs at two plants in Michigan, according to the AP.

Boeing: Shares of the planemaker fell 5% before retreating, after the company announced it had invested another $450 million in flying taxi developer Wisk. Boeing said the Wisk passenger car, due to be certified around 2028, would be the first autonomous passenger-carrying vehicle certified in the United States.

Kohl’s: Kohl’s shares soared more than 36% after news that the company is receiving takeover bids from at least two suitors. Starboard-backed Acacia Research is offering $64 a share for the retailer, while private equity firm Sycamore Partners has approached with a potential offer of at least $65 a share, CNBC has learned. Kohl’s shares closed Friday at $46.84.

Fox Corp: Fox gained 3.7% after UBS upgraded the stock to a buy from neutral on its sports betting potential and said it sees more than 30% upside for the stock. He also noted Fox’s strong position among pay television providers.

Platoon: Shares of the home fitness company jumped 9.7% after activist investor Blackwells Capital called on the company to fire CEO John Foley and seek a sale of the company.

— CNBC’s Maggie Fitzgerald contributed to this report


www.cnbc.com

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