Coinbase, Virgin Galactic, Nvidia, UnitedHealth & more

Check out the companies that are making headlines in midday trading.

UnitedHealth – The healthcare giant’s stocks rose more than 3% after results beat street predictions. Adjusted earnings were $ 5.31 per share, beating analysts’ expectations of $ 4.39 per share, according to FactSet. UnitedHealth also raised its profit guidance for 2021.

Virgin Galactic – Space stocks fell more than 12% and went negative in the year following a report that founder Richard Branson had sold more than $ 150 million worth of shares in the company in the past three days. Branson and four companies he controls, including the Virgin Group, sold 5,584,000 shares of Virgin Galactic between April 12 and 14.

Rite Aid – The pharmacy chain’s shares fell more than 8% after the company’s fourth-quarter loss turned out to be greater than expected. Rite Aid posted a loss of 78 cents per share on sales of $ 5.92 billion. Analysts polled by Refinitiv expected a loss of 76 cents per share and sales of 5.80 billion US dollars. The company’s CEO said in a press release that the business was hit by a “historically soft” cold and flu season.

Coinbase – A day after the cryptocurrency exchange debuted on the Nasdaq, shares rose 1.5%. The company received a buy rating and a target price of $ 500 per share, up approximately 50% from yesterday’s closing price. The cryptocurrency exchange also received a vote of confidence from popular investor Cathie Wood, whose firm Ark Invest bought Coinbase for around $ 250 million on Wednesday.

Charles Schwab – The e-broker’s shares were down more than 3% despite outperforming its first quarter income statement. Schwab also announced that it added a record 3.2 million new customers in the first quarter of 2021. The company added around 2.4 million new customers throughout 2020, excluding accounts added from its acquisitions.

Nvidia – Chip stock rose 4.6% after Raymond James upgraded the company to a heavy buy. “Our call … should express our conviction in both the short and long term,” wrote the company in a message to customers. Raymond James also raised his target for the stock from $ 700 to $ 750. The new target implies an uptrend of 23% from the stock’s closing price on Wednesday.

American Eagle – The retailer gained 3.7% after expecting first-quarter sales of over $ 1 billion. The number is above the analyst survey by Refinitiv of 904.1 million US dollars. The company told CNBC that it had seen strength in its denim line of business and that customers had also started buying more tops.

Bank of America – Bank stocks even fell 2.9% after a quarterly report that beat Wall Street estimates of booming investment banking and trading results. Some analysts, including Jefferies’ Ken Usdin, cited Bank of America’s increased spending in the quarter, while others cited weaker-than-expected credit growth as a cause for concern.

– CNBC’s Maggie Fitzgerald, Tom Franck, Pippa Stevens and Jesse Pound contributed to the coverage.

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