American flags outside the headquarters of Goldman Sachs Group Inc. in New York on Friday, March 5, 2021.
Michael Nagle | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Goldman Sachs – New York Bank shares rose 2.3% in mid-day trading after the company posted earnings per share of $ 18.60 for the first quarter – the estimate of $ 10.22 by analysts polled by Refinitiv exceeds – and posted sales of $ 17.7 billion more than doubled a year ago. According to the last reading, Goldman stocks have been on their way since January.
Coinbase – On the first day of trading, Coinbase was up 31.3% and trading around $ 420 per share. Coinbase shares opened Wednesday morning on Nasdaq at $ 381, giving the cryptocurrency exchange an initial market cap of $ 99.6 billion with full dilution.
Bed Bath & Beyond – The big box retailer’s shares fell 12.2% after the company posted double-digit sales decline in the fourth quarter. Adjusted earnings per share were 40 cents compared to 31 cents expected by Refinitiv. Ongoing closings and divestments of stores as part of a larger turnaround plan continued to weigh on Bed Bath & Beyond’s results.
Wells Fargo – Bank stocks rose 5.6% on Wednesday after Wells Fargo reported better-than-expected first-quarter results and the company’s management expressed optimism about a recovery in commercial credit. The bank reported earnings per share of $ 1.05 and revenue of $ 18.06 billion. Analysts surveyed by Refinitiv searched for 70 cents per share and $ 17.5 billion in revenue.
Moderna – The drug manufacturer’s shares rose 6.9% after Moderna said its Covid-19 vaccine was more than 90% effective against the virus six months after a person was shot twice. The data was based on more than 900 cases of the virus.
JetBlue – The airline’s share price rose 0.3% after a bullish call from JPMorgan. The company has upgraded the stock from an underweight rating to an overweight rating, citing cost control measures and an attractive rating. JPMorgan also raised its price target for the airline from $ 15 to $ 25. The new target is 20% above where the stock closed on Tuesday.
Harley-Davidson – The motorcycle maker’s shares rose 1.1% but closed lower after Bank of America began reporting the stock with a buy rating and announced “accelerating brand momentum.” The company said it was optimistic about the prospect of adventure touring in Harley-Davidson’s future.
Snap – Snap was up 2% but closed lower after Wedbush took over reporting on the company with an outperform rating. The company said Snap had an innovative platform with a young audience and pointed to opportunities in augmented reality and social commerce. Wedbush’s 12-month target price of $ 75 suggests a 20% rally from Tuesday’s closing price.
Occidental Petroleum – The hydrocarbon exploration company’s shares rose 5.2% after MKM partner Occidental Petroleum upgraded to buy Neutral. The Wall Street company said investors should take advantage of the stock pullback.
Discovery – The media company’s shares fell 5% after CNBC reported that Credit Suisse is still discharging its position following the Archegos Capital Management chaos. According to people familiar with the matter, the bank sold 19 million Discovery Class A shares on Tuesday.
JPMorgan – JPMorgan stocks were down 1.9% even after the bank posted profits and sales that exceeded analysts’ expectations for robust trading results. The strong result was also aided by a $ 5.2 billion advantage from the release of funds previously earmarked for undeveloped credit losses. The bank posted earnings of $ 14.3 billion, or $ 4.50 per share, for the first quarter, including earnings of $ 1.28 per share from the reserve release, which was expected above analysts polled by Refinitiv $ 3.10 per share. The stock is up more than 20% in 2021.
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– with reports from Yun Li, Jesse Pound, Tom Franck and Pippa Stevens from CNBC.