Coinbase, First Citizens, Roku, And More Stocks Move The Most Midday

‍Coinbase Global

According to the Commodity Futures and Trading Commission, the cryptocurrency exchange’s shares dropped by nearly 10%, along with Bitcoin and Ethem shares, after the operator of the Binance cryptocurrency exchange filed a complaint. According to the complaint, the CFTC alleges that the exchange solicited U.S. users actively and subverted its own “ineffective compliance program” by actively soliciting U.S. users. It is also claiming that Bitcoins and Ether are commodities as well.

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First Citizens BancShares

As part of the deal, Raleigh-based American National Bank agreed to buy Silicon Valley Bank's deposits and loans for an amount of $72 billion, so they will pay a discount of $16.5 billion for the assets of Silicon Valley Bank.

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As a result of reports suggesting that the government is considering adding support for regional banks and that deposit outflows have slowed, First Republic and PacWest stocks soared higher on Monday. During the day, First Republic's stock price rose by 16 percent, PacWest Bancorp, about 4 percent, and Western Alliance soared by nearly 8 percent.

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Roku

It continued to see Roku as a prime beneficiary of the secular shift towards linear budgets after Susquehanna upgraded the company from neutral to positive.

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Frontier Communications

After Morgan Stanley downgraded Frontier to underweight, shares of the telecommunications company fell about 9%. According to the firm, Frontier is currently trading at a significant premium when compared with peer companies like AT&T and Verizon, so the stock is currently trading at an overvalued price. While the stock has been outperforming the broader field of hardwire telecoms companies since the beginning of the year, Monday’s slide has put it down roughly 16%.

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Carnival

While the cruise operator posted better earnings than expected for the first quarter, it guided for lower EPS in the second quarter. The StreetAccount analyst estimate for the second quarter was 28 cents, whereas the cruise operator guided for EPS losses of 34 to 42 cents.

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Ollie’s Bargain Outlet Holdings

A week ago, Citigroup downgraded the stock of the retailer from neutral to sell after saying that the retailer has a "difficult model to scale" and hasn't noticed significant growth at its new stores since they opened a few years ago. Therefore, the stock has fallen 2.8% during midday trade today.

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International Flavors & Fragrances

Trading at midday saw the stock advance 5.8%. New York-based flavor, fragrance, and cosmetic ingredient maker reaffirmed its adjusted EBITDA guidance for the first quarter at $470 million to $490 million. StreetAccount estimates the figure to be $492 million. According to StreetAccount, revenues are expected to be $2.95 billion to $3 billion, while analysts were expecting $3 billion. By the end of 2024, IFF also plans to achieve a debt-to-EBITDA ratio under 3x.

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Pinterest

As a result of UBS upgrading it from neutral to buy, the social media platform gained 1.3%. According to UBS, PINS' advertising could improve under new management.

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Corning

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After receiving an upgrade at Deutsche Bank to buy from hold, the glass and fiber optic cable maker advanced by nearly 2%. Corning's revenues and earnings per share are "turning a corner," according to analyst Matthew Niknam.

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Marqeta

As a result of Wolfe Research upgraded the stock to outperform, it jumped nearly 10%. Stock investors are undervaluing the business due to the stock's risk and reward, the Wall Street firm said.