Movers: Altria, AutoZone, Coinbase, Chewy, Digital World, Etsy, Spirit Air, Walgreens

Barry Adams
27 Jun, 2022
New York City

Altria Group jumped as much as 0.5% to $43.80 after the cigarette maker won a temporary stay on the FDA ban on its e-cigarettes products. 

AutoZone, Inc rose 1.0% to $2,179.35 after Goldman Sachs lifted its rating on the stock to "buy" from "neutral" and said auto parts sales are driven by market needs and demand is relatively inelastic even during the economic slowdown or a recession.  

Chewy Inc gained 0.4% to $38.38 after Needham lifted its stock rating to "buy" from "hold" citing improving supply chain challenges and the recent price increases are not deterring customers. 

Coinbase Global declined 9.9% to $56.45 after Goldman Sachs lowered its rating on the stock to "sell" from "sell" and cited persistent decline in cryptocurrencies prices and falling trading activities in the asset class.

Digital World Acquisition Corp plunged 9.2% to $25.28 after the SPAC in a regulatory filing said that ongoing investigation regarding its business combination faced more legal hurdles. 

The company linked with the former president Donald Trump said that the investigation may impede or delay the business combination with Trump Media and Technology Group.  

The company and its board of directors have received several subpoenas from a federal grand jury sitting in the Southern District of New York.   

Oil patch stocks staged a rebound after crude oil prices rose 1.5%. 

Futures of crude oil gained $1.83 to $109.45 a barrel and natural gas edged up a fraction to $6.23 a unit. 

The Ukraine war is likely to persist well into 2023 as neither Russia nor Ukraine are discussing peaceful settlement. 

Energy prices are likely to remain higher on the expectations of a long war combined with the slow rebound in manufacturing activities in China.   

Ukraine's elevation to the European Union candidacy status is seen more as a signaling step rather than accession to the union in the near future. 

Albania and Turkey have the EU candidacy status for nearly two decades with no clear deadline. 

Devon Energy rose 6.8% to $57.42, Valero gained 6.3% to $110.30, Occidental Petroleum advanced 3.9% to $59.77, EOG Resources advanced 3.9% to $114.78, and Exxon Mobil increased 3.1% to $89.56.  

Spirit Airlines declined 7.8% to $22.65 after the company recommended shareholders to accept the revised offer from Frontier. 

Frontier after the market close on Friday increased its cash component of the offer by $2 to $4.13 a share and included its reverse termination fee to $450 million from $250 million and matched the fees proposed in JetBlue's offer. 

Over the weekend, the proxy advisory firm Institutional Shareholder Services joined Glass, Lewis, & Company and recommended merger with Frontier over Jetblue. 

Frontier Group Holdings declined 11.4% to $9.35. 

Etsy declined 4.8% to $79.57 and the online platform operator extended this year's loss to 62.2% after Needham analyst Anna Andreeva lowered her views on the stock citing near term challenges because elevated inventories in the retail sector may impact Etsy's value proposition less compelling. 

Walgreens Boots Alliance rose as much as 1% to $41.98 after the India-based Reliance Industries is actively arranging $8 billion financing to fund the purchase of its U.K.-based Boots drug store chain.