Upstart, WD-40, Vita Coco and more
A 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, U.S., May 3, 2022.
Brendan Mcdermid | Reuters
Check out the companies that make headlines in midday trading.
Start up Shares of the consumer lender fell 19.7% after the company issued a profit warning that said it would fall short of its financial targets, which fell in the second quarter, due to the lending market. restricted and switched to converting loans to cash. JMP also downgraded the stock for the reason “limited revenue visibility” go forward.
Vita Coco – Shares of beverage company Vita Coco increased by 11.4% when Bank of America upgrades stock to buy and price target. The company says a stable ocean freight market will help reduce costs and help boost earnings in the coming years. Additionally, Bank of America sees Vita Coco well-positioned to weather a potential recession.
WD-40 – Shares of the lubricant manufacturer fell 14.9% after the company report quarterly earnings were weaker than expected. Garry Ridge, President and CEO of WD-40, said that the “challenging macroeconomic environment” and rising inflation are putting pressure on the company’s gross margin.
XPO Logistics – Shares of freight company XPO Logistics increased 2.3% after Morgan Stanley upgrades stock to weight from balance. The bank sees XPO Logistics as a buying opportunity as the stock is down 35% to date.
Spirit Airlines – Shares of the airline company rose 4.2% after Spirit Airlines postponed another shareholder vote on its plan to merge with Frontier Group. That is the third time Spirit delayed a voteas Frontier Group and JetBlue Airways compete in a bidding war for the airline company.
Twitter – Twitter shares lost 5.1% after one Washington Post newspaper that Elon Musk’s acquisition of the social media company is in jeopardy.
Tesla Tesla shares jumped 2.5% after a report from the China Passenger Car Association showed Tesla sold a record number of Chinese-made vehicles. Tesla sold 78,906 Chinese-made vehicles in June, compared with 32,165 vehicles in May.
GameStop – The video game retailer’s stock fell 4.9% a day after the company said it had Fires Chief Financial Officer Mike Recupero, and is making cross-departmental staff cuts as part of a positive change plan. CEO Matt Furlong explained the changes in the memo to employees and said the company must take bold steps when it comes to investing in its digital future.
Six Flags Entertainment – Six Flags shares fell 7% after Citi downgrades stock to neutral versus buyand cut the price target to $26 from $41. Citi cited a drop in attendance due to rising inflation.
– CNBC’s Yun Li, Tanaya Macheel and Carmen Reinicke contributed reporting