U.S. Stock Movers: Cano Health Plummets, Six Flags Expects Attendance Improvement
As of Friday, August 11, U.S. stocks experienced some notable movements after the release of data showing higher than expected producer price inflation. Here are some of the biggest stock movers for today:
Six Flags Entertainment New
Six Flags Entertainment New shares declined by 0.5% as the amusement park operator lowered its expectations for the year. The company attributed the decrease in attendance to bad weather conditions; however, it anticipates an improvement in attendance numbers during the second half of the year.
Cano Health
Cano Health shares plummeted by 70% after the primary-care provider announced plans to reduce its workforce by 18%. The company expressed doubts about its ability to continue operating within the next year, leading to concerns among investors.
UBS
UBS, Switzerland’s largest lender, saw its stock rise by 4.8% after stating that it would not require the approximately $10 billion in state guarantees initially provided to facilitate the acquisition of its struggling competitor. This news instilled confidence among investors.
Capri Holdings
Capri Holdings experienced a 0.9% decline in its stock after Wells Fargo downgraded the fashion company from ‘overweight’ to ‘equal weight’. This decision came following the announcement that Tapestry is set to acquire Versace, which is owned by Capri Holdings.
Archer Aviation
Archer Aviation’s stock dipped by 2.7% as the air taxi maker settled litigation with Boeing. However, the two companies also agreed to collaborate on autonomous technology, potentially bringing positive future developments.
Rivian Automotive
Rivian Automotive saw a 1.5% decrease in its stock price after receiving an upgrade from Exane BNP Paribas. The electric car manufacturer was upgraded from ‘neutral’ to ‘outperform’ after announcing an upward adjustment to its annual production guidance and reporting a smaller-than-expected loss in the second quarter.
DigitalOcean
DigitalOcean’s stock rose by 3.2% following an upgrade from Morgan Stanley. The software company was upgraded from ‘underweight’ to ‘equal weight’ based on its current achievable outlook.
Overall, today’s stock movements showcased a mix of positive and negative developments for the companies mentioned. Investors will be closely monitoring these situations as they weigh their investment decisions.
Analyst comment
Positive news:
– UBS stock rose 4.8% after announcing it would not need state guarantees, instilling investor confidence.
– Rivian Automotive received an upgrade from Exane BNP Paribas, leading to a 1.5% decrease in stock price but indicating positive future developments.
Negative news:
– Cano Health shares plummeted 70% after announcing workforce reduction and doubts about future operations.
– Capri Holdings experienced a 0.9% decline in stock price due to downgrade from Wells Fargo following Tapestry’s acquisition of Versace.
Neutral news:
– Six Flags Entertainment New shares declined by 0.5% due to lower expectations for the year but anticipating attendance improvement.
– Archer Aviation’s stock dipped 2.7% as they settled litigation with Boeing but agreed to collaborate on autonomous technology.
– DigitalOcean’s stock rose 3.2% following an upgrade from Morgan Stanley based on its achievable outlook.
As an analyst, the market is showing mixed reactions with some positive developments (UBS, Rivian Automotive, DigitalOcean), negative developments (Cano Health, Capri Holdings), and a mixture of positive and negative developments for Six Flags Entertainment New and Archer Aviation. Investors will monitor these situations closely.
