Here are the companies that are making headlines on Wall Street.
MSG Entertainment – Madison Square Garden’s parent company announced on Friday that it is buying the media company MSG Networks in an all-share deal. The companies said in a statement that the combined entity would be better positioned to take advantage of the expansion of sports betting. The shares of both companies fell more than 9%.
Nio – Shares traded in the United States of Chinese electric vehicle inventory fell more than 8% after Nio announced it was shutting down one of its factories for five days. The company cited the global semiconductor shortages as a reason for the break and reduced its focus on first quarter deliveries.
Bank of America, JPMorgan Chase – Most bank shares rose slightly after the Federal Reserve announced that companies could resume buybacks and increase dividends after June 30. Bank of America shares were up 1.4%, while JPMorgan was up 0.7%.
Snowflake – The data company’s shares increased by more than 5% after Evercore ISI started coverage with a higher performance rating. “We believe that few software companies in the past decade have a growth opportunity as big as Snowflake,” wrote the company in a note to customers. Evercore has a target of $ 311 for the shares, about 36% above where the shares traded on Friday.
ViacomCBS, Discovery – Shares in media companies continued to decline while Wall Street was concerned about the appreciation of these television and streaming stocks. ViacomCBS shares fell 12.9% after being downgraded to an equal underweight by Wells Fargo, while Discovery’s shares fell 19.5% after being downgraded to an equal overweight by the same company.
BowX Acquisition – The special-purpose acquisition company took a leap of nearly 8% after news that it will go public with office-sharing company WeWork in a $ 9 billion deal, including debt. The valuation is a far cry from the $ 47 billion WeWork was valued for a traditional IPO in 2019.
Root – The shares of the auto insurance company jumped more than 16% after an optimistic call from Citron Research. The research firm said Root is a “disruptive technology company” and has been misinterpreted. Citron recently abandoned its short selling strategies after the GameStop craze and is now focused only on the long side.
Progress software – The technology stock jumped 4.9% after reporting stronger than expected results for the first quarter. Progress reported a profit of 91 cents per share on revenue of $ 129 million. Analysts polled by Refinitiv projected 78 cents in earnings per share and $ 128 million in revenue.