Coinbase, Virgin Galactic, Nvidia, UnitedHealth & more

Check out the businesses making headlines in noon buying and selling. 

UnitedHealth – Shares of well being care big jumped more than 3% after outcomes topped the Street’s forecasts. Its adjusted earnings got here in at $5.31 per share, exceeding the $4.39 per share anticipated by analysts, in line with FactSet. UnitedHealth additionally raised its earnings steering for 2021.

Virgin Galactic – The area inventory tumbled more than 12% to show damaging on the 12 months after a submitting confirmed founder Richard Branson sold more than $150 million worth of the company’s stock over the previous three days. Branson, and 4 entities he controls together with Virgin Group, bought 5,584,000 shares of Virgin Galactic between April 12 and April 14.

Rite Aid — Shares of the pharmacy chain tumbled more than 8% after the corporate’s fourth-quarter loss got here in bigger than anticipated. Rite Aid reported a lack of 78 cents per share on $5.92 billion in income. Analysts surveyed by Refinitiv anticipated a lack of 76 cents per share and $5.80 billion in income. The firm’s CEO mentioned in a launch that enterprise was impacted by a “historically soft” chilly and flu season.

Coinbase — A day after the cryptocurrency alternate’s debut on the Nasdaq, shares rose 1.5%. The firm received a purchase ranking and $500 per share worth goal, implying about 50% upside from yesterday’s shut. The cryptocurrency alternate additionally received a vote of confidence from standard investor Cathie Wood, whose agency Ark Invest bought about $250 million price of Coinbase on Wednesday.

Charles Schwab — Shares of the e-broker dipped more than 3%, regardless of beating on the highest and backside strains of its first quarter earnings. Schwab additionally mentioned it added a report 3.2 million new purchasers within the first quarter of 2021. The agency added about 2.4 million new accounts in all of 2020, which excludes accounts added from its acquisitions.

Nvidia – The chip inventory rose 4.6% after Raymond James upgraded the corporate to a robust purchase. “Our call … is meant to express our conviction in both the short and long term,” the agency wrote in a word to purchasers. Raymond James additionally lifted its goal on the inventory from $700 to $750. The new goal implies a 23% upside from the place shares closed on Wednesday.

American Eagle – The retailer gained 3.7% after American Eagle mentioned it anticipates first-quarter revenue topping $1 billion. The determine is forward of the $904.1 million analysts surveyed by Refinitiv had been anticipating. The firm advised CNBC that it is seen energy in its denim division, and that clients have additionally began shopping for more tops. 

Bank of America – The financial institution inventory fell 2.9% even after a quarterly report that topped Wall Street estimates on booming funding banking and buying and selling outcomes. Some analysts together with Ken Usdin of Jefferies pointed to Bank of America’s heightened bills within the quarter, whereas others flagged the weaker-than-expected mortgage progress as a supply for concern.

— CNBC’s Maggie Fitzgerald, Tom Franck, Pippa Stevens and Jesse Pound contributed reporting.

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