An employee walks past a quilt displaying Etsy Inc. signage at the company’s Brooklyn headquarters.
Victor J. Blue / Bloomberg via Getty Images
Bed Bath & Beyond, AMC, BlackBerry – Reddit favorites Bed Bath & Beyond and AMC have soared into the wild trade. Shares of the home furnishings retailer climbed 62% after the company announced the launch of three new private labels that are expected to hit shelves in the coming months. AMC jumped 95% and trading in the name was briefly halted. BlackBerry also jumped 31.9%.
Etsy – Shares of the e-commerce company rose 7.1% after Etsy announced a $ 1.6 billion deal to buy the Depop mode resale app. The newly acquired London-based business is popular among young consumers.
DXC Technology – Shares of the computer services company were up 4.3% after Wells Fargo raised the stock to overweight. “We are seeing a situation where a discounted valuation presents an attractive risk / reward ratio and the possibility of higher EPS / valuation as the market gains confidence in the turnaround that is unfolding at DXC,” wrote the firm in a note to clients. Wells Fargo also raised its target on the stock to $ 48, which implies a 26% rise from Tuesday’s closing price.
Cinemark, Imax – Cinemark rose nearly 2.3% and Imax slipped 1.2% after Goldman Sachs lowered them to sell them neutral. The investment firm said in a note to clients that the market appeared to overestimate the amount of movie attendance that would rebound after the pandemic.
Tesla – Tesla shares fell 3% on a combination of negative stocks. First, the electric carmaker said it was recalling nearly 6,000 vehicles over fears their brake caliper bolts would come loose, which could potentially lead to loss of tire pressure. Second, Tesla was reportedly told by the Securities and Exchange Commission that it had not properly endorsed CEO Elon Musk’s tweets.
Carnival Corporation – Carnival shares jumped about 3.9% and hit a new 52-week high today at $ 31.10. The Centers for Disease Control and Prevention agreed to an agreement for Carnival Cruise Line to depart from Port Canaveral, The Houston Chronicle reported Tuesday.
Ambarella – Shares of Ambarella rose, then fell more than 1.4% on Wednesday despite the release of better-than-expected quarterly financial results after the bell on Tuesday. The semiconductor company reported adjusted earnings of 23 cents per share on revenue of $ 70.1 million. Analysts expected adjusted earnings of 17 cents per share on revenue of $ 68.6 million, according to FactSet.
Vimeo – Vimeo shares edged up and then fell 4.7% even after Cowen and Jefferies launched stock coverage with outperform and buy ratings, respectively. Both companies highlighted Vimeo’s potential in the corporate video space.
– CNBC’s Hannah Miao, Maggie Fitzgerald, Jesse Pound, Tom Franck and Pippa Stevens contributed reporting
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