People pass by the sporting goods retailer Nike Inc.’s store at the shopping complex in Beijing, China, on March 25, 2021.
Florence Law | Reuters
Check out the companies that make headlines for trading at noon on Wednesday.
Nike — Athleticwear retailers’ stocks fell by more than 3% after Seaport downgraded inventories From purchase to neutral. A Wall Street company said Nike is facing rising inflation and supply chain disruptions.
Lazy boy — After La-Z-Boy reported its fourth quarter results, furniture makers’ share surged by more than 8%. The company, which has few Wall Street analysts, reports that consolidated sales increased 32% year-on-year and net income also increased, supported by significant growth in wholesale sales. In the release, the company’s CEO said La-Z-Boy expects demand to be “unstable for the foreseeable future.”
Altria Group — Tobacco companies have since declined 9% The Wall Street Journal reported The Food and Drug Administration is preparing to order Juul Labs to remove e-cigarettes from the US market. The Biden administration will also propose rules to establish maximum nicotine levels for cigarettes.
Coinbase – Cryptographic service company shares fell 7.6% on Wednesday after rival crypto exchange Binance.US Said Drop Spot Bitcoin Transaction Fees For customers. Coinbase has traditionally been heavily dependent on revenue trading volumes, but has been aiming to diversify its revenue streams in recent months.
Revlon — Cosmetic inventories surged by more than 35%, expanding the backlash after the company filed for Chapter 11 Bankruptcy Protection last week. Revlon soared 62% in the previous session.
Airbnb — Vacation rental companies have since lost 2% in stock. JMP Securities downgraded it to market performance Excellent performance from the market. Analysts said the surge in travel demand after the pandemic was already reflected in Airbnb’s assessment.
Dow – After Credit Suisse, the share of chemical makers fell 5.8% Downgraded them to reduce performance He said stock valuations seemed high in the midst of potential unsustainable consequences from neutrality, and that some of the pandemic-related factors that boosted the Dow could reverse in the coming years.
Jack in the Box — Fast food company share has since fallen by more than 3% Cohen downgraded inventory Bring performance to market from outperform. Wall Street companies have cited concerns about slowing existing store sales growth.
— CNBC’s Jesse Pound and Tanaya Macchel contributed to the report.
Nike, La-Z-Boy, Altria Group, Coinbase, Dow, etc.
Source link Nike, La-Z-Boy, Altria Group, Coinbase, Dow, etc.