December 7, 2023

There is a sign in the Goldman Sachs reception area in Sydney, Australia.

David Gray | Reuters

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

JPMorgan, Goldman Sachs, Bank of America – Bank stocks led the market comeback on Friday as bond yields rebounded. JPMorgan, Goldman Sachs, and Bank of America each rose more than 3%, while 10-year government bond yields rose 7.2 basis points to 1.36%. The benchmark yield fell from its low on Thursday to 1.25%, adding to concerns about an economic slowdown.

American Airlines, United Airlines – Airlines’ stocks rebounded Friday after losses related to the highly contagious Delta-Covid variant fueled concerns over the global economic comeback. American Airlines, United Airline, Southwest Airlines, and Alaska Air Group all rose more than 2%.

Carnival Corp., Norwegian Cruise Line, Royal Caribbean – Shares in reopening games like cruise operators rose on Fridays, making up for the losses from the previous session. Carnival climbed 2.3% while Norwegian Cruise Line gained 2.8%. Royal Caribbean grew by 3.6%.

Explore Financial Services – Credit card stocks rose 6.2% after Citi upgraded the stock to neutral following a change in analyst reporting. Citi said Discovery has “the clearest short-term way to benefit from the return of consumer card spending and credit as pandemic-related benefits expire and increased payment rates return to lower levels”.

General Motors – General Motors shares rose 4.8% after Wedbush initiated coverage of the stock with an outperform rating and a target price of $ 85. This target implies an uptrend of more than 51% from Thursday’s close. “CEO Mary Barra, along with other key executives, has led the long-established auto company back to the top of the US auto industry,” Wedbush’s Dan Ives said in a press release.

Levi Strauss – Levi Strauss shares rose 1.4% after the retailer beat Wall Street expectations for its second quarter fiscal year results. Levi reported adjusted earnings of 23 cents per share on sales of $ 1.28 billion. According to Refinitiv, analysts expected earnings of 9 cents per share on sales of 1.21 billion US dollars.

Didi and US-listed Chinese companies – Shares in ride-hailing company Didi rose 7.3% on Friday, reversing price from a sell-off earlier this week after Chinese regulators announced a cybersecurity review of the company last week, Days after Didi’s public debut on the New York Stock Exchange. Several other Chinese companies traded in the US also rebounded. Tencent Music Entertainment Group gained 1.5% and Pinduoduo gained 2.1%. Baidu and Alibaba rose more than 3%.

Virgin Galactic – The space tourism company’s shares fell 6.6% after Susquehanna raised her price target on Virgin Galactic stock from $ 20 to $ 45, but reiterated her neutral rating on the stock, saying its price was too far and too ran quickly.

Signature Bank – The New York-based bank rose 6.4% after UBS confirmed its buy rating, in part due to the company’s “early advantage” in introducing cryptocurrencies in conjunction with the reopening of New York City . Signature Bank is known for being friendly to cryptocurrency companies who often find it difficult to secure banking relationships.

Bumble, Match Group – Dating service stocks rose Friday after RBC Capital Markets began reporting on Bumble and Match on Outperformance. The company said in a statement to customers that online dating still has significant growth ahead of it. Bumble’s shares were up about 6% while Match Group was up 2.8%.

AMC Entertainment – The cinema chain’s shares fell 3.7% in midday trading as Wall Street analysts regretted the company’s decision not to issue more shares. AMC, a popular Reddit trade that is now considered a “meme” stock, is making a “big mistake for shareholders not to allow the company to issue more shares at what we believe to be grossly inflated prices,” said Alan Gould. Loop Capital said in a note published on Friday.

– CNBC’s Maggie Fitzgerald, Jesse Pound, Yun Li, Tom Franck and Tanaya Macheel contributed to the coverage

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