Nike, Boston Beer, Disney and more
Check out the companies making headlines in midday trading.
Nike — Shares of Nike fell 7% even after the company topped Wall Street’s earnings and sales expectations for the fiscal fourth-quarter. Nike said it anticipates flat to slightly higher revenue for its fiscal first-quarter versus the prior year, and low double-digit revenue for the full year 2023 on a currency-neutral basis.
Walt Disney — Disney shares closed down 0.7% after rising 1% earlier in the session on news that Shanghai Disneyland will reopen this week. The move came after China relaxed its Covid restrictions for inbound travelers, cutting their quarantine time upon arrival by half to seven days.
United Airlines, Delta Air Lines, American Airlines — Airlines spiked after China reduced Covid quarantine time for overseas travelers. Shares of United, Delta and American each rose more than 1% but ended the session marginally lower.
Boston Beer — Shares dropped more than 4.4% after Boston Beer got a downgrade to sell from Goldman Sachs. Analysts said waning popularity of the Truly hard seltzer brand and a lackluster upcoming product line curb momentum at the brewing company.
Farfetch — The online luxury retailer’s stock fell 11.4% following a downgrade to neutral from UBS. The firm’s analyst said expectations for the company are likely too optimistic should fears of a recession prove correct.
Spirit Airlines — Shares of the low-cost airline added more than 1% after JetBlue Airways increased its takeover offer again. JetBlue’s latest effort to win over Spirit comes ahead of a shareholder vote on an existing deal between Frontier and Spirit.
Morgan Stanley — Shares advanced about 1% after Morgan Stanley increased its dividend by 11%, joining several other banks that boosted payouts after passing the Federal Reserve’s annual stress test. Bank of America and Wells Fargo ticked upward on Tuesday.
Occidental Petroleum — The energy stock jumped 4.8% on news that Warren Buffett’s Berkshire Hathaway upped its stake in the company by $44 million. It comes less than a week after securities filings revealed that Berkshire bought an additional 9.55 million shares in Occidental Petroleum.
Robinhood — The trading platform’s stock fell 2.8% after FTX CEO Sam Bankman-Fried shut down a Bloomberg News report that FTX is reportedly interested in buying Robinhood, telling CNBC there are no active M&A talks in the works.
— CNBC’s Yun Li, Tanaya Macheel and Samantha Subin contributed reporting.
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