Check out the companies making headlines in midday trading Wednesday.
Nike — Shares of the athleticwear retailer fell more than 3% after Seaport downgraded the stock to neutral from buy. The Wall Street firm said Nike faces rising inflation and supply chain disruptions.
La-Z-Boy — Shares of the furniture maker jumped more than 8% after La-Z-Boy reported its fiscal fourth-quarter results. The company, which is covered by few Wall Street analysts, reported consolidated net sales up 32% year over year, with net income also rising, powered primarily by strong wholesale sales growth. The company’s CEO did say in a release that La-Z-Boy expected demand to be “volatile for the foreseeable future.”
Altria Group — The tobacco company dropped 9% after The Wall Street Journal reported that the Food and Drug Administration is preparing to order Juul Labs to take its e-cigarettes off the U.S. market. The Biden administration also plans to propose a rule to establish a maximum nicotine level in cigarettes.
Coinbase – Shares of the crypto services firm fell 7.6% on Wednesday after rival crypto exchange Binance.US said it’s dropping spot bitcoin trading fees for customers. Coinbase historically has relied heavily on trading volumes for revenue but in recent months has been looking to diversify its revenue streams.
Revlon — The cosmetics stock surged more than 35%, extending a rally that came after the company filed for Chapter 11 bankruptcy protection last week. Revlon soared 62% in the previous session.
Airbnb — The vacation rental company saw its shares drop 2% after JMP Securities downgraded it to market perform from market outperform. The analyst said the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.
Dow – The chemical maker’s shares fell 5.8% after Credit Suisse downgraded them to underperform from neutral, saying the stock’s valuation looks pricey amid potentially unsustainable results and that several pandemic-related factors that boosted Dow could reverse in the coming years.
Jack In The Box — Shares of the fast food company slid more than 3% after Cowen downgraded the stock to market perform from outperform. The Wall Street firm cited concerns about slowing same-store sales growth.
— CNBC’s Jesse Pound and Tanaya Macheel contributed reporting.
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