Shares of volatile stocks Pinterest rose by 6.59% as Wells Fargo upgraded the stock to overweight. The upgrade was driven by optimism about an upcoming partnership with Amazon, which is expected to materialize later this year. Additionally, there is confidence in Pinterest’s ability to enhance user engagement, contributing to its positive performance.
Cruise volatile stocks continued their upward trajectory as Carnival saw an 8.81% increase, Norwegian Cruise Line gained 7.55%, and Royal Caribbean added 1.68%. This momentum builds upon the gains observed on Tuesday after Carnival reported a smaller-than-expected loss for the second quarter and issued strong guidance. The sector, recovering from the impact of the Covid-19 pandemic, has shown resilience and investor optimism.
General Mills Faces Bankrupt Stocks Despite Mixed Earnings
General Mills experienced a decline of 5.17% following the release of its fiscal fourth-quarter earnings report. While the company surpassed Wall Street’s earnings expectations with adjusted earnings per share of $1.12 against a consensus estimate of $1.07, its revenue fell short. General Mills reported $5.03 billion in revenue, missing analysts’ forecast of $5.17 billion.
Nvidia shares slipped by 1.81%, and Advanced Micro Devices saw a 0.2% decline, paring earlier losses. The decrease came after reports from The Wall Street Journal suggested that the Biden administration is considering imposing new restrictions on the export of artificial intelligence chips to China. This development weighed on the performance of these chip companies.
Netflix Soars on Price Target Upgrade by Oppenheimer
Streaming giant Netflix experienced a 3.06% jump in its stock price after Oppenheimer raised its price target from $450 to $500 per share. The Wall Street firm predicts increased subscribers and the potential discontinuation of the lowest-priced, ad-free plan currently being tested in Canada. This positive outlook contributed to the upward movement of Netflix shares.
Joby Aviation’s trending stocks soared by an impressive 40.22% after the company received a permit to begin flight testing its first electric vertical takeoff and landing vehicle (eVTOL). AeroVironment, a military drone maker, saw a 4.86% increase in shares after reporting revenue of $186 million, surpassing analysts’ expectations. AeroVironment also provided a strong full-year revenue forecast, beating analysts’ estimates.
ZoomInfo Receives Positive Coverage, Stock Rises
ZoomInfo’s stock rose by 6.09% as Needham initiated coverage of the software company with a buy rating, highlighting its “best-in-class unit economics.” ZoomInfo’s overweight rating was reaffirmed by Morgan Stanley. These positive assessments contributed to the market response, with investors showing confidence in the company’s future prospects.
Shares of data cloud company Snowflake added 3.86% after the company reiterated its full-year guidance during its recent investor day. Goldman Sachs reiterated its buy rating on the stock, while Morgan Stanley maintained an overweight recommendation. This reaffirmation of guidance and optimistic analyst sentiment supported Snowflake’s stock performance.
Defensive Stocks: Circor International Rallies on Higher Bid Offer
Circor International, a manufacturer of flow control products, experienced a 4.25% rally in the volatile stock price following a Reuters report that private equity firm Arcline had made an offer of $57 per share, surpassing a rival bid from KKR. This news generated optimism among investors and contributed to the positive movement in Circor International shares.
Regional bank First Citizens BancShares gained 0.4% after Atlantic Equities initiated coverage with an overweight rating. The bank’s shares received a price target of $1,775 per share, indicating a potential upside of nearly 50% from the previous day’s closing price. This positive coverage from Atlantic Equities influenced the modest increase in First Citizens BancShares’ stock value.