American flags in front of Goldman Sachs Group Inc. headquarters in New York, on Friday, March 5, 2021.
Michael Nagle | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Goldman Sachs — Shares of the New York bank popped 2.3% in midday trading after the company posted first-quarter per-share earnings of $18.60—crushing the $10.22 estimate of analysts surveyed by Refinitiv—and revenue of $17.7 billion, more than doubled what it posted one year ago. As of the latest reading, Goldman shares are on pace for their best day since January.
Coinbase — On its first day of trading, Coinbase rose 31.3% to trade around $420 per share. Coinbase shares opened at $381 on the Nasdaq Wednesday morning, giving the cryptocurrency exchange an initial market cap of $99.6 billion on a fully-diluted basis.
Bed Bath & Beyond – Shares of the big-box retailer tumbled 12.2% after the company reported a double-digit decline in fiscal fourth-quarter sales. Its earnings per share came in at 40 cents adjusted, versus 31 cents expected by Refinitiv. Ongoing store closures and divestments as part of a bigger turnaround plan continued to weigh on Bed Bath & Beyond’s results.
Wells Fargo — The bank stock jumped 5.6% on Wednesday after Wells Fargo reported better-than-expected first quarter results and the company’s management expressed optimism about a pickup in commercial loans. The bank reported $1.05 in earnings per share and $18.06 billion in revenue. Analysts surveyed by Refinitiv were looking for 70 cents per share and $17.5 billion in revenue.
Moderna —Shares of the drug maker popped 6.9% after Moderna said its Covid-19 vaccine was more than 90% effective at protecting against the virus six months after a person’s second shot. The data was based on more than 900 cases of the virus.
JetBlue – The airline’s share price advanced 0.3% following a bullish call from JPMorgan. The firm double upgraded the stock from an underweight rating to overweight, citing cost control measures and an attractive valuation. JPMorgan also raised its price target on the airline to $25 from $15. The new target is 20% above where shares closed on Tuesday.
Harley-Davidson — Shares of the motorcycle company rose 1.1% but closed lower after Bank of America initiated coverage on the stock with a buy rating and said it sees “accelerating brand momentum.” The firm said it is bullish about the prospect of “adventure touring” in Harley-Davidson’s future.
Snap – Snap gained 2% but closed lower after Wedbush assumed coverage on the company with an outperform rating. The firm said Snap has an innovative platform with a young audience, and pointed to opportunity in augmented reality and social commerce. Wedbush’s 12-month target price of $75 suggests a 20% rally from Tuesday’s closing price.
Occidental Petroleum — Shares of the the hydrocarbon exploration company rallied 5.2% after MKM partners upgraded Occidental Petroleum to buy from neutral. The Wall Street firm said investors should take advantage of the pullback in shares.
Discovery — Shares of the media company dropped 5% after CNBC reported that Credit Suisse is still unloading its position in the wake of Archegos Capital Management’s chaos. According to people familiar with the matter, the bank was selling 19 million shares of Discovery’s class A stock on Tuesday.
JPMorgan – Shares of JPMorgan dipped 1.9% even after the bank reported profit and revenue that exceeded analysts’ expectations on robust trading results. The strong result was also helped by a $5.2 billion benefit from releasing money it had previously set aside for loan losses that didn’t develop. The bank posted first-quarter profit of $14.3 billion, or $4.50 a share including a $1.28 per share benefit from the reserve release, higher than the $3.10 per share expected by analysts surveyed by Refinitiv. The stock has risen more than 20% in 2021.
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— with reporting from CNBC’s Yun Li, Jesse Pound, Tom Franck and Pippa Stevens.