Goldman Sachs, United, Discovery and more
A sign is displayed in the reception area of Goldman Sachs in Sydney, Australia.
David Gray | Reuters
Find out which companies are making the midday headlines.
JPMorgan, Goldman Sachs, Bank of America – Bank stocks led the market’s comeback on Friday as bond yields rebounded. JPMorgan, Goldman Sachs and Bank of America climbed more than 3% each as the 10-year Treasury yield rebounded 6 basis points to 1.35%. The benchmark yield fell to 1.25% from its low on Thursday, heightening concerns about an economic slowdown.
American Airlines, United Airlines – Airlines shares rebounded on Friday after losses associated with the highly contagious variant of the Covid delta fueled concerns about the global economic recovery. Shares of American Airlines, Southwest Airlines and Alaska Air Group all rose more than 2.5%. United shares jumped 2.8% at midday.
Carnival Corp., Norwegian Cruise Line, Royal Caribbean – Reopening shares as cruise operators rose on Friday, recouping losses from the previous session. Carnival climbed about 1.9%, while Norwegian Cruise Line climbed 2%. Royal Caribbean grew almost 3%.
Check out financials – Credit card stock rose 5.6% after Citi improved the stock to buy from neutral following a change in analyst coverage. Citi said Discovery “has the clearest short-term path to benefit from the return of consumer card spending and loans as the benefits of the pandemic expire and high payment rates return to new heights. lower “.
General Motors – Shares of General Motors gained more than 4% after Wedbush launched the title cover with an outperformance rating and a price target of $ 85. This target implies an increase of more than 51% from Thursday’s close. “CEO Mary Barra along with other key executives brought the old auto company back to the top of the auto industry in the United States,” Wedbush’s Dan Ives said in a note.
Levi Strauss – Levi Strauss shares rose more than 2% after the retailer crushed Wall Street expectations in its second quarter tax results. Levi reported adjusted earnings of 23 cents per share on revenue of $ 1.28 billion. Analysts had expected earnings of 9 cents a share on revenue of $ 1.21 billion, according to Refinitiv.
Didi and Chinese US-listed companies – Shares of ride-sharing company Didi rose more than 5% on Friday, reversing the price of a sale earlier this week after Chinese regulators announced a review of the The company’s cybersecurity last week, days after Didi made a public debut on the New York Stock Exchange. US-traded shares of several other Chinese companies also rebounded. Tencent Music Entertainment Group grew 1.7% and Pinduoduo 1.6%. Baidu and Alibaba climbed more than 3%.
Virgin Galactic – Shares of the space tourism company fell more than 3% after Susquehanna raised its price target on Virgin Galactic shares to $ 45 from $ 20, but reiterated its neutral rating on the stock and said his prize had gone too far, too fast.
Signature Bank – The New York-based bank rose more than 5% after UBS reiterated its buy rating, in part thanks to the company’s “early advantage” in adopting crypto combined with the reopening of New York City. Signature Bank is known to be friendly towards cryptocurrency companies, which often struggle to secure banking relationships.
Bumble, Match Group – Dating services shares rose on Friday after RBC Capital Markets launched both Bumble and Match coverage to outperform. The company said in a note to customers that online dating still has significant growth ahead. Bumble shares rose about 4%, while Match Group added more than 2%.
AMC Entertainment – The movie theater chain’s shares fell 1.9% at midday, with Wall Street analysts lamenting the company’s decision not to issue more shares. AMC, a trade popular among Reddit users and now considered a “meme” stock, makes a “huge mistake for shareholders not to allow the company to issue more stock at what we perceive as price very bloated, ”Loop Capital’s Alan Gould. said in a note released Friday.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Yun Li, Tom Franck and Tanaya Macheel contributed reporting
Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews, and access to CNBC TV.
Register to start a free trial today