A Tesla sales and service center is shown in Vista, California on June 3, 2022.
Mike Blake | Reuters
Check out the companies making headlines on Wednesday at noon.
Tesla, Twitter – Tesla shares fell 5.5% after a filing on Tuesday confirmed CEO Elon Musk had agreed to buy Twitter for $54.20 per share, the initial price he was trading on. was agreed to the acquisition. Shares of Twitter fell 1%, taking a breather after jumping more than 22% on Tuesday.
Morgan Stanley, Goldman Sachs – Shares of Morgan Stanley and Goldman Sachs fell 2.3% and 2.8%, respectively, following the downgrades of Atlantic Equities. The firm said the two investment banks have few positive catalysts ahead of them as they continue to grapple with macroeconomic challenges. Morgan Stanley was downgraded to neutral from overweight, and Goldman Sachs was downgraded to underweight from neutral.
Airbnb – Shares of the travel rental company fell 1.5% even after Bernstein launched the stock as an outperformer with a price target of $143, indicating an upside of around 30%. The Wall Street firm said Airbnb is on track to become the largest Western travel platform over the next five years.
Carnival – Shares of cruise lines fell as a group. Shares of Carnival fell 7%, Royal Caribbean Group 3.5% and Norwegian Cruise Line Holdings 3.4%. The group received a boost a day earlier after Norwegian said it would end all Covid-19 testing and vaccination requirements.
Enphase Energy, Sunrun – Solar stocks fell on Wednesday after their rally earlier this week. Shares of Enphase Energy fell 13% and Sunrun fell 9.5%.
Schlumberger – Energy stocks soared as a group after OPEC+ decided to cut oil production by 2 million barrels per day. Schlumberger rose 6.4%, Exxon Mobil 4.3% and Phillips 66 3%.
Lamb Weston Holdings – Shares of the food company soared 4.7% after Lamb Weston reported strong increases in net sales and net profit for its fiscal first quarter. Lamb Weston’s adjusted earnings of 75 cents per share beat analysts’ estimates of 50 cents per share, according to StreetAccount. The Idaho-based company also maintained its full-year outlook despite declining volumes in the quarter.
Lumen Technologies – Shares of the tech company fell 10.3% to a 52-week low after Wells Fargo cut its price target on Lumen by 56% and downgraded the stock from overweight to equal weight . Wells Fargo said its mass-market segment was experiencing downsides that put dividends at risk.
– CNBC’s Alexander Harring, Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.