Here Are Today’s Top Stock Movers
Compass Inc., the New York based online realty firm, denied rumors today that the company was the target of a takeover by private equity firm Vista Equity Partners. Shares were last trading up 9.8% after rising 14% earlier in the morning. Insider reported that multiple sources told the publication that Vista was interested in taking the company private after shares dipped over 85% since its initial public offering last year.
General Electric is cutting jobs in the company’s U.S. onshore wind operations by 20%, according to news reports. The stock was trading down by roughly 1.5% in the midday trading session. Despite growing demand in renewable energy, companies in the space have been struggling to turn a profit due to uncertainty surrounding a tax benefit and labor shortages. GE’s renewables division showed operating losses of over $850 million in the first half of the year.
Shares in beermaker Constellation Brands fell by 2% despite the company posting revenue and earnings for its fiscal second quarter. The maker of Corona raised its full-year guidance as well, but moribund beer depletions and a loss in the cannabis arm added to analyst apathy. Investors had possibly expected a higher depletion of inventory and a higher raise for the fiscal year. Constellation also said it would be divesting some of its wine offerings to The Wine Group.
Peloton Interactive shares were trading up 2.4% after Chief Executive Officer Barry McCarthy said that the company would be laying off 500 additional staff, or 12% of its total workforce, in an effort to reach cash-flow breakeven by the end of fiscal 2023. This would be the fourth such layoff at Peloton since the start of 2022, laying off 55% of its total staff in that period. Shares in the exercise equipment and workout maker are down over 90% from their peak.
Videogame maker Take-Two’s shares rose 2.5% in the midafternoon session after the company received a rating’s upgrade from Goldman Sachs to a buy. The investment bank said that the recent pullback in the share created an attractive buying opportunity especially as the developer’s content pipeline should result in revenue growth and margin expansion in the coming years. Shares in Take-Two are down 34% for the year, but Goldman’s price target represents a 40% potential return from current levels.
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