Midday Stock Movers: SoFi, Coinbase, Netflix

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Midday Stock Movers: SoFi, Coinbase, Netflix

By Sam Boughedda

Investing.com -- U.S. equities are mixed Monday after initially starting the session firmly lower. The Dow is up, while the S&P 500 and Nasdaq are trading slightly down at lunchtime. Here are your midday movers on Monday, May 16th.

  • SoFi Technologies (NASDAQ: SOFI ) is trading 2.5% higher midday, down from the earlier 5% rise, resulting from an upgrade to Overweight from Neutral by Piper Sandler
  • Spirit Airlines (NYSE: SAVE ) is up just under 12% following news JetBlue Airway (NASDAQ: JBLU has launched a hostile all-cash takeover bid after its previous offer was rejected in favor of a deal with Frontier Airlines.
  • Netflix (NASDAQ: NFLX ) has gained 0.5% after Wedbush upgraded the stock to Outperform from Neutral with a $280 price target. Wedbush said the upgrade is based on its view that the streaming giant will “exceed its guidance for Q2.”
  • ManTech International (NASDAQ: MANT ) has risen 15% on the news it will be acquired by Carlyle Group (NASDAQ: CG ) in an all-cash transaction worth approximately $4.2 billion.
  • Coinbase Global (NASDAQ: COIN ) shares have tumbled 7% as the crypto market continues to decline. Bitcoin is down 5.9% midday, around the $29,470 mark. 
  • Wix.Com (NASDAQ: WIX ) missed earnings estimates but beat revenue forecasts when it reported before the open. Wix stated that it continues to experience a high level of volatility in demand due to macroeconomic headwinds and global uncertainty.
  • Carvana (NYSE: CVNA ) has given up some of its initial gains and is now 5.4% higher after the used-car retailer forecasted significant core earnings for 2023 in an SEC filing. The company also revealed plans to cut costs.

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