Niraj Shah, CEO of Wayfair
Ashlee Espinal | CNBC
Check out the companies that are making headlines in midday trading.
Tesla – Tesla shares fell in midday trading, trading 0.5% higher after falling 8.5% at the beginning of the session, and hit bear market territory. The electric car manufacturer's share came under significant pressure at the last meeting due to a sell-off of soaring growth stocks.
DocuSign – Work-from-home stock continued to fall on Friday, despite beating Wall Street estimates for earnings, revenue and future projections for the second quarter on Thursday evening. Deutsche Bank downgraded the stock from Buy to hold it. The share price already reflected strong future growth. Shares fell more than 12% on Friday.
Moderna – The pharmaceutical company's shares fell more than 4% after the CEO announced that Moderna was slowing entry into the third phase vaccine trial to ensure a diverse patient pool. The company's latest data shows that the Census Bureau estimates that the patient pool has fewer Black and Latin American Americans than the entire country.
Wayfair – Wayfair stocks were down 6.5% after Bank of America downgraded the online retailer from buy to neutral. The band cited increased expectations and ratings, saying a slowdown in sales could be imminent. The stock is up more than 170% this year as demand for e-commerce soared.
Lululemon Athletica – Lululemon shares fell more than 4% after a Citi analyst downgraded the apparel company from Buy to neutral, stating that the stock is currently "perfectly valued". "As we approach earnings on a stock near $ 400, we have to wonder if we can realistically recommend buying LULU for $ 400 with a call that's at least 460 over the next 12 months US dollars. And we just can't. " said the analyst.
– CNBC's Fred Imbert, Yun Li and Jesse Pound contributed to the coverage.
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