Amazon, Netflix, Bumble and more

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Check out the companies making headlines in midday trading.

Bumble — Shares of the online dating company are up more than 43% in midday trade. Fourth-quarter revenue fell just short of Refinitiv’s expectations. Still, BMO upgraded Bumble to outperform the market, saying in a note to clients on Wednesday that the stock still has significant upside.

JB Hunt Transport Services – Shares of the shipping company rose 2.8% on Wednesday after Goldman Sachs upgraded JB Hunt Transport to buy. The investment firm said the company is poised to reap outsized benefits from reducing supply chain congestion.

Stitch Fix — Shares of the apparel retailer fell 3% on Wednesday after Stitch Fix’s third-quarter financial guidance came in well below expectations. The company was expecting revenue of between $485 million and $500 million for the third quarter, while analysts polled by FactSet’s StreetAccount were expecting $558.6 million. The company also lowered its full-year sales guidance. Truist downgraded Stitch Fix to Hold following the report.

XPO Logistics – XPO shares rose more than 14% after the company said it would focus only on trucking and spin off its brokered transportation services unit into a separate company. It also said it would divest its European business and North American intermodal operations.

Netflix – Shares rose 5.7% after Wedbush upgraded the streaming company to a neutral rating from “outperform.” “While we don’t expect a significant share price increase in the near term, Netflix’s first-mover advantage and large subscriber base gives the company an almost insurmountable competitive advantage over its streaming peers,” Wedbush said in a statement.

General Electric – Shares of General Electric were up 4.4% at midday after it was announced that the company’s board of directors approved a $3 billion share buyback program.

Carnival, Royal Caribbean, Norwegian Cruise Line – Cruise line stocks rose on Wednesday as commodity prices fell, including a sharp drop in oil prices. Shares are up 11%, 7% and more than 10%, respectively, at midday.

Amazon – E-commerce stock rose 2% in midday trade. Barclays maintained its overweight rating on the company, saying the tech giant will see upward revisions to estimates “probably this year” after continuing to focus on higher-margin businesses like AWS.

PayPal – PayPal was up more than 5% in midday trade. It was downgraded Wednesday by Bank of America, which said in its note to clients that the stock is too “difficult” to recommend at the moment until it proves itself operationally.

Caesars Entertainment – The casino company’s shares rose 12% at midday after Jefferies put it on his top pick list and said he liked the management team’s “track record of execution”.

Boeing – Boeing rose 3.8% at midday after Langenberg & Company began coverage of the aerospace company with a buy rating. The move was driven by “the accelerated recovery in commercial aerospace and expectations for international travel to return to 75-80% of the norm by the end of 2022,” analysts wrote.

Starbucks – Shares of Starbucks are up 4.1% midday after announcing on Tuesday that the coffee retailer would be ceasing operations in Russia.

– CNBC’s Maggie Fitzgerald, Hannah Miao, Sarah Min, Jesse Pound and Tanaya Macheel contributed coverage.

https://www.cnbc.com/2022/03/09/stocks-making-the-biggest-moves-midday-amazon-netflix-bumble-and-more.html Amazon, Netflix, Bumble and more

Jane Marczewski

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