Nike, La-Z-Boy, Altria Group, Coinbase, Dow and more

People walk past a store of sporting goods retailer Nike Inc. at a shopping complex in Beijing, China March 25, 2021.

Florence Lo | Reuters

Check out the companies that are making headlines in the midday trading Wednesday.

Nike – Athletics retailer shares fell more than 3% after Seaport dropped its share to neutral downgrade of purchase. The Wall Street company said Nike was facing rising inflation and supply chain disruptions.

La-Z-Boy – Furniture maker shares jumped more than 8% after La-Z-Boy reported its fourth-quarter fiscal results. The company, which is covered by a few Wall Street analysts, reported consolidated net sales up 32% year-on-year, with net income also growing, primarily driven by strong growth in wholesale sales. The company’s CEO said in a release that La-Z-Boy expected the demand to be “fleeting for the foreseeable future”.

Altria Group – The tobacco company dropped 9% after the Wall Street Journal reported that the Food and Drug Administration was preparing to order Juul Labs to remove its e-cigarettes from the US market. The Biden administration also intends to propose a rule for setting a maximum nicotine level in cigarettes.

Coinbase – Shares of the cryptocurrency services company fell 7.6% on Wednesday after rival crypto exchange Binance.US said it spotted bitcoin trading costs for customers. Coinbase has historically relied heavily on trading volumes for revenue, but has sought to diversify its revenue streams in recent months.

Revlon – The cosmetics rating went up more than 35%, expanding a rally that came to the company last week for Chapter 11 bankruptcy filing. Revlon went 62% in the previous session.

Airbnb – The holiday rental company saw its shares fall 2% after JMP Securities downgraded it to outperform the market. The analyst said the post-pandemic jump in travel demand has already been reflected in Airbnb’s rating.

Dow – The chemical manufacturer’s shares fell 5.8% after Credit Suisse downgraded them to underperform from neutral, saying the stock’s rating looks expensive amid potentially unsustainable results and that several pandemics related factors that may have stimulated Dow in the coming years.

Jack In The Box – Shares of the fast food company slipped more than 3% after Cowen downgraded the shares to market outperform. The Wall Street company cited concerns about slowing sales growth in the same store.

– Jesse Pound and Tanaya Macheel of CNBC contributed to reporting.


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