People walk past a store of sporting goods retailer Nike Inc. at a shopping complex in Beijing, China, March 25, 2021.
Florence Lo | Reuters
Check out the companies making headlines on Wednesday at noon.
Nike – Shares of the sportswear retailer fell more than 3% after Seaport downgraded the stock to neutral from the buy. The Wall Street firm said Nike was facing 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 a few Wall Street analysts, said consolidated net sales were up 32% year-over-year, with net profit also up, driven mainly by strong sales growth in big. The company’s CEO said in a statement that La-Z-Boy expects demand to be “volatile for the foreseeable future.”
Altria Group – The tobacco company fell 9% after the Wall Street Journal reported that the Food and Drug Administration was preparing to order Juul Labs to pull its e-cigarettes from the US market. The Biden administration also plans to propose a rule to establish a maximum level of nicotine in cigarettes.
Coinbase – Shares of the crypto services company fell 7.6% on Wednesday after rival crypto exchange Binance.US announced it was reducing spot bitcoin trading fees for customers. Coinbase has historically relied heavily on transaction volumes to generate revenue, but in recent months it has sought to diversify its revenue streams.
Revlon – Cosmetics stock jumped more than 35%, extending a rally that came after the company filed for Chapter 11 bankruptcy last week. Revlon climbed 62% in the previous session.
Airbnb – The vacation rental company saw its shares fall 2% after JMP Securities downgraded it from market outperformer to market performer. The analyst said the post-pandemic jump in travel demand was 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 expensive amid potentially unsustainable results and several Pandemic-related factors that drove Dow could reverse in the coming years.
Jack In The Box – Shares of the fast food company fell more than 3% after Cowen downgraded the stock to market performance from outperformance. The Wall Street firm has raised concerns about slowing same-store sales growth.
– CNBC’s Jesse Pound and Tanaya Macheel contributed reporting.