Stocks making the biggest moves midday: Amazon, Netflix, Bumble and more
Check out the companies making headlines in midday trading.
Bumble — Shares of the online dating company surged more than 43% in midday trading. Fourth-quarter revenue was just short of expectations from Refinitiv. Still, BMO upgraded Bumble to outperform from market perform, saying in a note to clients Wednesday that the stock still had significant room to run.
J.B. Hunt Transport Services — Shares of the shipping company rose 2.8% on Wednesday after Goldman Sachs upgraded J.B. Hunt Transport to buy. The investment firm said the company was poised to see outsized benefit from the easing of supply chain congestion.
Stitch Fix – Shares of the clothing retailer dropped 3% on Wednesday after Stitch Fix’s fiscal third-quarter guidance came in well under expectations. The company said it expected revenue to be between $485 million and $500 million for the third quarter, while analysts surveyed by FactSet’s StreetAccount expected $558.6 million. The company also cut its full-year revenue guidance. Truist downgraded Stitch Fix to hold after the report.
XPO Logistics — Shares of XPO jumped more than 14% after the company said it will just focus on trucking and split its brokered transportation services unit off into a separate company. It also said it will divest its European business and its North American intermodal operation.
Netflix — Shares rallied 5.7% after Wedbush upgraded the streaming company to a neutral rating from outperform. “While we do not anticipate significant share price appreciation in the near-term, Netflix’s first-mover advantage and large subscriber base provides the company with a nearly insurmountable competitive advantage over its streaming peers,” Wedbush said in a note.
General Electric — Shares of General Electric rose 4.4% midday following news that the company’s board of directors approved a $3 billion share repurchase program.
Carnival, Royal Caribbean, Norwegian Cruise Line — Cruise line stocks moved higher Wednesday as commodity prices eased, including a sharp drop in oil prices. The stocks are up 11%, 7%, and more than 10%, respectively, midday.
Amazon — The e-commerce stock spiked 2% in midday trading. Barclays maintained its overweight rating on the firm, saying the tech giant will see upward estimate revisions “likely this year” after tilting further into higher-margin business units like AWS.
PayPal — PayPal surged more than 5% in midday trading. It was downgraded by Bank of America on Wednesday, which said in its note to clients that the stock is too “difficult” to recommend right now until it proves its mettle on the operations side.
Caesars Entertainment — Shares of the casino company rose 12% midday after Jefferies added it to its top pick list and said it liked the management team’s “track record of execution.”
Boeing — Boeing spiked 3.8% midday after Langenberg & Company initiated coverage of the aerospace firm with a buy rating. The move was spurred by “accelerating commercial aerospace recovery and expectations that international travel returns to 75-80% of norm by end of 2022,” analysts wrote.
— CNBC’s Maggie Fitzgerald, Hannah Miao, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting