Here are the companies that make headlines on Wall Street.
MSG Entertainment – The parent company of Madison Square Garden announced on Friday that it will buy the media company MSG Networks in a share agreement. 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 by more than 9%.
Nio – US-traded shares of China’s electric vehicle stock fell more than 8% after Nio announced that one of its production plants would remain empty for five days. The company cited the global semiconductor shortage as a reason for the break and downgraded its guidelines for first-quarter deliveries.
Bank of America, JPMorgan Chase – Most banking stocks rose slightly after the Federal Reserve announced that companies could resume redemptions and increase dividends after June 30. Shares of Bank of America rose 1.4%, while JPMorgan added 0.7%.
Snowflake – The data company’s shares gained more than 5% after Evercore ISI started covering with superior performance. “We believe there are few software companies in the last decade that have a growth opportunity as great as Snowflake,” the company wrote in a note to customers. Evercore has a target of $ 311 per share, which is about 36% higher than the shares traded on Friday.
ViacomCBS, Discovery – Shares of media companies continued to fall as Wall Street worried about the valuation of these television and streaming stocks. ViacomCBS shares fell 12.9% after being downgraded from Wells Fargo to underweight at equal weight, while those for Discovery fell 19.5% after being downgraded to equal weight from overweight to the same company.
Buy BowX – The special-purpose procurement company jumped nearly 8 percent after hearing that it would make public WeWork, which has sharing offices, in a $ 9 billion deal, including debt. The valuation is far from the $ 47 billion that WeWork valued for a traditional IPO in 2019.
Root – The shares of the car insurer increased by more than 16% after a bullish call from Citron Research. The research firm said Root was a “disruptive technology company” and that it was misunderstood. Citron recently gave up its sales strategies shortly after the GameStop mania and now focuses only on the long side.
Software programs – technology stock rose 4.9% after reporting stronger-than-expected results in the first quarter. Progress reported earnings of 91 cents per share on revenue of $ 129 million. Analysts surveyed by Refinitiv projected 78 cents in earnings per share and $ 128 million in revenue.