Check out the companies making headlines in midday trading.
Charles Schwab — Shares of the online broker dipped over 2% after Goldman Sachs downgraded the stock to neutral from buy. The Wall Street firm said investors should back away from the brokerage after a surge in customer trading activity helped to push the stock close to its fair value.
Didi Global — The Chinese ride hailing company’s shares slid about 5.9% on Thursday as it undergoes a security review from regulators in its home country. The Chinese government has blocked downloads of the company’s app, stifling further growth. The stock is now down nearly 28% for the week.
Railroad stocks — The share prices of major railroads took a hit on Thursday after the Wall Street Journal reported that the Biden administration is targeting consolidation among railroads and ocean shipping companies. Kansas City Southern is trading 6.8% lower, while Norfolk Southern shares fell more than 6%. CSX is down more than 5% and Union Pacific is down over 3%.
Banks — Banks are under pressure Thursday amid growing concern about the pace of the economic recovery. Financial institutions like banks are typically viewed as cyclical stocks whose performance is tied to the path of the economy. JPMorgan Chase fell roughly 1%, and Bank of America dropped 1.8%. Wells Fargo is down 1.5%, and Citigroup shares tumbled 1.4%.
Coinbase — Coinbase shares fell more than 3% Thursday in tandem with the price of bitcoin, which tumbled about 6% to approximately $32,000. Coinbase’s business is closely tied to the price of bitcoin and ether, though that may change in the future as it expands.
The RealReal — Shares of The RealReal added 5% after Needham initiated coverage of the authenticated luxury consignment stock with a buy rating. The firm said it sees “upside earnings revisions” for the retailer. Needham also noted “there is pent-up demand, as evidenced by spending on apparel and accessories climbing almost 70% YTD through May.”
Advanced Micro Devices, Nvidia — Chip stocks are in the red, amid concern about global growth. The declines came despite Oppenheimer raising its price target on Nvidia and Goldman Sachs raising its price target on Advanced Micro Devices Thursday morning. Advanced Micro Devices is down 1.5% and Nvidia is down 1.8%
— CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound contributed reporting
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