The news article provides an update on various companies and their stock performance in midday trading. Cintas, a corporate apparel company, reported its fiscal first-quarter earnings, surpassing analysts’ estimates for earnings per share but falling slightly below revenue predictions. Despite raising its full-year guidance, Cintas’ lower end of EPS and revenue forecasts came in below expectations. As a result, shares of Cintas fell by 4.8%.
On the other hand, Pinterest saw its shares rise nearly 1% after HSBC initiated coverage of the stock with a buy rating. HSBC praised Pinterest’s management team, product fit for shopping, and capital-light strategy for social commerce. However, United Natural Foods experienced a significant decline in share price, dropping by 24%. The company’s forecast for the coming year, including earnings per share and adjusted EBITDA, fell below analysts’ estimates due to profitability headwinds. Additionally, Fisker, an electric vehicle maker, saw a 15% increase in its stock price after Bank of America initiated coverage with a buy rating, highlighting the company’s exposure to a growing market.
Bank stocks like Wells Fargo, JPMorgan, Goldman Sachs, and Morgan Stanley faced declines after JPMorgan Chase CEO Jamie Dimon warned of the possibility of the Federal Reserve raising interest rates further to combat inflation. This bearish sentiment affected the stock prices of these banks. Furthermore, SiriusXM shares slipped by 4% following news of a proposal from Liberty Media to combine the two corporate structures into one entity. Meanwhile, DraftKings experienced a 3% jump in its shares after JPMorgan upgraded the sports betting stock to overweight, considering it an attractive entry point for investors.
Barclays, a bank, saw its U.S.-listed shares increase by 2.7% after receiving an upgrade from Morgan Stanley. The upgrade cited an improved revenue outlook and growth opportunity in the U.S. credit card market. However, Amazon experienced a decline in share price by 2.7% as the Federal Trade Commission and 17 state attorneys general filed an antitrust lawsuit against the e-commerce giant. The lawsuit alleges that Amazon uses its dominant market position to increase prices and stifle competition.
Overall, various companies faced both positive and negative movements in their stock prices, highlighting the volatility and dynamic nature of the stock market.
Sources:
– CNBC: [Cintas falls after earnings report](https://www.cnbc.com/quotes/CTAS)
– CNBC: [HSBC coverage initiates buy rating for Pinterest](https://www.cnbc.com/2023/09/26/buy-this-social-media-platform-with-upside-of-more-than-20percent-hsbc-says.html)
– CNBC: [United Natural Foods forecasts below estimates](https://www.cnbc.com/quotes/UNFI)
– CNBC: [Fisker gains with Bank of America coverage initiation](https://www.cnbc.com/2023/09/26/bank-of-america-says-this-sold-off-ev-stock-can-rally-50percent.html)
– CNBC: [Bank stocks decline after Fed rate hike warning](https://www.cnbc.com/2023/09/26/dimon-warns-that-fed-could-still-lift-interest-rates-sharply-from-here.html)
– CNBC: [Liberty Media proposes merger with SiriusXM](https://www.cnbc.com/2023/09/26/liberty-media-proposes-merger-with-radio-broadcaster-sirius-xm.html)
– CNBC: [DraftKings Stock upgraded by JPMorgan](https://www.cnbc.com/2023/09/26/jpmorgan-upgrades-this-sports-betting-stock-that-can-rally-35percent.html)
– CNBC: [Morgan Stanley upgrades Barclays](https://www.cnbc.com/2023/09/26/strong-consumer-plans-and-deals-can-help-this-bank-per-morgan-stanley.html)
– CNBC: [FTC and 17 states sue Amazon on antitrust charges](https://www.cnbc.com/2023/09/26/ftc-and-17-states-sue-amazon-on-antitrust-charges.html)