There is a sign in the Goldman Sachs reception area in Sydney, Australia.
David Gray | Reuters
Check out the companies that are making the headlines in midday trading.
JP Morgan, Goldman Sachs, Bank of America – Bank stocks led the market comeback on Friday as bond yields rebounded. JPMorgan, Goldman Sachs, and Bank of America each rose more than 3% as the 10-year Treasury yield rose 6 basis points to 1.35%. The benchmark return fell from its low on Thursday to 1.25%, adding to concerns about an economic slowdown.
American Airlines, United Airlines – Airline stocks rebounded Friday after losses related to the highly contagious Delta-Covid variant fueled concerns over the global economic comeback. American Airlines shares, Southwest Airlines and Alaska Air Group all increased by more than 2.5%. United shares rose 2.8% in midday trading.
Carnival Corp., Norwegian Cruise Line, royal caribbean – The shares in reopening games like cruise line operators rose on Fridays, making up for the losses from the previous session. Carnival was up 1.9% while Norwegian Cruise Line was up 2%. Royal Caribbean gained almost 3%.
Discover financial services – The credit card portfolio rose by 5.6% Citi has upgraded the stock to buy from neutral after a change in analyst coverage. Citi said Discovery has “the clearest short-term way to benefit from the return of consumer card spending and credit as pandemic-related benefits expire and increased payment rates return to lower levels”.
General Motors – General Motors shares gained more than 4% after 4% Wedbush initiated coverage of the stock with an outperform rating and a target price of USD 85. This target implies an uptrend of more than 51% from Thursday’s closing price. “CEO Mary Barra, along with other key executives, has brought the long-established auto company back to the forefront of the US auto industry,” Wedbush’s Dan Ives said in a press release.
Levi Strauss Levi Strauss shares rose over 2% after the retailer met Wall Street expectations in his Second quarter financial results. Levi reported adjusted earnings of 23 cents per share on sales of $ 1.28 billion. According to Refinitiv, analysts expected earnings of 9 cents per share on sales of 1.21 billion US dollars.
I have and US-listed Chinese companies – Shares in ride-hailing company Didi rose more than 5% on Friday, reversing from a sell-off earlier this week Chinese regulators announced a cybersecurity review of the company last week, days after Didi’s public debut on the New York Stock Exchange. Several other Chinese companies traded in the US also rebounded. Tencent Music Entertainment Group gained 1.7% and Pinduoduo gained 1.6%. Baidu and Alibaba rose more than 3%.
Virgo galactic – Shares in the space tourism company fell over 3% afterwards Susquehanna raised her price target on Virgin Galactic’s stock from $ 20 to $ 45, but reiterated its neutral rating on the stock, saying its price had gone too far and too fast.
Signature bank – The New York-based bank rose more than 5% after UBS reiterated its purchase rating based in part on the company’s “early advantage” in adopting cryptocurrencies combined with the reopening of New York City. Signature Bank is known for being friendly to cryptocurrency companies who often find it difficult to secure banking relationships.
bumblebee, Playgroup Dating service stocks rose Friday after RBC Capital Markets launched Bumble and Match coverage on Outperform. The company said in a statement to customers that online dating still has significant growth ahead of it. Bumble’s shares were up about 4%, while Match Group was up more than 2%.
AMC entertainment The cinema chain’s shares fell 1.9% in midday trading as Wall Street analysts regretted the company’s decision not to issue more shares. AMC, a popular trade among Reddit users and now considered a “meme” stock, is making a “big mistake for shareholders not to allow the company to issue more shares at what we believe to be grossly inflated prices,” said Alan Gould said in a Note Published Friday.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Yun Li, Tom Franck and Tanaya Macheel contributed to the coverage
Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign in to one. to start Try it for free today