Check out the companies making headlines midday on Monday:

Avis Budget Group — Shares of the car-rental company jumped 7.4. percent after Goldman Sachs upgraded it to buy from sell, citing an attractive valuation. The analyst also sees a 36.3 percent upside for Avis over the next 12 months.

Electronic Arts — The video-game maker climbed as much as 9.6 percent after Bank of America Merrill Lynch upgraded it to buy from neutral. Bank of America also hiked its price target on Electronic Arts to $110 a share from $95. The stock closed 0.37 percent lower, however.

Loews Corp — Shares of the hospitality company fell 6.1 percent as Loews reported a loss of 53 cents a share for its fourth-quarter report. Lowes revenue in the quarter fell to $3.3 billion, down over $250 million from the same period a year ago.

Pfizer — One of the world’s largest pharmaceutical companies slid 1.3 percent Monday after its Japanese subsidiary recalled hundreds of thousands of tablets of a drug for high blood pressure. More than 763,000 tablets of the drug Amvalo, manufactured from April to July in Mylan, are the subject of recall, Pfizer Japan said in a statement.

Goodyear Tire & Rubber Company — Shares of the he multinational tire manufacturing company dropped as much as 4.3 percent after two brokerages downgraded the stock. Argus Research cut the equity to a hold rating citing reduced earnings estimates and near-term cost headwinds. The stock ended the day down 0.2 percent.

Tesla – The electric carmaker rose after Canaccord Genuity upgraded Tesla to buy from hold, with a new price target that represents a 47 percent upside for the stock. The firm predicted more electric vehicle penetration and the company getting closer to building an affordable car for the masses.

Activision Blizzard — The video gaming giant fell 7.6 percent Monday following a Bloomberg report that it plans to announce job cuts “in the hundreds” this week. The layoffs would be part of a restructuring effort as the company faces sluggish sales, Bloomberg reported, citing unnamed sources familiar with the matter.

Norfolk Southern Corp. — The railroad holding company advanced 3.2 percent after outlining a strategic plan that focuses on increased productivity and revenue growth at its investor conference. CEO James Squires said in a press release that the lower costs and more efficiency would “deliver stronger margins.”

Avaya Holdings — The multinational technology company that specializes in business communications, dropped 12.46 percent following its release of weaker-than-expected earnings and revenues for their first-quarter. The company also named Kieran McGrath as their new CFO, effective February 15, 2019.

—CNBC’s Tom Franck, Kate Rooney, Nadine El-Bawab and Michael Sheetz contributed to this report.

Source link

You may also like

Forex News

Fed Minutes note concern about slowing global growth and China


Fed minutes released online

  • Full report
  • Important to continue to monitor financial market developments
  • Noted that some downside risks had increased
  • Business investment has moderated
  • Recent household data have been strong
  • Strong labor market, inflation near target
  • See continued sustained expansion
  • A few officials concerned that uncertainty not captured by the dot plot
  • Reserves might near efficient level later this year
  • Several participants said rate hikes might prove necessary only if inflation outcomes higher than baseline outlook


“Market participants pointed to a number of factors as contributing to
the heightened volatility and sustained declines in risk asset prices
and interest rates over recent months including a weaker outlook and
greater uncertainties for foreign economies (particularly…

Read More
Crypto Markets

Judge Appoints 2 Law Firms to Represent Quadrigacx Clients


Two law firms have been appointed to represent the clients of insolvent Canadian crypto exchange Quadrigacx in court. The number of affected users has been estimated at approximately 115,000 and lawyers will have to contact as many as they can. The digital asset trading platform owes them approximately $190 million.

Also read: Hacked NZ Exchange Cryptopia Allowed to Reopen

Miller Thomson, Cox & Palmer to Reach Affected Users

Nova Scotia Supreme Court Justice Michael Wood issued a decision on Tuesday, Feb. 19, announcing the appointment of Toronto-based Miller Thomson and…

Read More
Company News

Britain managing Huawei risks, has no evidence of spying: official


LONDON/BRUSSELS (Reuters) – Britain is able to manage the security risks of using Huawei telecoms equipment and has not seen any evidence of malicious activity by the company, a senior official said on Wednesday, pushing back against U.S. allegations of Chinese state spying.

FILE PHOTO: A 5G sign is seen during the Mobile World Congress in Barcelona, Spain February 28, 2018. REUTERS/Yves Herman/File Photo

Ciaran Martin, head of Britain’s National Cyber Security Centre (NCSC), said Britain had yet to decide on its security policy for national 5G networks, but that Huawei equipment was subject to detailed oversight and strict government controls over where it was used.

“Our regime is arguably the toughest and most rigorous oversight regime in…

Read More

Amid trade talks, China urges U.S. to respect its right to develop, prosper


BEIJING (Reuters) – The United States should respect China’s right to develop and become prosperous, the Chinese government’s top diplomat told a visiting U.S. delegation, reiterating that the country’s doors to the outside world would open wider.

Myron Brilliant, executive vice president and head of International Affairs at the U.S. Chamber of Commerce (2-L) and Chinese State Councilor and Foreign Minister Wang Yi (2-R) attend a meeting at the Ministry of Foreign Affairs in Beijing, China February 19, 2019. Wu Hong/Pool via REUTERS

The world’s two largest economies began their latest round of trade…

Read More
Crypto Markets

In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange


In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat.

Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship

Elon Musk Talks Bitcoin

The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future…

Read More