Midday Movers: Revlon, MicroStrategy, Coinbase and More

2022.06.13 20:12

By Liz Moyer

Investing.com — U.S. stocks tumbled again on Monday, pushing the S&P 500 into bear market territory. Here are the midday movers for June 13: 

• Revlon Inc (NYSE:REV) shares sank 43% after a report on Friday that the cosmetics maker was negotiating a debt restructuring with lenders and could file for bankruptcy. The report, by The Wall Street Journal, cited sources.
• MicroStrategy Incorporated (NASDAQ:MSTR) shares fell 18% as the software services company got caught up in the cryptocurrency downdraft. Bitcoin, of which MicroStrategy holds 130,000 coins, tumbled below $24,000 over the weekend, near its lowest level since December 2020. 
• Coinbase Global Inc (NASDAQ:COIN) shares also got caught in the crypto volatility. The exchange operator fell 8.5% after earlier falling more than 20%, putting it on pace for its third largest single-day percentage decline.
• DocuSign Inc (NASDAQ:DOCU) shares fell 10%. Last week the company lowered guidance for growth after an aggressive pandemic-fueled expansion. The stock has reacted aggressively since then, as CEO Dan Springer acknowledged on Yahoo Finance on Monday. “We believe, you know, that’s an aggressive reaction and that we will bounce back.”
• Micron Technology Inc (NASDAQ:MU) stock fell 4.9% after analysts from Summit Insights cut their rating to hold from buy.
• Tesla Inc (NASDAQ:TSLA) shares fell 4.8%, part of the rout in tech and tech-related stocks. The electric vehicle maker disclosed plans Friday to split its stock 3-to-1 later this summer.

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