Tesla, Enphase Energy, Exxon Mobil and more | Whuff News

A Tesla service and sales center is on display in Vista, California, on June 3, 2022.

Mike Blake | Reuters

Check out the companies making headlines in midday trading on Wednesday.

Tesla, Twitter – Tesla shares fell 3.5% after Tuesday’s filing confirmed that CEO Elon Musk agreed to buy Twitter for $54.20 per share, the initial price he had agreed to for the acquisition. Shares of Twitter fell 1.4%, taking a break after rising more than 22% on Tuesday.

Morgan Stanley, Goldman Sachs – Shares of Morgan Stanley and Goldman Sachs fell 1% and 1.9%, respectively, following the decline of Atlantic Equities. The company said the two investment banks have few positives ahead as they continue to face major challenges. Morgan Stanley was downgraded to neutral from overweight, and Goldman Sachs was downgraded to underweight from neutral.

Airbnb – Shares of the transportation rental company gained 0.9% after Bernstein launched the stock as above his price target of $143, indicating a 30% increase. The Wall Street firm said Airbnb is on track to become the largest travel platform in the west in the next five years.

Carnival – Cruise line stocks are rare as a group. Shares of Carnival fell 4.3%, Royal Caribbean Group fell 0.9%, and Norwegian Cruise Line Holdings fell 0.8%. The team got a boost the day before, after the Norwegian said he would end all Covid-19 testing and vaccination requirements.

Impressing power, Sunrun – Solar stocks declined on Wednesday after their rally earlier this week. Shares of Enphase Energy fell 9.3%, and Sunrun fell 7.9%.

Schlumberger – Energy stocks spiked as a group after OPEC + decided to reduce oil production by 2 million barrels per day. Schlumberger advanced 6.3%, Exxon Mobil gained 4%, and Phillips 66 increased by 2.5%.

Lamb Weston Holdings – Shares of the food products company rose 4.2% after Lamb Weston reported a big increase in net sales and net income in the first fiscal quarter. Lamb Weston’s adjusted earnings of 75 cents per share beat estimates of 50 cents per share, according to StreetAccount. The Idaho-based company also maintained its full-year outlook despite seeing a drop in volume in the quarter.

Lumen Technologies – Shares of the tech company fell 9.5% after Wells Fargo cut its price target on Lumen 56% and downgraded the stock from overweight to equal weight. Wells Fargo said its wholesale division is seeing a decline that puts shares at risk.

— CNBC’s Alexander Harring, Yun Li, Jesse Pound and Carmen Reinick contributed reporting.

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