A woman runs past the New York Stock Exchange (NYSE) on July 13, 2020 in Wall Street in New York City.
Johannes Isle | Getty Images
Here are companies making headlines in the afternoon business:
Morgan Stanley – Bank shares rose 4% after reporting strong trading revenue and better-than-expected earnings for the second quarter. CEO James Gorman told CNBC that the bank was well positioned in 2021 to possibly increase its dividend and resume buybacks.
Peloton – Shares of the stationary bike maker fell more than 3% after the recession at UBS from buy to neutral. The Wall Street firm said that the stock is quite valuable and UBS looks limited for the stock that has already gained more than 120% this year.
Twitter – Twitter fell more than 1% after a digital currency scam hacked several high-profile accounts. Tesla CEO Elon Musk, presidential candidate Joe Biden and Microsoft founder Bill Gates.
American Airlines – The airline’s shares fell more than 6% after a possible warning to 25,000 workers amid a drop in demand for air travel due to the epidemic. American on Thursday announced a partnership with JetBlue that would allow airlines to sell seats on each other’s aircraft.
Bank of America – Financial institution shares fell 2.4% for the second quarter despite beating expectations on the top and bottom lines. Bank of America increased its provisions for credit losses to $ 4 billion and saw an 11% drop in interest income during the quarter.
Nicole – Deutsche Bank began coverage of the stock with a stock rating after shares of the electric vehicle company fell 3.5%. The bank said in a note that the stock’s valuation represents the company’s mid-term potential “without being exempt from risks.”
Tesla – Volatile electric vehicle stock fell more than 4% on Thursday. Citibank nearly doubled its price target for the stock, but the new price was still over $ 1,000 where trading closed on Wednesday.
Norwegian Cruise Line Holdings – Cruise stock fell by 12% after Norway announced a new round of financing to help it stay away during the epidemic. The financing includes a secondary stock offer of $ 250 million.
Alkova – It reported a small-expected loss for the second quarter after aluminum company shares rose 6.5%. The company reported an adjusted loss of 2 cents per share, which was within the range of guidance given last week. Analysts polled by Refinitive expected a loss of 38 cents per share.
Sleep Number – Mattress stock fell 8.8% after the company reported a 20% year-over-year decline in net sales in the second quarter. The company did not issue new guidance citing the ongoing uncertainty caused by the epidemic.
– CNBC’s Maggie FitzGerald and Fred Embert contributed to this story.