At the company’s Brooklyn headquarters, an employee walks past a quilt that has Etsy Inc. signs on it.
Victor J. Blue / Bloomberg via Getty Images
Bed Bath & Beyond, AMC, BlackBerry – Reddit favorites Bed Bath & Beyond and AMC climbed in the wild. The home furnishings retailer’s shares rose 62% after the company announced the release of three new private label brands that are slated to hit store shelves over the next several months. AMC rose 95% and trading in the name was temporarily suspended. BlackBerry also rose 31.9%.
Etsy – The ecommerce company’s shares rose 7.1% after Etsy announced a $ 1.6 billion deal to purchase the fashion resale app Depop. The newly acquired London-based company is popular with younger consumers.
DXC Technology – Shares in the IT services company rose 4.3% after Wells Fargo upgraded the stock to an overweight rating. “We see a situation where discounted valuation offers an attractive risk / reward ratio and the opportunity for higher earnings per share / valuation as the market gains confidence in the turnaround that is happening at DXC,” the company wrote in a message to customers. Wells Fargo also raised its target price on the stock to $ 48, up 26% from Tuesday’s closing price.
Cinemark, Imax – Cinemark rose nearly 2.3% and Imax slipped 1.2% after Goldman Sachs downgraded them from neutral to sell. The investment firm said in a statement to its clients that the market appeared to be overestimating how much movie theater admissions would rebound from the pandemic.
Tesla – Tesla shares fell 3% on a combination of negative headlines. First, the electric car maker said it is recalling nearly 6,000 vehicles over concerns that their caliper bolts could loosen, potentially leading to a loss of tire pressure. Second, Tesla was reportedly notified by the Securities and Exchange Commission that it had not properly approved CEO Elon Musk’s tweets.
Carnival Corporation – Carnival stocks rose approximately 3.9%, hitting a new 52-week high of $ 31.10 today. The Centers for Disease Control and Prevention has agreed to an agreement for Carnival Cruise Line to sail from Port Canaveral, The Houston Chronicle reported Tuesday.
Ambarella – Ambarella’s shares rose, then fell more than 1.4% on Wednesday, despite posting better-than-expected quarterly financial results after Tuesday’s bell. The semiconductor company reported adjusted earnings of 23 cents per share on sales of $ 70.1 million. According to FactSet, analysts expected adjusted earnings of 17 cents per share on sales of $ 68.6 million.
Vimeo – Vimeo’s shares rose slightly, then fell 4.7%, even after Cowen and Jefferies began coverage of the stock with outperform and buy ratings, respectively. Both companies pointed to Vimeo’s potential in the corporate video space.
– CNBC’s Hannah Miao, Maggie Fitzgerald, Jesse Pound, Tom Franck and Pippa Stevens contributed to the coverage
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