The Carnival Cruise Ship ‘Carnival Vista’ heads out to sea in the Miami harbor entrance known as Government Cut in Miami, Florida June 2, 2018.
RHONA WISE | AFP | Getty Images
Here are the stocks making headlines in midday trading Thursday.
Warner Bros. Discovery — Shares dropped more than 8% following a downgrade to neutral from overweight by JPMorgan. Analysts said they’re waiting for more clarity around the Warner Bros. Discovery’s direct-to-consumer strategy. The downgrade comes after a restriction period when JPMorgan removed its rating on the stock.
Tesla — Shares of the automaker dropped more than 7% as investors dumped growth stocks amid fears of an economic recession. Reuters also reported that Tesla was planning to hike prices on its cars in the United States to account for rising costs.
Carnival, Royal Caribbean, Norwegian Cruise Lines — Cruise stocks fell sharply as investors grappled with growing signs of a recession in the U.S. Shares of Royal Caribbean dropped 9.5%, while Carnival and Norwegian Cruise Lines dropped roughly 10%.
Apple, Amazon, Meta Platforms — Big Tech stocks fell sharply on Thursday, contributing to the major decline seen in the Nasdaq Composite. Shares of Amazon and Facebook-parent Meta Platforms slid more 4.1% and 5.1%, respectively, while Apple shed 3.7%.
KLA — The chipmaker saw its stock fall 3.6% despite the company reaffirming its guidance for the current quarter ahead of an investor day. KLA also hiked its dividend and announced a new $6 billion stock buyback program. Semiconductor stocks were down more broadly, with chip giant Nvidia falling more than 6%.
Unity Software — Shares of the video game fell nearly 10% after Benchmark initiated coverage of the stock with a sell rating. The investment firm said an economic slowdown and post-pandemic decline in video game user growth would be negatives for Unity.
DuPont — The chemical stock fell 6% after Jefferies downgraded DuPont to hold from buy. Jefferies cited recession risk and the potential for demand destruction caused by inflation as reasons it is souring on DuPont.
— CNBC’s Sarah Min contributed reporting.