Here are the companies that make news on Wall Street.
MSG Entertainment – The parent company of Madison Square Garden announced Friday that it would buy media company MSG Networks on a full deal. The companies said in a statement that the combined entity would be better positioned to take advantage of the expansion of sports betting. Shares of both companies fell more than 9%.
Nio – U.S. listed shares of the Chinese electric vehicle fleet fell more than 8% after Nio announced it was in operation for five days at one of its production plants. The company cited global semiconductor shortages as the reason for the pause and reduced its focus on first-quarter deliveries.
Bank of America, JPMorgan Chase: Most bank shares rose slightly after the Federal Reserve announced that companies could resume amortization and raise dividends after June 30th. Shares of Bank of America rose 1.4%, while JPMorgan added 0.7%.
Snowflake: Data company shares gained more than 5% after Evercore ISI started hedging with a rating higher than the rating. “We believe there are few software companies in the last decade that have a growth opportunity as great as Snowflake,” the firm wrote in a note to clients. Evercore has a target of $ 311 in shares, which is about 36% above the shares traded on Friday.
ViacomCBS, Discovery: Shares of media companies continued to fall as Wall Street became concerned about the valuation of these television and broadcast shares. Shares of ViacomCBS fell 12.9% after being lowered to a weight less than equal weight by Wells Fargo, while those of Discovery fell 19.5% after being lowered to a weight equal to an overweight by the company itself.
BowX Acquisition: The special-purpose acquisition company jumped nearly 8% after news broke that WeWork, which shares offices, will be made public in a $ 9 billion deal, including debt. The valuation is a far cry from the $ 47 billion WeWork valued for a traditional IPO in 2019.
Root: The car insurer’s shares rose more than 16% after a bullish call from Citron Research. The research firm said Root is a “disruptive technology company” and has been misunderstood. Citron has recently abandoned its short selling strategies after the GameStop craze and is now only focusing on the long side.
Progress Software: Technology stocks jumped 4.9% after delivering stronger-than-expected results during the first quarter. Progress reported earnings of 91 cents per share on revenue of $ 129 million. Analysts surveyed by Refinitiv projected 78 cents of revenue per share and $ 128 million in revenue.