On March 12, 2019, the Airbnb logo can be seen on a small mini pyramid under the glass pyramid of the Louvre Museum in Paris, France.
Charles Platio | Reuters
Check out the companies that made the headlines in midday trading.
MGM Resorts-After Credit Suisse raised casino stocks from neutral to outperform, MGM Resorts’ stock price rose 9.6%. The company said that MGM’s new business and solid cash flow should make the stock attractive to investors. “MGM has undergone a transformation and recently announced four transactions. We believe that the market has not given sufficient trust,” Credit Suisse said.
CureVac-The German biotechnology company withdrew its European Covid-19 vaccine application after the European Medicines Agency decided not to expedite CureVac’s approval process. Its stock price fell 4.6%.
Solar energy stocks-due to global concerns about energy shortages, solar energy stocks have been rising this week. Enphase Energy rose 5.3%, while Sunrun rose 8.5%.
Airbnb-After Cowen upgraded its stock rating from market performance to outperform, the accommodation rental company’s share price rose 3.7%. The Wall Street company said that due to strong demand for alternative accommodations, Airbnb’s growth next year will exceed expectations. Cowen raised Airbnb’s target price from $160 per share to $220 per share.
Nike-The sportswear company’s stock rose 2% after Goldman Sachs (Goldman Sachs) began a buy rating on the stock. The company said that as Nike may benefit from more health-conscious customers, the stock still has room to rise, and “the casualization of fashion trends may increase after the pandemic.”
Signet Jewelers — After the company announced the acquisition of rival Diamonds Direct for US$490 million in cash, the jewellery retailer’s share price fell 0.5%. SIGnet said that the acquisition will immediately increase the company’s revenue.
Fastenal-Fastenal’s share price rose 3.1% after the company’s third-quarter earnings report. According to Refinitiv’s estimates, the industrial product manufacturer’s earnings per share were 42 cents, in line with Wall Street’s expectations. Revenue was US$1.55 billion, slightly higher than analysts’ expectations of US$1.54 billion.
General Electric-After JP Morgan Chase reiterated its neutral rating on the stock, the industrial company’s share price fell 1.3%. Stephen Tusa, an analyst at JPMorgan Chase, said that even if he adopted the more optimistic forecasts put forward by other analysts, the stock seemed to be overvalued.
— A report by Hannah Miao, Jesse Pound, Tanaya Macheel and Yun Li from CNBC.