Citigroup, Manchester United, Nordstrom, Tesla and more

Citigroup, Manchester United, Nordstrom, Tesla and more

Citigroup, Manchester United, Nordstrom, Tesla and more

Take a look at the companies making headlines during midday trading on Wednesday:

Citigroup — The stock fell 2.3% after Citigroup was told it must address weaknesses in its management of financial data by US banking regulators. Those regulatory groups said the problems could hamper its ability to produce accurate reports in challenging times.

related investment news

Pro Picks: Watch all of Tuesday's big stock calls on CNBC

Pro Picks: Watch all of Tuesday’s big stock calls on CNBC

Manchester United — Manchester United soccer club shares rose 16%, their second straight day of double-digit gains, to hit a new 52-week high after the owners said they were exploring strategic options, including a potential sale.

Deere — Shares of the heavy equipment maker rose 5.8%, heading for a record close, after the company reported better-than-expected fourth-quarter profit and revenue. Deere also gave a positive outlook, saying it benefited from positive farm fundamentals and increased infrastructure investment.

Tesla – The EV stock fell 5.6% after Citi upgraded it to neutral from sell, citing a more balanced risk-reward outlook.

Credit Suisse – The bank fell 6.7% after warning of $1.6 billion in quarterly losses related to customers withdrawing money. The news comes as there was increased concern about the company’s health earlier in the year. The shareholders approved a capital increase of 4.2 billion dollars to get the bank better financially anchored.

Nordstrom – The department store saw its stock fall more than 5% after the company said sales have slowed in recent months. Nordstrom also confirmed its earnings outlook for the financial year. However, the retailer beat top and bottom line estimates for its most recent quarter.

Autodesk – Shares fell 5.6% after the company gave a weak financial outlook despite beating top and bottom line expectations for the latest quarter. It said customers were wary of signing long-term contracts given the economic uncertainty.

Energy Stocks – Big-name oil stocks traded lower, making energy the worst performer in early hours of trading within the S&P 500. Oil laggards included SLB and Hess, which fell more than 4% each. ConocoPhillips also fell 3%.

Paramount Group – The real estate fund lost 2.3% after Morgan Stanley downgraded it to equal weight from overweight, citing a more challenging capital market environment that could hurt the company in the medium term.

Guess – The clothing company delivered disappointing results for the third quarter and a lower outlook for the whole year. Guess said the challenging retail environment and the rising U.S. dollar hurt performance, while noting it should do well in the holiday season. The stock briefly fell as much as 6.7%, but was trading slightly higher around midday.

— CNBC’s Yun Li, Samantha Subin and Carmen Reinicke contributed reporting

Leave a Reply

Your email address will not be published. Required fields are marked *