Traders work on the floor of the New York Stock Exchange.
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Take a look at the companies that make the headlines for midday trading.
Twitter – Shares of the social media company fell more than 8% after Elon Musk walked away from his $44 billion deal to buy Twitter. Musk alleged that Twitter did not report the number of spam bots on the platform. The two sides are likely primed for a protracted court battle, and Musk could also face a $1 billion breakup fee.
Casino Actions — Casino Actions Wynn Resorts Y las vegas sands pigeon 9.4% and 8.8%, respectively, after Macau ushered in in a one week shutdown while dealing with an outbreak of Covid-19. Monday marked the first time in more than two years that Macau has closed all of its casinos.
Lululemon, Under Armour: Sportswear retailer stocks down after jefferies sale. Lululemon it fell 4% after the company downgraded the stock to underperforming, citing “increasing competition.” under armor decreased 4.7%. Jefferies downgraded it to neutral from buy, saying fundamentals are “lagging.”
Metaplatforms — Social media company shares fell 4.2% after Needham downgraded it to underperform Standby. The company pointed to Meta’s heavy investments in the metaverse, which may take too long to pay off.
Uber — Ride-sharing shares fell more than 4% after a report by the International Consortium of Investigative Journalists said Uber has lobbied widely to relax labor and tax laws and used “stealth technology” to block government scrutiny. The company issued a statement acknowledging past mistakes and emphasizing that Uber “is a different company today.”
child — Nio shares fell 8.4% as China appears to be battling another wave of Covid-19. Reuters reported that several Chinese cities have imposed new health restrictions. The automaker also announced that it has formed a committee to investigate allegations made against Nio by a short seller last month.
Amazon — The e-commerce giant lost 2.3% after Bloomberg reported that the number of U.S. Prime customers stagnated in the first half of the year, possibly in part due to a $20 membership price hike that took place in February. Amazon had 172 million members on June 30, level with six months earlier, the report saidciting Consumer Intelligence Research Partners.
Upstart — Upstart jumped as much as 2.6% on Monday as investors looked to buy the dip. The company’s shares took a hit last week after it announced it. would not meet its already reduced financial goals for the second quarter and JMP Securities downgraded it. Shares have fallen more than 80% this year.
— CNBC’s Yun Li, Sarah Min, Samantha Subin, Carmen Reinicke and Jesse Pound contributed reporting.
