A sign is displayed at the Goldman Sachs reception area in Sydney, Australia.
David Gray | Reuters
Learn about the companies making headlines in mid-day trading.
JP MORGAN, Goldman Sachs, Bank of America – Shares of the bank rallied in the market on Friday as bond yields rose. JPMorgan, Goldman Sachs and Bank of America each climbed more than 3% as the 10-year Treasury yield jumped 6 basis points to 1.35%. Benchmark yields fell as low as 1.25% on Thursday, intensifying concerns about an economic slowdown.
American Airlines, United Airlines — Airline stocks fueled concerns about a global economic return on Friday after losses linked to the highly contagious Delta Covid variant. American Airlines, Southwest Airlines and Alaska Air Group gained more than 2.5%. Shares of United rose 2.8% in afternoon trading.
Shares of reopening plays such as Carnival Corp, Norwegian Cruise Line, Royal Caribbean — cruise operators — rose on Friday, posting losses from the previous session. Carnival climbed about 1.9%, while Norwegian Cruise Line climbed 2%. Royal Caribbean rose about 3%.
Discover Financial Services — Credit card stock rose 5.6% after Citi upgraded the stock to buy from neutral following a change in analyst coverage. Citi said Discovery has a “clear near-term path to profit from the return of consumer card spending and lending as pandemic-related benefits wear off and higher payment rates return to lower levels.”
General Motors — General Motors shares rose more than 4% after Wedbush began coverage of the stock with an outperform rating and an $85 price target. That target implies an increase of more than 51% from Thursday’s close. “CEO Mary Barra, along with other key executives, has led the legacy auto company to the top of the auto industry in the United States,” Wedbush’s Dan Ives said in a note.
Levi Strauss — Levi Strauss shares rose more than 2% after the retailer crushed Wall Street’s expectations in its fiscal second-quarter results. Levi’s reported adjusted earnings of 23 cents per share on revenue of $1.28 billion. According to Refinitiv, analysts expect earnings of 9 cents per share on revenue of $1.21 billion.
Didi and US-listed Chinese companies – Shares of ride-hailing company Didi rose more than 5% on Friday, days after Didi’s public debut after Chinese regulators announced a cybersecurity review of the company earlier this week. , earlier this week. New York Stock Exchange. US-traded shares of several other Chinese companies also rose. Tencent Music Entertainment Group gained 1.7% and Pinduoduo gained 1.6%. Baidu and Alibaba climbed more than 3%.
Virgin Galactic – Shares of the space tourism company fell more than 3% after Susquehanna raised her price target on Virgin Galactic’s stock from $20 to $45, but reiterated her neutral rating on the stock, saying that its price Too far, too fast.
Signature Bank – The New York-based bank rose more than 5% after UBS reiterated its buy rating on it, driven by the company’s “early gains” in crypto adoption combined with the reopening of New York City . Signature Bank is known for being friendly to cryptocurrency businesses, which often find it challenging to secure banking relationships.
Bumble, Match Group – Dating service shares rose on Friday after RBC Capital Markets began coverage on outperform both Bumble and Match. The firm said in a note to customers that there was still significant growth in online dating. Shares of Bumble rose nearly 4%, while Match Group gained more than 2%.
AMC Entertainment — Shares of the movie-theater chain fell 1.9% in afternoon trading as Wall Street analysts mourned the company’s decision not to issue more equity. AMC, a popular trade among Reddit users and now considered a “meme” stock, “is making a big mistake for shareholders by not allowing the company to issue more stock, which we refer to as exorbitantly inflated prices.” Let’s see in,” Alan Gould of Loop Capital said in a note issued on Friday.
— CNBC’s Maggie Fitzgerald, Jesse Pound, Yun Lee, Tom Frank and Tanaya Machel contributed reporting
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