A person enters a Bed Bath & Beyond store on October 1, 2021 in New York City’s Tribeca neighborhood.
Michael M. Santiago | Getty Images
Check out the companies that make headlines in the afternoon trade.
Bed Bath & Beyond – Shares rose 34% at noon on news that GameStop chairman Ryan Cohen owns nearly 10% of the retailer through his investment firm RC Ventures. He said the home improvement retailer should look into selling itself to a private equity firm and spinning off its BuyBuy Baby chain.
United Airlines, American Airlines – Air carriers fell after fuel prices rose 32% last week to their highest level in more than 13 years amid concerns over global oil supplies during the Russia-Ukraine war. Shares of United Airlines fell about 10.7%, while shares of Delta and America fell 8.4% and 6.7%, respectively.
Ralph Lauren, PVH – Retail shares fell 9.5% and 13.8%, respectively. Wedbush downgraded Ralph Lauren and PVH due to concerns about the companies’ impact on Europe amid the Russo-Ukrainian war.
Schlumberger, Halliburton and Baker Hughes – Energy stocks rose on rising oil prices as a result of the Russian-Ukrainian conflict. Overnight, benchmark US West Texas Intermediate oil briefly topped $130 a barrel. On Monday, Schlumberger shares rose 7.7%, Halliburton rose 5.5% and Baker Hughes rose 4.9%.
Archer-Daniels-Midland – Shares of an agricultural company rose 2.9%. Investors expect wheat prices to rise amid fears of a shortage of supply after Russia’s invasion of Ukraine.
Visa and Mastercard. Shares in both financial companies fell after U.S. payment companies said they were suspending operations in Russia over the weekend. Visa shares fell 4.9%. Mastercard fell 3.4%.
Occidental Petroleum – Shares fell more than 5.7% after SEC filings on Friday showed Berkshire Hathaway acquired a $5 billion stake in the oil giant. More than 61 million of the 91.2 million shares of common stock in his portfolio were purchased last week at prices ranging from $47.07 to $56.45.
Citigroup – The bank’s shares fell 1.7% after Jeffreys was downgraded to Hold. The investment firm said Citi is unlikely to meet financial targets set by management last week. Bank shares also dropped significantly on Monday.
Philip Morris – The tobacco company’s shares fell 6.2% after JPMorgan downgraded its rating from overweight to neutral. The firm said that Philip Morris could be harmed by Russia’s invasion of Ukraine, as the two countries are key markets for the company.
US Steel – Shares rose about 1% after Morgan Stanley upgraded US Steel to equal weight. The firm said in its update that the company must be in a better position than competitors to cope with higher raw material costs due to the war between Russia and Ukraine.
Palantir – Shares rose 4.8% after Morgan Stanley raised their weight to equal weight. The firm said Palantir’s risks are now largely priced in.
NextEra Energy – Shares rose 3.8% after KeyBanc upgraded NextEra Energy to overweight the sector. The firm said the company could bounce back amid rising oil prices.
DraftKings – Sports betting stocks fell 11.8% after Argus downgraded DraftKings to Buy. The investment firm said in a note that DraftKings will see a slowdown in revenue growth this year as fewer new states legalize sports gambling.
– CNBC’s Sara Min, Tanaya Macheel, Samata Subin and Jesse Pound provided reporting.