A pedestrian walks past a Charles Schwab office in New York.
Scott Eells | Bloomberg | Getty Images
Check out the companies that are making the headlines in midday trading.
Charles Schwab – The online broker’s shares fell over 2% after Goldman Sachs downgraded the stock from “Buy” to neutral. The Wall Street firm said investors should pull out of brokerage after a surge in client trading activity helped bring the stock near its fair value.
Didi Global – The Chinese ride-hailing company’s shares fell 5.9% on Thursday as it underwent a security clearance by regulators in its home country. The Chinese government has blocked downloads of the company’s app, stifling further growth. The stock is down nearly 28% this week.
Railroad stocks – Major railroad companies’ share prices plummeted Thursday after the Wall Street Journal reported that the Biden government was seeking consolidation in railways and shipping companies. Kansas City Southern is trading down 6.8% while Norfolk Southern stocks are down more than 6%. CSX is down more than 5% and Union Pacific is down over 3%.
Banks – Banks are under pressure on Thursday amid growing concerns about the pace of economic recovery. Financial institutions such as banks are typically viewed as cyclical stocks, the performance of which is tied to the performance of the economy. JPMorgan Chase was down about 1% and Bank of America was down 1.8%. Wells Fargo is down 1.5% and Citigroup stock is down 1.4%.
Coinbase – Coinbase stock fell more than 3% on Thursday along with Bitcoin price, which fell about 6% to about $ 32,000. Coinbase’s business is tightly tied to the price of Bitcoin and Ether, although this may change in the future as it expands.
The RealReal – The RealReal’s shares rose 5% after Needham initiated coverage of authenticated luxury consignment inventory with a buy rating. The company said it sees “earnings revisions up” for the retailer. Needham also noted that “there is some catching up to do, as evidenced by spending on apparel and accessories, up nearly 70% year-over-year up to May”.
Advanced Micro Devices, Nvidia – Chip stocks are in the red on concerns about global growth. The declines came even though Oppenheimer raised his target price for Nvidia and Goldman Sachs raised his target price for advanced micro devices on Thursday morning. Advanced Micro Devices is down 1.5% and Nvidia is down 1.8%
– CNBC’s Maggie Fitzgerald, Hannah Miao and Jesse Pound contributed to the coverage
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