A Tesla service and sales center is shown in Vista, California, on June 3, 2022.
Mike Blake | Reuters
Check out the companies making headlines on midday trading on Wednesday.
Tesla, Twitter — Tesla shares fell 5.5% after a Tuesday filing confirmed that CEO Elon Musk agreed to buy Twitter for $54.20 a share, the original price he agreed to for the acquisition. Shares of Twitter fell 1[ads1]%, taking a breather after rising more than 22% on Tuesday.
Morgan Stanley, Goldman Sachs — Shares of Morgan Stanley and Goldman Sachs fell 2.3% and 2.8%, respectively, following downgrades from Atlantic Equities. The firm said the two investment banks have few positive catalysts going forward as they continue to address macro challenges. Morgan Stanley was downgraded to neutral from overweight, and Goldman Sachs was lowered to underweight from neutral.
Airbnb — Shares of the travel rental company fell 1.5% even after Bernstein started the stock as outperform with a price target of $143, indicating about 30% upside. The Wall Street firm said Airbnb is on track to become the largest travel platform for Western tourism within the next five years.
Carnival — Shares in cruise lines fell as a group. Shares in Carnival fell 7%, Royal Caribbean Group fell 3.5%, and Norwegian Cruise Line Holdings fell 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 shares fell Wednesday after their gains earlier this week. Shares in Enphase Energy fell 13%, and Sunrun fell 9.5%.
Schlumberger — Energy stocks rose as a group after OPEC+ decided to cut oil production by 2 million barrels a day. Schlumberger rose 6.4%, Exxon Mobil rose 4.3%, and Phillips 66 rose 3%.
Lamb Weston Holdings — Shares of the food company rose 4.7% after Lamb Weston reported big increases in net sales and net income for its fiscal first quarter. Lamb Weston’s adjusted earnings of 75 cents per share beat analyst estimates of 50 cents per share, according to StreetAccount. The Idaho-based company also maintained its full-year outlook despite a volume decline in the quarter.
Lumen Technologies — The technology company’s shares fell 10.3% to a 52-week low after Wells Fargo cut its price target on Lumen 56% and downgraded the stock from overweight to equal weight. Wells Fargo said the mass market segment saw downsides that put dividends at risk.
— CNBC’s Alexander Harring, Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.