Midday Stock Movers: SoFi, Coinbase, Netflix

05/16/2022

1 minute read

2022.05.16 19:06

By Sam Boughedda

Investing.com — U.S. equities are mixed Monday after initially starting the session firmly lower. The Dow is up, while the S&P 500 and Nasdaq are trading slightly down at lunchtime. Here are your midday movers on Monday, May 16th.

SoFi Technologies (NASDAQ:SOFI) is trading 2.5% higher midday, down from the earlier 5% rise, resulting from an upgrade to Overweight from Neutral by Piper Sandler.
Spirit Airlines (NYSE:SAVE) is up just under 12% following news JetBlue Airway (NASDAQ:JBLU) has launched a hostile all-cash takeover bid after its previous offer was rejected in favor of a deal with Frontier Airlines.
Netflix (NASDAQ:NFLX) has gained 0.5% after Wedbush upgraded the stock to Outperform from Neutral with a $280 price target. Wedbush said the upgrade is based on its view that the streaming giant will “exceed its guidance for Q2.”
ManTech International (NASDAQ:MANT) has risen 15% on the news it will be acquired by Carlyle Group (NASDAQ:CG) in an all-cash transaction worth approximately $4.2 billion.
Coinbase Global (NASDAQ:COIN) shares have tumbled 7% as the crypto market continues to decline. Bitcoin is down 5.9% midday, around the $29,470 mark.
Wix.Com (NASDAQ:WIX) missed earnings estimates but beat revenue forecasts when it reported before the open. Wix stated that it continues to experience a high level of volatility in demand due to macroeconomic headwinds and global uncertainty.
Carvana (NYSE:CVNA) has given up some of its initial gains and is now 5.4% higher after the used-car retailer forecasted significant core earnings for 2023 in an SEC filing. The company also revealed plans to cut costs.