JetBlue Airways and Other Companies Experience Stock Changes
In the world of finance, stock movements can make or break a company’s performance. Today, several major companies saw significant shifts in their stock prices.
JetBlue Airways, a prominent airline, experienced a slight setback as its shares dropped nearly 2%. This decline occurred after Evercore ISI, a leading investment banking advisory firm, downgraded the airline to underweight. Evercore cited concerns over JetBlue’s balance sheet and the recent sharp rally in the company’s shares as reasons for the downgrade.
On the other hand, Zillow Group, a prominent online real estate marketplace, saw a 4.7% increase in its stock price. Piper Sandler, a globally recognized investment bank, upgraded Zillow Group from neutral to overweight. Analyst Thomas Champion also raised his price target for the company to $62 per share, suggesting a 33% upside from the previous day’s closing price. Champion mentioned several reasons for the upgrade, including new initiatives, product optionality, and improvements in the housing macro environment.
JPMorgan Chase, a well-established financial institution, experienced a 1.2% increase in premarket trading after receiving an upgrade from Jefferies. Jefferies raised its rating for JPMorgan Chase from hold to buy and labeled the company as “best-in-class.”
Another bank, U.S. Bancorp, saw its shares rise by 2.2% following an upgrade from Bank of America. The Minnesota-based bank was upgraded from neutral to buy, with analyst Ebrahim Poonawala stating that U.S. Bancorp is one of the highest quality franchises in the U.S. banking industry. Poonawala expects the company’s scale, earnings, and strong execution to drive superior earnings growth and stock outperformance.
E-commerce giant Amazon experienced a slight increase of 0.8% as it kicked off its highly anticipated Prime Day summer sale. The event, which lasts for two days, is expected to generate substantial revenue growth for the company. Wells Fargo also added Amazon to its Signature Picks list, citing better expectations for Amazon Web Services and a favorable risk-reward.
In the manufacturing sector, WD-40 saw a significant boost in its stock price, with shares rising over 5%. The lubricant and rust-remover maker reported a 15% increase in total net sales for the fiscal third quarter compared to the previous year.
3M, a diversified technology company, experienced a nearly 2% increase in premarket trading. Bank of America upgraded 3M from underperform to neutral, citing positive catalysts such as litigation settlements, restructuring, and the planned spin-off for the health care business.
However, not all companies had a positive day. Jefferies downgraded both Zions Bancorp and Truist to hold from buy, leading to a decline in their stock prices. Zions Bancorp fell 1.5% in premarket trading, while Truist saw a 1% decrease.
Lastly, Iovance Biotherapeutics, a biotech company, experienced a significant drop of over 11% in its stock price. The company recently announced the pricing of its underwritten public offering, which includes 20 million shares of common stock, priced at $7.50 per share. The gross proceeds from the offering are expected to be around $150 million.
It is clear that the stock market is a dynamic and ever-changing environment. Investors must constantly monitor and evaluate the performance of companies to make informed decisions. As the day progresses, more developments are anticipated, and CNBC’s team of reporters will continue to provide updates on the latest market movements.