Etsy, Cinemark, DXC and more
An employee walks past a quilt displaying Etsy Inc. signage at the company’s Brooklyn headquarters.
Victor J. Blue / Bloomberg via Getty Images
Bed bath and beyond, AMC, Blackberry – Reddit Bed Bath & Beyond and AMC darlings have soared into the wild trade. Shares of the home furnishings retailer climbed 46% after the company announced the launch of three new private labels that are expected to hit shelves in the coming months. AMC jumped just under 80% and trading in the name was briefly halted. BlackBerry also jumped nearly 20%.
Etsy – Shares of the e-commerce company are up 6.9% as of noon after Etsy announced a $ 1.6 billion deal to purchase the Depop mode resale app. The newly acquired London-based business is popular among young consumers.
DXC technology – Shares of the computer services company rose nearly 5.5% after Wells Fargo raised the stock to overweight. “We are seeing a situation where a discounted valuation presents an attractive risk / reward ratio and the possibility of higher EPS / valuation as the market gains confidence in the turnaround that is unfolding at DXC,” wrote the company in a note to clients. Wells Fargo also raised its target on the stock to $ 48, which implies a 26% rise from Tuesday’s closing price.
Cinemark, Imax – Movie theater stocks fell more than 2% after Goldman Sachs lowered them to sell them neutral. The investment company said in a note to customers that the market seemed to overestimate the number of spectators who would bounce back from the pandemic.
You’re here – Tesla shares fell 3.5% at midday on a combination of negative stocks. First, the electric car maker said it was recall of nearly 6,000 vehicles fearing that the bolts on their brake calipers would loosen, which could potentially lead to a loss of tire pressure. Second, Tesla was reportedly told by the Securities and Exchange Commission that it had not properly approved CEO Elon Musk’s tweets.
Carnival Society – Carnival shares jumped about 2.8% and today hit a new 52-week high of $ 31.10. The Centers for Disease Control and Prevention accepted an agreement for Carnival Cruise Line to depart from Port Canaveral, The Houston Chronicle reported Tuesday.
Ambarella – Ambarella shares rose, then fell more than 2% on Wednesday at noon despite the release of better-than-expected quarterly financial results after the bell Tuesday. The semiconductor company reported adjusted earnings of 23 cents per share on revenue of $ 70.1 million. Analysts expected adjusted earnings of 17 cents per share on revenue of $ 68.6 million, according to FactSet.
Vimeo – Vimeo shares rose 0.2% after Cowen and Jefferies began hedging the stock with outperformance and buy ratings, respectively. Both companies highlighted Vimeo’s potential in the corporate video space.
– CNBC’s Hannah Miao, Maggie Fitzgerald, Jesse Pound, Tom Franck and Pippa Stevens contributed reporting
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