Here are the companies making headlines in midday trading.
Twitter — Shares of the social media company rallied more than 3% after Twitter announced that Elon Musk will join its board of directors. The stock soared 27% in the previous session for its best day even after Musk disclosed a 9.2% stake. The Tesla CEO said “significant improvements” could be made to Twitter in the coming months.
Carnival — The cruise stock rose more than 2% after Carnival said that March 28-April 3 was the busiest booking week in the company’s history. Carnival has 22 of its 23 ships operational again after the pandemic effectively halted the global cruise industry.
First Solar — The solar panel stock dropped 4.8% following a downgrade to underperform from neutral at Bank of America. The investment firm said in a note that First Solar has received “too much credit for a reality that has never materialized.”
Ralph Lauren — Shares for the apparel retailer tumbled 3.7% in midday trading. Ralph Lauren’s stock was downgraded to equal weight from overweight by Wells Fargo analysts, who said Tuesday that they’re cautious on the sector’s near-term picture. A hit on consumer spending will likely hurt the midtier retailer, analysts said.
MarketAxess Holdings — Shares of the fixed income trading platform fell more than 9% after MarketAxess released its monthly volume statistics for March. The company’s total credit monthly average daily volume was down 3% from March 2021.
Starbucks — Shares of the coffee chain fell another 4.1% on Tuesday, as Wall Street digested returning CEO Howard Schultz’s decision to halt the company’s stock buyback program. The stock fell 3.7% on Monday. Wedbush downgraded Starbucks to neutral from outperform, saying in a note to clients that it was less confident in the company’s earnings.
Coinbase — Shares of the crypto exchange sank 7.4% on Tuesday after investment firm Mizuho highlighted spending on nonfungible tokens as a rising cost for Coinbase. Mizuho also cut its price target on the stock.
Carvana — The used car dealer’s stock dropped more than 9% after a downgrade to sector perform at RBC Capital Markets. RBC said in a note that it was skeptical that Carvana’s fundamentals could support its expansion plans.
— CNBC’s Yun Li and Sarah Min contributed to this report.
