UnitedHealth, Alibaba, Celsius, Coinbase, Block, Dropbox: Stocks to watch today
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U.S. stocks were down Friday morning, with the S&P 500 shedding 0.5%. The Dow Jones Industrial Average lost 403 points, or 0.8%, while the Nasdaq dipped 0.7% at around 11:15 a.m. in New York.
Additionally, a weaker-than-expected U.S. housing sales report added to the pressure, with high prices and mortgage rates contributing to the slowdown. According to the National Association of Realtors, sales of previously owned homes fell 4.9% in January compared to the previous month, much worse than the anticipated 2.6% decline.
Here are stocks to watch today:
Alibaba
Alibaba (BABA+5.49%) stock extended its rally for a second consecutive day, climbing 5% after delivering strong earnings. The surge was further fueled by reports that GameStop (GME+0.59%) CEO Ryan Cohen has increased his stake in the Chinese e-commerce giant to approximately 7 million shares, valued at around $1 billion.
Block
Block’s (SQ) (XYZ-16.48%) shares dropped more than 15% as the fintech company reported lower profits and missed revenue expectations in its latest earnings release.
Celsius
Celsius’ (CELH+29.30%) stock surged 29% after the soft drink maker reported strong revenue growth last quarter, fueled by key partnerships and international expansion. Due to the volatility, trading was halted after the market opened.
Coinbase
Shares of crypto exchange Coinbase (COIN-0.15%) popped up Friday morning following the news that the Securities and Exchange Commission (SEC) would drop its enforcement case against the company.
Dropbox
Dropbox (DBX-14.29%) met analysts’ revenue expectations in its quarterly earnings report, but weak guidance for the current quarter disappointed investors, sending its stock down 14% in the morning.
UnitedHealth
UnitedHealth (UNH-8.77%) tumbled more than 8% in the morning following reports that the Department of Justice is investigating its Medicare billing practices.
