Employees of American Airlines help check in passengers at Ronald Reagan Washington National Airport on January 11, 2023 in Arlington, Virginia.
Alex Wong | Getty Images
Here’s a look at some of the stocks making the biggest moves on Wednesday.
MongoDB — Shares jumped 9.4% after Morgan Stanley upgraded MongoDB to overweight from equal weight, citing the software company’s leadership in cloud optimization initiatives. The firm raised its price target to $270, which suggests shares could gain about 27% from Tuesday’s closing price.
Shopify — Shares of the Canadian e-commerce startup jumped nearly 5% after JMP upgraded the stock to market outperform from market perform. The Wall Street firm is bullish on Shopify’s ability to gain market share with larger enterprise businesses. JMP’s price target of $65 per share implies a 45% upside from Tuesday’s close.
American Airlines, Delta Air Lines, United Airlines — Shares of the major airline companies were under pressure on Wednesday after American Airlines updated its first-quarter guidance. American said it expected adjusted earnings per share of 1 cent to 5 cents for the quarter, according to a filing with the Securities and Exchange Commission. That is above prior guidance of breakeven, but the average analyst projection was for 5 cents, according to StreetAccount. Shares of American fell more than 9%, while United dropped about 2% and Delta shed nearly 6%.
Abercrombie & Fitch — The clothing retailer’s shares declined 4.4% after Argus downgraded it to hold from buy, citing potential tailwinds from reduced consumer spending on sales growth.
CarMax — Shares of the used car dealership dropped more than 5% after CarMax reported a drop in sales for its fiscal fourth quarter. CarMax reported 44 cents in earnings per share on $5.72 billion of revenue. Analysts surveyed by Refinitiv were looking for 24 cents per share on $6.04 billion of revenue. Unit sales were down 15.5% year over year.
Cirrus Logic — Shares of the…
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