Jakub Porzycki | Nurphoto | Getty Images
Check out the companies making the biggest moves at noon:
Coinbase Global — Shares of the cryptocurrency exchange fell 7.8% along with bitcoin and ether in midday trade after the Commodity Futures and Trading Commission filed a complaint against crypto exchange operator Binance. The CFTC alleges the exchange was actively recruiting US users and undermining the exchange’s own “ineffective compliance program.” The lawsuit called both Bitcoin and Ether “commodities.”
First Citizens Banc shares — The Raleigh, NC-based bank rose 53.74% after agreeing to buy Silicon Valley Bank’s deposits and loans. The deal includes approximately $72 billion in SVB assets at a $16.5 billion discount.
First Republic, PacWest – Regional bank shares rose on Monday on reports that the government was considering further support and that deposit outflows had slowed. First Republic shares rose 11.81%, while PacWest Bancorp was up about 3.46% and Western Alliance was up 3.03%.
Year — Shares of the media platform rose more than 4.7% after Susquehanna upgraded it from neutral to positive. The Wall Street firm said it continues to see Roku as a “key beneficiary of the secular shift in linear budgets.”
border communication — Shares of the telecom company fell 8.91% after Morgan Stanley downgraded the stock to underweight. The company found that Frontier is changing hands at a significant premium compared to its competitors, including AT&T and Verizon. The stock had outperformed the broader field of fixed-line telecom companies, but Monday’s slide in price pushed the stock down about 16% year-to-date.
carnival — The cruise operator fell 4.77% after beating earnings expectations for its first quarter. However, it was forecasting a 34 to 42 cent EPS loss for the second quarter, more than StreetAccount’s estimate of 28 cents.
Ollie’s Bargain Outlet Holdings – The stock fell 2.8% during midday trade after Citi downgraded the retailer to sell from neutral and said it has a “difficult model to scale” and has experienced weaker productivity at its new stores in recent years. The stock closed down just 0.14%.
International Flavors & Fragrances — The stock gained 6.35%. The New York-based flavors, fragrances and cosmetic ingredients maker on Monday confirmed guidance for first-quarter adjusted EBITDA of $470 million to $490 million, slightly below StreetAccount’s estimate of $492 million. It reconfirmed sales of $2.95 billion to $3 billion, compared to $3 billion expected by analysts per StreetAccount. IFF also reiterated its commitment to its net debt to achieve an Adjusted EBITDA target of less than 3x by the end of 2024.
Pinterest — The social media platform rose 2.18% after UBS upgraded it to buy from neutral. The company said PINS has the potential to improve advertising under new leadership.
corning — The glass and fiber optic cable maker gained 1.52% after being upgraded to buy on hold by Deutsche Bank. Analyst Matthew Niknam said Corning is “turning a corner” on revenue and earnings per share.
Marketa — The payments stock rose 8.96% after Wolfe Research upgraded it to outperform its peers. The Wall Street company said the risk and reward for the stock are “too compelling” and that investors are underestimating the business.
– CNBC’s Alex Harring, Pia Singh, Yun Li, Sarah Min, Jesse Pound and Brian Evans contributed coverage.
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2023-03-27 20:48:17
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