Check out the companies that are making headlines in the dinner trade.
Charles Schwab – The shares of the online broker dipped above 2% after Goldman Sachs downgraded the stock to neutral on purchase. The Wall Street firm said investors should return from the brokerage business after an increase in customer trading activity helped push the stock close to fair value.
Didi Global ̵
Railway Stocks – Larger rail stock prices took a hit Thursday after the Wall Street Journal reported that the Biden administration is aiming for consolidation among railways and shipping companies. Kansas City Southern traded 6.8% lower, while Norfolk Southern shares fell more than 6%. CSX has fallen more than 5% and Union Pacific has fallen by more than 3%.
Banks – Banks are under pressure on Thursday amid growing concern over the pace of the economic recovery. Financial institutions such as banks are typically considered cyclical stocks whose performance is tied to the path of the economy. JPMorgan Chase fell approx. 1%, and Bank of America fell 1.8%. Wells Fargo fell 1.5% and Citigroup shares fell 1.4%.
Coinbase – Coinbase shares fell more than 3% on Thursday along with the price of bitcoin falling about 6% to approx. $ 32,000. Coinbase’s business is closely linked to the price of bitcoin and ether, although this may change in the future as it expands.
RealReal – The shares in The RealReal added 5% after Needham began covering the approved luxury shipping portfolio with a purchase rating. The company said it sees “upward revisions in earnings” for the retailer. Needham also noted “there is elevated demand, as evidenced by the cost of clothing and accessories rising by almost 70% during the year during May.”
Advanced Micro Devices, Nvidia – Chip stocks are in red under concern over global growth. The falls came despite Oppenheimer raising its price target on Nvidia and Goldman Sachs raising its price target on Advanced Micro Devices on Thursday morning. Advanced micro-devices have fallen 1.5% and Nvidia is down 1.8%
– CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound contributed reporting
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