Discovery, GameStop, T-Mobile and more
The logo for the Discovery Channel, an American television network, is shown on both a smartphone (and a PC screen) in this photo illustration.
Pavlo Gonchar | LightRocket | Getty Images
Take a look at the top midday traders.
GameStop – Shares of the video game retailer jumped about 4% after news that the company is planning to create a marketplace for nonfungible tokens, or NFTs. The session high of the speculative names was more than 20%.
T-Mobile – The company’s stock shares fell more than 5% after it reported postpaid net customer additions of 844,000 in the fourth quarter and about 2.9 million total in 2021. It was less than StreetAccount consensus estimates of 867,000.
DraftKings – Shares of the sports betting company added 3.8% ahead of the launch of legal mobile sports betting in New York state on Saturday.
Discovery – The media stock soared 16.5% after Bank of America upgradedDiscovery will buy. Bank of America stated that the pending merger of Warner Media and Discovery could make it a real rival to Netflix or Disney+ in streaming,
The New York Times – Shares tumbled roughly 8% after the newspaper publisher announced a deal to buy sports news site The AthleticFor $550 Million This transaction should close by the end of the first quarter in 2022.
Delta Air Lines – Shares gained more than 4% after Bank of America upgraded Delta to a buy rating. According to the firm, the stock’s bull thesis was based on a rebound in business travel. According to the firm, “We anticipate that each variant will have less impact on travelers’ willingness and plans to return to work. Which could cause a faster recovery for corporate demand than we initially anticipated in 1H22.”
Texas Instruments – The stock fell 3.4% after Citi downgraded the companyto a neutral buy rating. Citi stated that it believes the margins of Citi will fall due to increased depreciation, and the acquisition a fab.
Kohl’s – Shares of the retailer fell 1.9% after UBS downgradedKohl’s is to be sold from neutral. According to the bank, Kohl’s earnings could be impacted by inflation and lower government stimulus in 2022.
Abercrombie & Fitch – Abercrombie shares dropped 4.6% after UBS downgraded the retail stock to a neutral rating from buy. According to UBS, “Macro forces” will slow growth making it more difficult for stock rates to recover.
Chewy — Shares of the pet supply retailer dropped 4.6% in midday trading after Piper Sandler downgradedThe Chewy will be neutralized from being overweight. According to Wall Street, Chewy is facing margin and sales headwinds.
Clover Health — Shares fell 5.7% after Credit Suisse downgradedThe stock will underperform from neutral. The firm stated that the stock’s future performance is dependent on its need for capital to continue to grow, the lack of clarity about how they will improve their medical loss ratio (MLR), to decrease cash burn and a re-rating in the overall tech-enabled MCO industry.
Starbucks — The worldwide coffee chain ticked 3% lower in midday trading following a downgrade to sector perform from outperform at RBC Capital Markets.According to Wall Street, the firm downgraded Starbucks because it saw more compelling risk/reward.
— CNBC’s Yun Li, Maggie Fitzgerald, Pippa Stevens and Jesse Pound contributed reporting