Spirit Airlines, Peloton, Snowflake, Netflix and more
At Orlando International Airport, a Spirit Airlines plane takes off.
Getty Images| SOPA Images | LightRocket | Getty Images
Take a look at the top midday traders.
Frontier Group, Spirit Airlines — Shares of Frontier Group and Spirit Airlines rose in midday trading after the companies announced they are merging in a dealIt is valued at $6.6 million. These two low-cost airlines, which are the largest in the nation, will form what could be called the fifth-largest national airline. Spirit Airlines saw a 14% increase, while Frontier Group only slightly increased.
Peloton — Shares of the exercise bike maker soared 15% after reports that Amazon and Nike expressed interest in buying the company. This news comes just days after Blackwells Capital activist, an investor in Peloton, urged the board of Peloton to look into selling it. Still, CNBC reported that all talks are preliminaryPeloton is yet to launch a formal sales process.
Hasbro — Hasbro shares fell 0.7% even after the toymaker beat Wall Street estimates for its latest quarterly report. Hasbro’s per-share earnings were $1.21, which is well over the Refinitiv consensus estimate of 88c a share.
Tyson Foods — Shares of Tyson jumped 10% after a better-than-expected earnings report. This beef and poultry producer posted earnings of $2.87 per shares, surpassing earnings forecasts. Profits were boosted due to higher meat prices.
Spotify — Spotify was on watch again after a compilation video of the company’s biggest podcasting star Joe Rogan using a racial slur circulated on social media. CEO Daniel Ek apologized to Spotify employeesRogan’s controversy Shares fell 1.9%.
Snowflake — Shares of Snowflake jumped 6.5% after Morgan Stanley upgradedThe data storage stock was made to be overweight or equal in weight. According to Snowflake, the stock is now undervalued due to its 30% drop from high quality and growth.
Netflix — The streaming stock fell 3.7% after Needham analyst Laura Martin reiterated an underperformRating on the stock. She stated that Netflix should consider taking drastic steps to win the streaming wars. These include adding an ad-supported lower tier or even selling its stock.
Stanley Black & Decker – Shares of the tool manufacturer fell 3.2% after Citi double-downgraded the stock to sell. Citi stated that SWK was downgraded to Sell (from Buy), due to recent margin dilutive transactions, possible m/s losses, and a lack of innovative products.
— CNBC’s Yun Li, Maggie Fitzgerald and Tanaya Macheel contributed reporting