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Business

Twitter, Wynn Resorts, Lululemon, Nine and more




Traders work on the floor of the New York Stock Exchange.

SNEEZE

Check out the companies that are making headlines in dinner trading.

Twitter – Shares of the social media company fell more than 8% after Elon Musk withdrew from his $ 44 billion deal to buy Twitter. Musk claimed that Twitter underreported the number of spam bots on the platform. The two parties are likely to sue in a lengthy lawsuit, and Musk could also face a $ 1[ads1] billion infringement fine.

Casino Shares – Shares of Wynn Resorts and Las Vegas Sands rose 9.4% and 8.8%, respectively, after Macao began a week-long shutdown as the country battles a Covid-19 eruption. Monday was the first time in more than two years that Macao has closed all its casinos.

Lululemon, Under Armor – Shares of active clothing retailers were lower after downgrades from Jefferies. Lululemon fell 4% after the company lowered its rating on the stock to underperform from hold, citing “increasing competition.” Under Armor fell by around 4.7%. Jefferies downgraded it to neutral from purchase, saying that fundamental factors are “lagging”.

Meta Platforms – The social media company’s share fell 4.2% after Needham downgraded it to underperform from hold. The company pointed to Meta’s heavy investments in the meta-verse, which can take too long to pay off.

Uber – Co-ordination shares fell more than 4% after a report by the International Consortium of Investigative Journalists said Uber had engaged in extensive lobbying to ease labor and tax laws and used “stealth technology” to block government investigations. The company issued a statement acknowledging past mistakes and emphasizing that Uber “is a different company today.”

Nine – Nio shares fell 8.4% as China appears to be fighting a new wave of Covid-19. Reuters reported that several Chinese cities have introduced new health restrictions. The carmaker also announced that it has formed a committee to investigate allegations against Nio of a short seller last month.

Amazon – The e-commerce giant lost 2.3% after Bloomberg reported that the number of US Prime customers stopped in the first half of the year, possibly partly due to the $ 20 price increase that took place in February. Amazon had 172 million members on June 30, six months earlier, the report said, citing Consumer Intelligence Research Partners.

Upstart – Upstart jumped as much as 2.6% on Monday when investors seemed to buy the downturn. The company’s shares got a hit last week after it announced that it would not reach its already reduced financial targets for the second quarter and JMP Securities downgraded it. The shares are down more than 80 percent this year.

– CNBC’s Yun Li, Sarah Min, Samantha Subin, Carmen Reinicke and Jesse Pound contributed reporting.



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