The Twitter logo and trading information are displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York City, US, May 3, 2022.
Brendan McDiarmid | Reuters
Learn about the companies making headlines in mid-day trading.
Nouveau riche — Shares of the consumer lender fell more than 20% after the company issued a profit warning, saying it would not meet its previously lowered financial targets for its second quarter, amid a constrained lending market Points out and takes steps to convert the loan into cash. JMP also downgraded citing stock “Limited Revenue Visibility” going forward.
life cocoa — Shares of beverage company Vita Coco rose 16% when Bank of America upgrades stock to buy and raises its price target, The firm said a stable ocean freight market should lower costs and help boost the company’s earnings for years to come. In addition, Bank of America sees Vita Coco in a strong position to weather a potential downturn.
WD-40 – Shares of lubricant maker fell 12% after company informed of Weaker-than-expected quarterly earnings. WD-40 president and CEO Gary Ridge cited the “challenging macroeconomic environment” and rising inflation as pressures on gross margins for the company.
XPO Logistics — Shares of freight company XPO Logistics jumped nearly 2% Morgan Stanley upgrades stock For more than equal weight. The bank considers XPO Logistics as a buying opportunity now that the shares are down 35% year over year.
Spirit Airlines — Shares of the airline company rose more than 3% after Spirit Airlines postponed another shareholder vote on its plan to merge with Frontier Group. it is Spirit delayed a vote for the third timeBecause Frontier Group and JetBlue Airways compete in a bidding war for the airline company.
Twitter — Twitter shares fell 4.5% Washington Post report That the deal to buy Elon Musk’s social media company is in danger.
Tesla Tesla shares rose more than 1% after a report from the China Passenger Car Association showed Tesla sold a record number of vehicles manufactured in China. Tesla sold 78,906 China-made vehicles in June, compared to 32,165 in May.
GameStop — Shares of the video game retailer are down more than 5% a day after the company said fired its chief financial officer, Mike Ricupero, and is cutting staff across departments as part of an aggressive turnaround plan. CEO Matt Furlong explained the change in the memo to employees and said the company needs to take bold steps to invest in its digital future.
Six Flags Entertainment — Shares of Six Flags fell more than 6% Citi downgrades the stock from buy to neutral, and lowered the price target from $41 to $26. Citi cited falling attendance numbers against rising inflation.
— CNBC’s Yun Lee, Tanaya Machiel and Carmen Renicke contributed reporting