Coinbase, Spirit Airlines, Robinhood and more

Check out the companies making headlines in midday trading.

Spirit Airlines – Shares of the low-cost airline fell more than 7% after it was revealed that consultancy Institutional Shareholder Services asked Spirit’s shareholders to vote in favor of its proposed merger with Frontier Airlines. It comes after Frontier Airlines increased the cash portion of its offer by $2 a share and increased the reverse breakup fee.

Robinhood — Robinhood rose more than 3% after Goldman Sachs upgraded the stock trading firm’s shares to neutral from “sell.” This upgrade comes despite the release of a congressional briefing detailing the difficulties in dealing with the January 2021 meme stock craze.

Coinbase — Shares of the cryptocurrency exchange fell 9% after Goldman Sachs downgraded it from neutral to sell, highlighting the pressure cryptocurrency prices are putting on Coinbase’s exchange operations and saying the company needs to cut costs to keep its cash -Burn to slow down.

Digital World Acquisition Corp. – The blank check company, which is linked to former President Donald Trump’s social media company, saw its shares fall more than 9% after it announced in a filing that its board had received subpoenas from a grand jury of the… had received federal. DWAC, already under investigation by the SEC, said the probes and subpoenas could affect its merger with Trump’s media company.

BioNTech — Shares of the biotechnology company rose about 6% after it was revealed that its Covid-19 booster shots, using Pfizer to combat Omicron, improved immune responses to the variant. Pfizer shares rose about 1% after the news.

AutoZone — AutoZone shares rose nearly 1% after Goldman Sachs upgraded the stock to “buy” from a neutral rating and said the company was “defensively positioned” to weather the current environment.

Etsy — Shares fell more than 4% after a Needham downgrade. Analyst Anna Andreeva downgraded the rating from buy to hold, saying Etsy’s business will suffer from rising inflationary pressures.

– CNBC’s Tanaya Macheel and Sarah Min contributed coverage. Coinbase, Spirit Airlines, Robinhood and more

Drew Weisholtz

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