Take a look at the businesses making headlines in noon buying and selling Monday.
Coinbase, Microstrategy — Shares of cryptocurrency-related firms bought off as the worth of bitcoin and different digital tokens pulled again sharply. Crypto trade Coinbase dropped more than 10%, whereas software program identify and massive bitcoin holder Microstrategy slumped 23%. Bitcoin tumbled under $23,000 on Monday, hitting its lowest degree since December 2020, as traders dump crypto amid a broader sell-off in danger property.
Astra House — Shares of the rocket builder plunged 24% after a weekend launch carrying NASA satellites failed to achieve orbit. Astra’s rocket LV0010 took off on Sunday from launch advanced 46 at Cape Canaveral in Florida, carrying two satellites on NASA’s TROPICS-1 mission. The mission represents the corporate’s second mission failure in three launches this yr.
Revlon — Shares cratered 44% following reviews Friday that mentioned the cosmetics firm is making ready to file for chapter as early as this week. A Wall Street Journal report citing unnamed sources mentioned Revlon has been battling a excessive debt load, rising competitors and higher provide chain pressures.
DocuSign — Shares of the software program firm fell once more Monday, shedding more than 10%. This follows Friday’s 24% decline on the heels of the corporate lacking first-quarter earnings and reducing billings progress steerage. The inventory additionally acquired one other downgrade from Wall Road, with Wolfe Analysis transferring the inventory to underperform from peer carry out.
Prologis — The warehouse big’s shares dropped more than 8% after the corporate mentioned that it’ll purchase its smaller rival Duke Realty in an all-stock deal valued at about $26 billion, together with debt, in a vote of confidence for the purple sizzling industrial actual property sector.
Amazon, Tesla — Overwhelmed-up tech shares took a success throughout Monday’s intense sell-off. Amazon slid practically 6%, whereas Tesla was down about 5%. Netflix fell 5.8%, whereas Meta Platforms dropped 4.6%. The tech-heavy Nasdaq Composite slipped practically 4%, touching a contemporary 52-week low.
Zendesk — The software program inventory fell more than 9% after Morgan Stanley downgraded the identify to equal weight from chubby. Morgan Stanley sees few near-term catalysts after Zendesk administration’s determination to stay impartial. The Wall Road agency additionally famous that Zendesk’s buyer base is more cyclically delicate.
— CNBC’s Jesse Pound and Sarah Min contributed reporting.
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