An empty parking lot is pictured in front of a Planet Fitness gym and fitness club in Alhambra, California, on May 12, 2020, after stay-at-home orders in Los Angeles County were extended until July amid the Covid-19 pandemic.
Frederic J. Brown | AFP | Getty Images
Discover the latest news in midday trading.
Starbucks — Shares dropped by 2% in midday trading following a downgrade to market perform by TD Cowen. Analyst Andrew Charles expressed concerns over macroeconomic headwinds in China, which could impact consumer spending at Starbucks stores.
Instacart — The grocery delivery stock made an impressive debut on the public market with shares soaring by approximately 12.3% and closing at $33.70. Instacart had priced its initial public offering at $30 a share, the upper end of the expected range.
Disney — The entertainment giant’s stock declined by 3.3% after announcing plans to increase spending on its parks and cruises businesses to approximately $60 billion.
Super Micro Computer — Stock in this computer technology company increased by 1.6% after Barclays initiated coverage with an overweight rating. Analyst George Wang highlighted the potential benefits the stock could receive from the growing artificial investment trend.
Deere — The industrial stock fell by nearly 3% after Evercore downgraded the shares to in line from outperform. The firm predicted revenue declines and agriculture production cuts for Deere’s next fiscal year.
Planet Fitness — Shares of the gym franchise slid by 4.2% after JPMorgan downgraded the stock to a neutral rating from overweight. The investment bank cited the recent surprise ousting of CEO Chris Rondeau and uncertainty in the macroeconomic future as reasons for the downgrade.
Arm Holdings — Shares of the semiconductor company, which recently went public, dropped by 5.4%. Redburn Atlantic Equities initiated coverage of the company with a neutral rating, stating that it is currently overvalued.
Array Technologies — The solar tracker solutions provider experienced a 4.3% increase in its stock during the trading session after being added to Bank of America’s US1 list. The bank referred to Array as a “diamond in the rough.”
Rocket Lab — Shares of the aerospace manufacturer tumbled by 7.4% after Rocket Lab experienced its first launch failure in over two years on Tuesday morning. The uncrewed 41st Electron rocket launch failed approximately two minutes and thirty seconds after takeoff in New Zealand.
Lazard — The stock fell by 1.2% after Goldman Sachs downgraded the investment bank to sell from neutral, citing a “challenging” outlook.
Royal Caribbean — Shares of the cruise company rose by 2.4% after being upgraded to buy from hold by Truist, which highlighted “exceptionally strong” forward-looking trends for 2024 and 2025. The firm also upgraded Carnival to hold from sell, resulting in a nearly 0.5% increase in shares.
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