Dow Inc, General Motors, U.S. Steel and more
On the Detroit headquarters of General Motors, Michigan’s March 16th, 2021, you can see the GM logo.
Rebecca Cook | Reuters
Take a look at the top midday traders.
Dow Inc. — Shares of the chemicals company dropped more than 4% to lead the blue-chip Dow Jones Industrial Average lower. Dow lost shares after its share price fell following the company’s investor day eventIt presented plans for earnings growth as well as its plan to eliminate carbon emissions.
General Motors — GM shares fell more than 1% after the automaker said it plans to double its annual sales to $280 billion by 2030It will transition to all electric vehicles, and grow its data- and software-focused operations. This announcement was made ahead of the investor presentation.
U.S. Steel Nucor — Shares of the steel producers fell on Wednesday after downgradesGoldman Sachs. According to the investment company, it expects that steel prices will fall sharply after reaching an unusually high level in early 2019. U.S. Steel shares fell 8.1% while Nucor shares lost around 3.9%.
American Airlines JetBlue — The airline stocks retreated after downgrades from Goldman SachsThe following is the complete list. According to the company, slowdowns in travel recovery as well as higher fuel prices may have an impact on airline profits. American Airlines shares fell by 4.4%, while JetBlue’s share price dropped 4.2%.
Palantir – Shares of the data company, known for its many government contracts, gained more than 1% following news that it won an $823 million contractPalantir’s Gotham operational system was used to provide intelligence data fabrics and foundations for the U.S. Army.
Coinbase – Shares of the crypto services firm jumped more than 4% after Goldman Sachs reiterated its buy rating on the stock and said it expects a top-line beat when it reports earnings in November. It was the price of bitcoin also rallied to a near five-month high of $55,000This is. Because of its dependence upon trading revenue, Coinbase trades with the bitcoin price.
Manchester United — Manchester United shares sunk 14.3% after the Glazer family, which controls the soccer club, announced a 9.5 million share offering. Manchester United won’t be receiving any proceeds.
HSBC Holdings — HSBC shares added 2.1% after UBS upgraded the stock to a buy rating from neutral. UBS cited a favorable valuation and positive expectations about HSBC’s financial performance in the next year.
Seagate Technology CDW — Shares of the technology companies fell after downgrades from Morgan StanleyThe following is the official announcement: Seagate Technology was downgraded to equal weight, CDW to overweight, and the price targets were reduced for both stocks. Seagate Technology saw a 5.9% drop in value, CDW experienced a 5.6% decrease.
— CNBC’s Tanaya Macheel, Jesse Pound and Yun Li contributed reporting
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