Midday Stock Movers: SoFi, Coinbase, Netflix

By Sam Boughedda

Investing.com — U.S. equities are mixed Monday after initially starting the session firmly lower. The is up, while the and are trading slightly down at lunchtime. Here are your midday movers on Monday, May 16th.

  • SoFi Technologies (NASDAQ:) is trading 2.5% higher midday, down from the earlier 5% rise, resulting from an upgrade to Overweight from Neutral by Piper Sandler.
  • Spirit Airlines (NYSE:) is up just under 12% following news JetBlue Airway (NASDAQ:) has launched a hostile all-cash takeover bid after its previous offer was rejected in favor of a deal with Frontier Airlines.
  • Netflix (NASDAQ:) has gained 0.5% after Wedbush upgraded the stock to Outperform from Neutral with a $280 price target. Wedbush said the upgrade is based on its view that the streaming giant will “exceed its guidance for Q2.”
  • ManTech International (NASDAQ:) has risen 15% on the news it will be acquired by Carlyle Group (NASDAQ:) in an all-cash transaction worth approximately $4.2 billion.
  • Coinbase Global (NASDAQ:) shares have tumbled 7% as the crypto market continues to decline. is down 5.9% midday, around the $29,470 mark.
  • Wix.Com (NASDAQ:) missed earnings estimates but forecasts when it reported before the open. Wix stated that it continues to experience a high level of volatility in demand due to macroeconomic headwinds and global uncertainty.
  • Carvana (NYSE:) has given up some of its initial gains and is now 5.4% higher after the used-car retailer forecasted significant core earnings for 2023 in an SEC filing. The company also revealed plans to cut costs.