Hot Stocks: Macy’s, Lyft, DoorDash, and More
The midday trading session has brought some exciting developments in the stock market. Here are the latest updates on the companies making headlines:
Super Micro Computer and Deckers Outdoor Added to S&P 500
Super Micro Computer, a technology firm, and Deckers Outdoor, an athletic footwear designer, have seen a significant boost in their stock prices. This surge came after S&P Dow Jones Indices announced that both companies would be added to the prestigious S&P 500 index on March 18. Zions Bancorporation and Whirlpool will be replaced by Super Micro Computer and Deckers Outdoor, as they move to the S&P MidCap 400 Index.
Macy’s Receives Higher Acquisition Offer
Shares of Macy’s have skyrocketed by 14% following an announcement by Arkhouse Management and Brigade Capital Management. These investment firms have increased their offer to acquire Macy’s stock, valuing the company at $6.6 billion. The new offer stands at $24 per share, a 14% increase from the previous offer of $21 per share.
Apple Faces EU Fine
Apple’s stock has dipped by nearly 3% after European Union regulators fined the tech giant close to $2 billion. The fine was imposed as Apple was found guilty of violating competition laws by preventing app developers from informing iOS users about alternative music subscription options.
Crypto Stocks Experience Mixed Results
The performances of Coinbase and Microstrategy, two companies linked to the price of bitcoin, have seen impressive gains of 11% and 24% respectively. As bitcoin edges closer to its all-time high, these companies have reaped the benefits. However, mining companies such as Marathon Digital, Riot Platforms, Cipher Mining, and CleanSpark have experienced declines ranging from 5% to 8%. The upcoming bitcoin halving, which will reduce mining companies’ revenue, has weighed on investors’ minds.
DoorDash and Lyft Receive Upgrades
Food delivery company DoorDash has witnessed a 4% surge in its stock price after being upgraded to outperform by RBC. This upgrade is attributed to the potential for new partnerships, particularly with Lyft. In response, Lyft’s stock has also jumped over 4% after receiving an upgrade from sector perform to outperform. The bank praised Lyft’s position within a “stable duopoly,” anticipated opportunities in food delivery, and optimistic 2024 EBITDA estimates.
Kyverna Therapeutics Initiates at Overweight Rating
Biopharmaceutical firm Kyverna Therapeutics saw a slight decline of 0.2% following its initiation at an overweight rating by Wells Fargo, JPMorgan, and Morgan Stanley. The focus was on Kyverna’s promising cell therapy for autoimmune disease as a significant catalyst.
Ferrari Downgraded, Li Auto Disappoints
Luxury automaker Ferrari experienced a nearly 3% drop in its stock price after being downgraded to sell from neutral by Citi. Concerns about overvaluation led to this decision. On the other hand, U.S.-listed shares of Chinese automaker Li Auto fell close to 14% after disappointing February deliveries. Despite a strong earnings beat last week, this setback impacted investor sentiment.
Dutch Bros Upgrade and American Airlines’ Orders
Dutch Bros, the popular coffee chain, received an upgrade to overweight from neutral by Piper Sandler. This upgrade was based on the company’s successful equity raise in September, its robust same-store sales, and its plans to test and implement mobile order and pay services this year. Meanwhile, American Airlines’ stock slipped by more than 5% following the company’s order for 260 new narrow-body jets, including 85 Boeing 737 Max 10 planes. Furthermore, American Airlines plans to convert orders for 30 Boeing 737 Max 8 planes into the larger 737 Max 10 model.
Ford’s Strong February Sales
Automaker Ford has enjoyed a 2% surge in its stock price due to strong February sales figures. Notably, sales of electric and hybrid vehicles played a significant role in driving Ford’s gains.
These were the notable developments in the stock market during the midday trading session. Stay updated with the latest financial news on Business Today.
Note: CNBC’s Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Yun Li, Jesse Pound, and Samantha Subin contributed to this report.