Check out the companies making headlines in midday trading. Etsy — The online merchandise platform saw shares rebound 3% after a steep sell-off last week. Etsy announced last Wednesday that it is cutting 11% of its workforce , or approximately 225 employees, as the company looks to restructure its business and streamline costs against a “very challenging” macro and competitive environment. Netflix — The stock added 3% after Morgan Stanley raised its price target on Netflix to $550 from $475 per share. The bank cited renewed confidence in the streaming giant’s return to content spending and “execution on growth initiatives including paid sharing and advertising.” Oil stocks — Oil companies broadly rose as crude prices jumped more than 2% on concerns of supply disruptions. Valero Energy added 3%, while Marathon Petroleum and Diamondback Energy gained more than 2%. U.S. Steel — The steelmaker jumped 26.5% after Japan’s Nippon Steel beat out rivals to buy the company for $14.9 billion in cash. The $55 per share deal price is 142% above U.S. Steel’s price on Aug. 11, the last trading day before Cleveland-Cliffs offered $35 per share for the company. SolarEdge — Shares tumbled more than 5% after Goldman Sachs downgraded the company to sell from neutral. The firm cited further downside risk to earnings and margin uncertainty. SunPower — The solar company plunged more than 33% after filing a delayed 10-Q form for the third quarter on Monday. The company disclosed liquidity concerns and “substantial doubt about the company’s ability to continue.” Goldman Sachs had already downgraded the firm to sell from neutral in a Sunday note. Adobe — Adobe shares rose about 1% as the company called off its plan to buy cloud-based design tool Figma for $20 billion due to regulatory pushback. Adobe said in a regulatory filing that it will pay Figma a $1 billion breakup fee. VF Corporation — Shares lost nearly 8% after the apparel company disclosed a cyber incident from Dec. 13 in an 8-K filing. The company said the incident would likely result in a material effect on its business. Coupang — The South Korea-based e-commerce platform fell 3.7% after it announced plans to acquire online luxury platform Farfetch. The deal will give Farfetch access to $500 million in capital and turn the company private. Shares of Farfetch fell nearly 35% before trading was halted. Liberty Media Formula One — The racing series dropped more than 1% after a Morgan Stanley downgrade to equal weight from overweight, calling the stock a ” victim of its own success .” Structure Therapeutics — The U.S.-listed shares of Structure Therapeutics plunged 34% even as the clinical stage biopharmaceutical company said its obesity drug can reduce weight and blood sugar. Snap — Shares added 1.6% after Guggenheim upgraded them to buy from neutral. The firm also raised its price target to $23 from $9, suggesting 35% upside potential from Friday’s close. Analyst Michael Morris is forecasting revenue growth to outperform in 2024 as digital ad trends strengthen. Nio — Shares jumped more than 6% after the company entered a $2.2 billion share subscription agreement with Abu Dhabi-based CYVN Holdings, expanding its ownership in Nio to 20.1%. — CNBC’s Lisa Kailai Han, Samantha Subin, Yun Li and Michelle Fox contributed reporting.
Information About Los Angeles Financial Times
Saturday,
May
18,
2024
9:04PM
-
Good or bad for California? – Daily News
Good or bad for California? – Daily News
-
Stocks making the biggest moves midday: GME, RDDT, AMD, HOOD
Stocks making the biggest moves midday: GME, RDDT, AMD, HOOD
-
The Big Number: $1,280
The Big Number: $1,280
-
Tesla sued over air pollution from factory in Fremont, California
Tesla sued over air pollution from factory in Fremont, California
Your number one source of all things financial.
Popular
- Good or bad for California? – Daily News & Comments Off on Good or bad for California? – Daily News
- New law expands California’s homestead equity protection to $600,000 – Daily News & Comments Off on New law expands California’s homestead equity protection to $600,000 – Daily News
- Heroes on the Frontlines in Riverside Get COVID-19 Vaccine – NBC Los Angeles & Comments Off on Heroes on the Frontlines in Riverside Get COVID-19 Vaccine – NBC Los Angeles
- Why Markets Boomed in a Year of Human Misery & Comments Off on Why Markets Boomed in a Year of Human Misery
- LACo COVID Deaths Set New Records, Hospital Crunch Worsens – NBC Los Angeles & Comments Off on LACo COVID Deaths Set New Records, Hospital Crunch Worsens – NBC Los Angeles
- ‘Brink of Catastrophe.’ Once a Model, California Now Struggles to Tame COVID-19 – NBC Los Angeles & Comments Off on ‘Brink of Catastrophe.’ Once a Model, California Now Struggles to Tame COVID-19 – NBC Los Angeles
Los Angeles Financial times
Copyright © 2024 Los Angeles Financial times