Inside the Virgin Galactic hangar at Spaceport America in New Mexico.
Discover the companies that make the headlines for lunch.
Virgin Galactic – The space company’s shares fell more than 23% amid several pessimistic notes from sales analysts. Credit Suisse and Morgan Stanley both downgraded Equal / Neutral Overweight / Outperformance stocks. Morgan Stanley analyst Adam Jonas wrote that the recent surge in stock prices over the past month means that investors should “wait for the fundamentals to catch up”. Credit Suisse echoed this sentiment, saying that the price had become too frothy and that they “are no longer able to recommend SPCE stocks” as such.
Tesla – Tesla fell about 13% in the midst of market liquidation as investors abandoned what Wall Street considers to be some of the riskiest names in the market. The title, down more than 21% since Monday, was put under pressure after Panasonic announced that it would end its partnership with the electric car company Elon Musk and stop producing solar panels with Tesla as of May. The announcement marked the latest break between the two companies, which otherwise have been partners in a larger campaign to sell electric cars.
Etsy – Etsy’s shares rose more than 14% after the e-commerce website announced earnings per share of 25 cents on revenue of $ 270 million, exceeding analysts’ expectations. Analysts predict earnings per share of 16 cents on revenue of $ 265 million, according to Refinitiv. Etsy also released year-round revenue forecasts that were higher than Wall Street estimates.
Box – Box’s shares rose 2% after the online storage software company announced better-than-expected profits. Box exceeded estimates by 3 cents with adjusted quarterly profit of 7 cents per share, according to Refinitiv. The company has also seen revenue exceed estimates as demand for cloud services in general continues to accelerate.
Square – Square’s shares jumped 3.5% after the mobile payment technology company released solid quarterly figures. Square got 2 cents ahead of estimates with an adjusted quarterly profit of 23 cents per share, according to Refitiniv. Square saw its user base increase compared to the previous year.
Anheuser-Busch InBev – The shares of Anheuser-Busch InBev fell more than 9% after the beer brewer said its profit for the current quarter would drop by about 10% due to the coronavirus. The company expects the coronavirus epidemic to dramatically hit demand for its products in China.
Microsoft – Microsoft stocks down 7% after tech giant says it doesn’t expect advance directives for its personal computing segment due to chain disruptions related to the coronavirus epidemic.
Facebook, Apple, Amazon, Netflix, Google – The shares of the so-called FAANG stocks were hit hard by the sale of the market. Apple shares fell 6.5%, Facebook shares fell 3.7%. Amazon fell 2.5% and Google’s parent alphabet dropped 5.4%.
Airlines, hotels – Travel stocks rallied Thursday morning as businesses and countries around the world issued travel restrictions and advisories. Among the airlines, American Airlines fell 7.6%, JetBlue fell nearly 5% and Southwest Airlines slipped 4.6% to a new 52-week low. Royal Caribbean fell 6.4%, while cruise stocks Carnival and Norwegian Cruise Lines fell approximately 3%. MGM Resorts also lost 4%.
Marathon Petroleum – The energy company’s shares fell 6% under pressure from the sector, dragged down by falling oil prices. At the low of the day, American crude West Texas Intermediate fell by more than 5%, falling below $ 46 to trade at its lowest level in 13 months. ConocoPhillips and Occidental Petroleum each lost more than 4%, EOG Resources, Pioneer Natural Resources and Devon Energy all losing more than 3%.
To subscribe to CNBC PRO for exclusive information and analysis, as well as live business day programs from around the world.