Netflix, Kohl’s, Wynn Resorts, General Motors and more
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These are the headline-grabbing companies in midday trading.
Netflix — Shares of the streaming giant fell more than 9% after Jefferies downgraded the stock to hold from buy and said the company may need to shift its focus to video games. After Netflix’s disappointing report, several analysts downgraded the shares and suggested that they be cut. subscriber guidance.
ARK Innovation — Shares of Cathie Wood’s flagship exchange-traded fund fell 7% in midday trading as growth names continued their downward spiral. CoinbaseOne of the largest holdings in the fund, ‘The Fund’, crashed. TeslaThe drop was close to 7% Unity SoftwareMore than 4 percent were lost. Exact SciencesThe decline was greater than 6% Twilio fell 5%.
Coinbase — The cryptocurrency exchange operator’s shares tumbled more than 9% as the price of bitcoin fell to its lowest pointAs part of the ongoing sell-off in risks assets, since July MicrostrategyThe largest corporate buyer of bitcoin was also plunged by more than 7 percent.
Wynn Resorts — The casino and resort stock fell more than 6% following a New York Post report that Wynn is looking to divest its online sports-betting unit for $500 million, a significant discount to the $3 billion valuation that has been floated in the past year.
General Motors — The auto manufacturer saw shares slide nearly 6% ahead of announcements the company plans to make Tuesday about major electric vehicle investments. According to AP reports, GM intends to invest $6.5 billion in Michigan and create as many 4,000 jobs at its two Michigan factories.
Boeing — Shares of the aircraft maker fell 5% after the company announced it invested another $450 millionWisk, the flying-taxi company. Boeing claimed that Wisk’s passenger vehicle was set to become certified around 2028.
Kohl’s — Kohl’s shares soared by more than 31% following news the company is fielding takeover offers from at least two suitors. CNBC learned that Acacia Research, a Starboard-backed company, is offering $64 per share to the retailer. Sycamore Partners, a private equity firm, has offered at least $65 per shares. Kohl’s shares ended Friday closing at $46.84.
Fox Corp — Fox gained slightly after UBS upgraded the stock to a buyIt was neutral about its potential sports-betting capabilities and stated that it believes there is more upside than 30% to the stock. Fox’s strength among pay-TV companies was also highlighted.
— CNBC’s Maggie Fitzgerald contributed reporting