Check out the companies making headlines in midday trading.
Alibaba, Baidu, JD.com — Shares of the China-based companies fell after JPMorgan Chase downgraded the stocks to underweight. Their stocks tumbled more than 10%, 8% and 10%, respectively, amid a new shutdown in Shenzhen and renewed U.S. delisting fears.
Apple — The company’s stock fell 2.7% as one of the its biggest suppliers in China said it would pause operations in Shenzhen amid a new Covid-19 lockdown. KeyBanc also reiterated its outperform rating on shares of the technology giants and said that iPhone demand remains strong.
Occidental Petroleum, Chevron – The energy companies fell 4% and 2.5% after analysts at Morgan Stanley downgraded the stocks to equal-weight from overweight. The bank noted that while both companies have outperformed peers in recent months, they currently offer less attractive relative valuations. Oil prices also moved lower Monday.
Ford — Shares of the auto company dipped about 2% after Jefferies reiterated its hold rating and lowered its price target. The Wall Street firm slashed its price projection on Ford shares to $18 from $20, citing worries about “a stagflationary environment of higher input costs and continued supply constraints.”
Tyson Foods — The poultry company’s stock fell 2.4% after BMO Capital markets downgraded the it to market perform from outperform. BMO said it’s concerned about “underlying fundamentals” in beef.
Nike — Shares for the sports apparel giant tumbled 4%, furthering losses this year as geopolitical risks continue to weigh on the retailer. On Monday, UBS reiterated a buy rating for Nike, but analysts noted that its business in China is not recovering as fast as the firm expected. Last year, Chinese consumers boycotted the American company, after several companies in the West refused to source cotton from the Xinjiang province, calling out forced labor issues
Peloton — The at-home fitness stock lost more than 4% after Morgan Stanley initiated coverage of it with an equal weight rating, saying it lacks near-term visibility for Peloton. Still, it said it leans bullish as its price target of $32 implies about 50% upside.
Papa John’s — Shares rose more than 2% after Loop Capital reiterated its buy rating on the pizza chain. The firm said Papa John’s comparable store sales accelerated and could “improve even further soon.”
Robinhood — Shares fell 3% after Goldman Sachs reiterated its neutral buy rating, citing market concerns about the company’s “ability to grow the business and scale into proﬁtability.” The company could be poised for re-rating if it can “translate its new product momentum into a return to revenue and user growth,” the analysts wrote.
Netflix — The streaming giant’s stock fell nearly 3%, reaching its lowest level since March 2020. Netflix shares have struggled recently amid rising competition from other media companies.
— CNBC’s Tanaya Macheel, Yun Li, Hannah Miao and Sarah Min contributed reporting
Family fighting over inheritance from sale of T. rex remains
2 municipal water facilities report falling to hackers in separate breaches
Disney’s Iger Thinks Disney Movies Got Worse Under Other Disney Bob
I’m a Celebrity in meltdown: Jamie Lynn Spears becomes second star to quit after Grace Dent walked as ITV insiders say they are ‘struggling to keep up with the drama’ and aren’t sleeping as they battle to fix ‘mess’ of jungle show
‘Found’ and ‘The Irrational’ Both Renewed for Season 2 at NBC
Feeding Tampa Bay serves hundreds a traditional meal for Thanksgiving
Chris Pine Has Heard Rumors of a Possible Dungeons and Dragons 2
Warning: Ability To Convert 529 Funds To Roth IRA Could Be Problematic
29 Early Black Friday Treadmill Deals to Shop Right Now 2023
International Emmy Awards: Martin Freeman, Amazon’s ‘La Caída,’ Netflix’s ‘The Empress’ Among Top Winners
‘Haven’t played to their identity’: Jim Montgomery explained his recent Bruins line changes
Tesla’s Cybertruck Is Two Years Late and Still Crazy
Tax Court Again Holds That 90-Day Deadline Is Jurisdictional
Cam Newton believes Carolina Panthers owner is ‘hoping’ to land Bill Belichick
Elvis Presley Pranked His Friends With a 50-Cent Christmas Gift
Lifestyle22 hours ago
‘The Boys’ Spinoff Set in Mexico in Development at Amazon
News22 hours ago
‘Instagrammable office’ trend prompts ridicule from workers
News22 hours ago
‘Sex and the City’ star Cynthia Nixon begins hunger strike demanding Gaza ceasefire from Biden
News23 hours ago
Commentator Says No Matter What Happens With Prince Harry, Meghan Will ‘Never Be Welcomed Back Into the Royal Family’
Tech22 hours ago
Man Claims His Big Toe Was Infested With Spider Eggs, but Experts Are Skeptical
Sport22 hours ago
Shearer slams ‘what a load of s***’ after after PSG’s ‘disgusting’ penalty
News7 hours ago
Cigna shares slide after report it could merge with Humana
News19 hours ago
Comer Seemingly Forgets Own Behavior After Calling Out Dems