The logo of a Virgin Galactic is seen outside the building during the company’s first trading day on the New York Stock Exchange (NYSE) on October 28, 2019 in New York City.
JOHANNES EISELE | AFP | Getty Images
Check out the companies that own the noon trade
Virgin Galactic – The shares of the space company fell 14% after a presentation showed that President Chamath Palihapitya sold his personal shares of 6.2 million shares for about $ 213 million. It still has 15.8 million shares with investment partner Ian Osborne. Palihapitiya, in a statement to CNBC, said he plans to redirect the sale “to a large investment I am making to fight climate change.”
Ark Innovation – Cathie Wood’s flagship ETF shares fell more than 6% as rising interest rates put pressure on innovation stocks. The first fund holdings were in black. Shares of Tesla fell 7%, Square and Roku lost 6% and Baidu fell 8%. CRISPR Therapeutics fell about 10% and Shopify fell 7.5%.
Big Lots: Retail inventories slipped more than 3% after their comparable in-store sales results for the fourth quarter contrasted expectations. According to FactSet, the company recorded comparable sales growth of 7.9%, up from 8.4% projected by analysts. The company did not provide year-round guidance, citing uncertainty about the pandemic and government stimulus. Earnings per share exceeded expectations, according to estimates by Refinitiv.
Norwegian Cruise Line Holdings: Norwegian shares fell 14%, yielding less than other cruise issues, after the company announced another share offering. The company sells about 47.6 million shares for $ 30 a share. Norwegian said it plans to use the funds to recover the debt.
Cisco Systems: Cisco Systems shares rose more than 3% after JPMorgan upgraded its shares to neutral overweight. “We are upgrading CSCO’s shares to overweight in a combination of tracking the recovery of business IT spending ahead of expectations, the transformation on track to subscriptions, as well as a still cheap valuation after low performance to peers,” said the firm.
Nikola – Electric truck maker shares fell more than 7% after JPMorgan downgraded shares to overweight neutral. The Wall Street firm said the “good news” is already pricing on Nikola’s shares.
Gap – The clothing retailer’s shares jumped more than 6% after the company said it predicted a rebound in sales growth in 2021 as they return to more consumer stores. Gap reported fourth-quarter sales that fell below estimates in the midst of the pandemic, but made a profit, thanks to its efforts to sell more merchandise at full price and the progress it made in making stores out of order. well.
Oracle: Technology stocks jumped 7% after Barclays upgraded the overweight company from the same weight, saying it sees “accelerating growth” that will drive “multiple expansion.” Barclays cited “an improved cloud mix and a better IT spending environment” as factors to boost Oracle’s shares.
Hibbett Sports: Sports retailer shares fell more than 5% due to mixed fourth-quarter results. The company posted earnings per share of $ 1.40 in revenue of $ 367.8 million. Analysts surveyed by FactSet expected earnings per share of $ 1.37 for revenue of $ 380.9 million. However, for 2020, Hibbett announced a record year thanks in part to an increase in online sales.
IMAX Corp. – Imax shares jumped 11% after the company said it expects better results this year with the return of consumers to cinemas. The jump comes despite the theater operator reporting mixed fourth-quarter results, with the company’s earnings per share exceeding a Refinitiv estimate. However, Imax also posted better-than-expected revenue for the quarter.
– with reports from Yun Li, Jesse Pound and Rich Mendez of CNBC.