Twitter, Mardi Gras, First Solar and more

Carnival Cruise Line’s cruise ship Carnival Ecstacy docks in Jacksonville Harbor amid the coronavirus outbreak March 27, 2020 in Jacksonville, Florida.

Sam Greenwood | Getty Images

Here are the companies making headlines in midday trading.

Twitter – Shares of the social media company rose more than 3% after Twitter announced that Elon Musk will join its board of directors. The stock rose 27% on its best day in the previous session, even after Musk announced a 9.2% stake. The Tesla CEO said that “significant improvements” could be made to Twitter in the coming months.

Carnival — Cruise stock rose more than 2% after Carnival said March 28 through April 3 was the busiest week in bookings in the company’s history. Carnival has restarted 22 of its 23 ships after the pandemic effectively shut down the global cruise industry.

First Solar – Solar panel stock fell 4.8% after a downgrade from neutral to underperform at Bank of America. The investment firm said in a note that First Solar “received too much credit for a reality that never materialized.”

Ralph Lauren – Shares of the clothing retailer fell 3.7% in midday trade. Ralph Lauren stock was downgraded from overweight to equal weight by analysts at Wells Fargo, who said on Tuesday they are cautious about the near-term direction of the sector. A slump in consumer spending is likely to hurt the mid-tier retailer, analysts said.

MarketAxess Holdings – Shares in the fixed income trading platform fell more than 9% after MarketAxess released its monthly volume statistics for March. The company’s total monthly average daily loan volume decreased 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 share buyback program. The stock fell 3.7% on Monday. Wedbush downgraded Starbucks to neutral from outperform and said in a note to customers that it had less confidence in the company’s earnings.

Coinbase – Shares of the crypto exchange fell 7.4% on Tuesday after investment firm Mizuho highlighted spending on non-fungible tokens as a rising cost for Coinbase. Mizuho also lowered its price target on the stock.

Carvana – The used-car dealership’s stock fell more than 9% after a sector performance downgrade 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. Twitter, Mardi Gras, First Solar and more

Gary B. Graves

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