Check out the companies making headlines in midday trading. Spirit Airlines , JetBlue Airways — Spirit Airlines and JetBlue Airways respectively slid 22% and 8% a day after a federal judge blocked JetBlue’s proposed $3.8 billion acquisition of Spirit. Following the ruling, Bank of America downgraded Spirit to an underperform rating, while Susquehanna downgraded the airline to negative. Interactive Brokers — Shares of the electronic broker climbed nearly 2% after posting mixed fourth-quarter results. Late Tuesday, Interactive Brokers reported adjusted revenue of $1.15 billion, beating the $1.14 billion consensus estimate of analysts polled by LSEG, formerly known as Refinitiv. On the other hand, adjusted earnings disappointed forecasts by 3 cents per share. Sinclair — Shares jumped 13% after the broadcaster announced a settlement of all litigation connected to Diamond Sports Group. Sinclair will pay $495 million in cash to Diamond as part of the deal. SolarEdge — SolarEdge fell 5% after Barclays downgraded the solar stock to underweight, citing a tougher road to recovery versus peers. Teladoc — Shares of the virtual health-care platform slid 4.5% following a downgrade to neutral at D.A. Davidson. The investment firm cited stalling growth as a driver in its decision. Nutanix — The cloud computing company added 2% after William Blair issued Nutanix an outperform rating. The investment firm said Nutanix shares could rise as the industry reshuffles following the Broadcom-VMware acquisition . Instacart — Shares of the food delivery service popped 8% Wednesday after Wolfe Research upgraded shares to outperform from peer perform. The firm said it sees an “attractive” risk/reward profile at current levels and that the company has several paths to achieve strong revenue growth, including a potential merger with Uber that could revive the stock. Rivian — The electric vehicle manufacturer slid nearly 8% following a downgrade to a hold rating from Deutsche Bank. The bank said the company’s efforts to grow its gross margin may take longer than anticipated. Tesla — Tesla stock shed about 3% after the electric vehicle maker slashed prices for its Model Y cars across Europe, not long after announcing similar price cuts in China. Ford — The automaker stock slid 2.5% following a UBS downgrade to neutral from buy. The bank said Ford’s stock is already trading at a fair valuation and may have a tougher time ahead versus competitors. Morgan Stanley — Shares of the investment bank fell 2%. JPMorgan downgraded the stock to neutral from overweight after the bank issued a mixed quarterly report Tuesday. The bank was hit by hefty regulatory charges , while CEO Ted Pick warned of major downside risks ahead. Polaris , Mattel — The stocks moved following rating changes from Morgan Stanley. Automotive manufacturer Polaris added nearly 2% after an upgrade to overweight, with the firm calling the company an industry leader that has an attractive risk/reward ratio. Meanwhile, toymaker Mattel slid 2.8% after Morgan Stanley downgraded shares to equal weight, citing lofty consensus estimates and a tough 2024 outlook. Boeing — The aircraft manufacturer popped 1% after the Federal Aviation Administration announced it had finished inspecting 40 of Boeing’s 737 Max 9 airplanes. Boeing stock is down 22% in January after the aerospace giant suffered from recent woes including a door panel that blew off midflight . Fisker — Shares of the American electric vehicle dropped 10% following a downgrade to market perform from TD Cowen. “A shift in distribution strategy, continued delivery issues, missed timelines and an overall softening in the overall EV market have taken the luster off of this once shiny new vehicle manufacturer, in our view,” the Wall Street firm wrote. Marathon Digital — The crypto mining firm slid 3% during Wednesday’s trading session. Earlier in the morning, the company received an upgrade to buy from BTIG. Analyst Gregory Lewis cited the recent approval of bitcoin exchange-traded funds as a positive catalyst. On Tuesday, Marathon Digital announced that it had closed its acquisition of two bitcoin mining sites from Generate Capital. — CNBC’s Alex Harring, Yun Li, Pia Singh and Samantha Subin contributed reporting.
Read the full article here