Friday, 12 Aug 2022

Upstart Holdings Slips 9% After Morgan Stanley Downgrades The Stock To ‘Underweight’

Stride Jumps 8% On News It Will Join S&P SmallCap 600

Shares of Stride, Inc. (LRN) are gaining over 8% on Wednesday morning on the news that the company will be joining S&P SmallCap 600.

LRN is currently trading at $40.99, up $3.22 or 8.53%, on the NYSE. The stock opened the day’s trading at $41.22 after closing Tuesday’s trading at $37.77. The stock has traded between $25.65 and $42.35 in the past 52-week period.

Stride will replace Omnicell Inc. (OMCL) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, July 5.

Omnicell will be replacing Coherent Inc. (COHR) in the S&P MidCap 400, as S&P MidCap 400 constituent II-VI Inc. (IIVI) is acquiring Coherent in a deal expected to be completed on July 1.

Juul E-cigarettes To Be Ordered Off U.S. Market: WSJ

The Food and Drug Administration is reportedly planning to order Juul Labs Inc. to take off its e-cigarettes from the U.S. market.

According to Wall Street Journal, the FDA could announce its decision as early as Wednesday. The marketing denial order would be based on a nearly two-year review of data presented by the vaping company. The company was seeking approval to keep selling its tobacco- and menthol-flavored products in the U.S. market.

The FDA’s review of the applications was based on whether the e-cigarettes are effective in getting smokers to quit and whether it benefits outweigh the health damage to new users, including teenagers.

Earlier, the FDA had approved tobacco-flavored e-cigs from Juul rivals Reynolds American and NJOY Holdings. Juul will be able to appeal the ruling to both the FDA and the court system.

Juul was among the first e-cigarette companies to come under fire. Regulators and health officials had blamed the company for increase of underage vaping, due to its advertising and sweet/fruity flavors.

In October 2019, due to the mounting pressure, Juul announced that it would discontinue its mango, creme, fruit and cucumber flavors that were sold through its online store. In November 2019, Juul announced they would discontinue selling mint flavored pods in the US.

Carnival Stock Tanks 15% After Morgan Stanley Lowers Price Target

Shares of Carnival Corporation & plc (CCL) tanked over 15% on Wednesday morning after analysts at Morgan Stanley lowered the price target.

CCL is currently trading at $8.78, down $1.55 or 15.02%, on the NYSE. The stock has traded between $8.66 and $27.39 in the past 52-week period. The stock opened its trading at $9.49 after closing Tuesday’s trading at $10.33.

Carnival had its price target lowered by analysts at Morgan Stanley to $7.00 from previous target of $13.00.

Carnival operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard brand names.

B&G Foods Slip 8%; Announces Credit Amendment Agreement

Shares of branded foods holding company B&G Foods, Inc. (BGS) are down 8 percent on Wednesday’s trading. The company announced on Tuesday that it completed an amendment to its senior secured credit facility to temporarily increase the maximum consolidated leverage ratio permitted under its revolving credit facility.

Currently at $22.60, the stock has traded between $21.05 and $34.27 during the past 52 weeks.

Sun Country Airlines Gains 9% On News It Will Join S&P SmallCap 600

Shares of Sun Country Airlines Holdings, Inc. (SNCY) are gaining over 9% on Wednesday morning after company announced it will join S&P SmallCap 600.

SNCY is currently trading at $18.60, up $1.59 or 9.35%, on the Nasdaq, on a volume of 1 million shares, above average volume of 0.5 million. The stock opened its trading at $18.70 after closing Tuesday’s trading at $17.01. The stock has traded between $17.00 and $38.54 in the past 52-week period.

Sun Country Airlines Holdings will replace Neenah Inc. (NP) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, July 5. Schweitzer-Mauduit International Inc. (SWM) is acquiring Neenah in a transaction expected to be completed on July 1.

Akouos Stock Gains 20%

Shares of Akouos, Inc. (AKUS) are gaining nearly 20% on Wednesday morning, as the stock’s rally continues.

AKUS is currently trading at $5.84, up $0.95 or 19.43%, on the Nasdaq, on a heavy volume of 10 million shares. The stock opened its trading at $4.79 after closing Tuesday’s trading at $4.89. The stock has traded between $2.32 and $13.69 in the past 52-week period. Akouos has nearly doubled in the past 1-month period.

Akouos, a precision genetic medicine company, developing gene therapies to restore, improve, and preserve physiologic hearing for individuals. The company’s precision genetic medicine platform incorporates a proprietary adeno-associated viral vector library and a novel delivery approach.

Array Technologies Downward Spiral Continues

Shares of solar tracker systems manufacturer Array Technologies, Inc. (ARRY) are down 8 percent on Wednesday’s trading continuing their downward trend since the past few days. There has been no company announcement to impact the stock.

Currently at $10.90, the stock has traded between $5.45 and $27.67 during the past 52 weeks.

Upstart Holdings Slips 9% After Morgan Stanley Downgrades The Stock To ‘Underweight’

Shares of Upstart Holdings, Inc. (UPST) are slipping over 9% on Wednesday morning after Morgan Stanley downgraded the stock from “equal weight” rating to an “underweight” rating.

UPST is currently trading at $32.58, down $3.27 or 9.12%, on the Nasdaq. The stock has traded between $25.43 and $401.49 in the past 52-week period. The stock opened its trading at $31.49 after closing Tuesday’s trading at $35.85.

Upstart Holdings was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating. The price target was lowered from $88.00 to $19.00.

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